John Walter O. Boisvert TM 102 (12:20 – 2:00) FORMS OF BUSINESS ORGANIZATION 1. Sole Proprietorship - is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name. ADVANTAGES: * Capital - Sole proprietor contributes
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higher cost recoveries for deleted merchandise. Vendor partnerships improve by means of knowing that they have an outlet to sell their defects and overruns (with further reduced price penalties for not falling within specific L.L.Bean quality and production guidelines). These initiatives and strategies will provide three overall benefits to the company: 1.) It will protect the L.L.Bean brand by controlling the liquidation of vendor seconds‚ quality assurance rejects and vendor
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(featuring the delegates to the 1971 Constitutional Convention)‚ with Moran actually supervising the work; that Pecson would receive a commission of P l‚000 a month starting on April 15‚ 1971 up to December 15‚ 1971; that on December 15‚ 1971‚ a liquidation of the accounts in the distribution and printing of the 95‚000 posters would be made‚ that Pecson gave Moran P10‚000 for which the latter issued a receipt; that only a few posters were printed; that on or about May 28‚ 1971‚ Moran executed in favor
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businesses and partnerships as a form of business entity. 1.1 Comparison of companies with other forms of business Companies differ significantly from other forms of business. A sole trader is an individual who owns and runs his or her own business. The law does not recognise the business: the law recognises only the individual who runs it. The individual is liable for the debts of the business and is also personally liable for any breaches of the law by the business. An ordinary partnership is a group
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advantages and disadvantages of the three types of business organizations which are sole proprietorship‚ partnership‚ and corporation. To start the process of forming a business there are three main forms of business organizations that a potential small business owner must choose from. Three of the main business organizations used in the market place today includes sole proprietorship‚ partnership‚ and corporation. Deciding on a business structure appropriate for a new business will have long-term
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receives all profits and/losses (2) Low organizational costs (3) Single tax—individual (4) Independence (5) Secrecy b) Weaknesses: (1) Unlimited Liability (2) Limited fund-raising power (3) Lacks continuity PARTNERSHIP (about 10% of all businesses) - A partnership consists of two or more owners doing business together for profit. a) Strengths (1) Can raise more funds than sole proprietorship (2) More management skill (3) Individual tax rate b) Weaknesses (1) Unlimited Liability
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Enterprise Bankruptcy Law of China December‚ 1st‚ 2013 Contents A. Introduction "PRC Enterprise Bankruptcy Law" by the Standing Committee of the Tenth National People ’s Congress of the PRC on the twenty-third meeting of 27 August 2006‚ adopted in order to regulate bankruptcy process‚ fairness clearing debts‚ protection the legitimate rights and interests of creditors and debtors‚ safeguard the socialist market economic order‚ so
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NULLITY x. PRESCRIPTION G. VOIDABLE MARRIAGES H. LEGAL SEPARATION IV. RIGHTS AND OBLIGATIONS BETWEEN HUSBAND & WIFE V. PROPERTY RELATIONS BETWEEN HUSBAND AND WIFE A. GENERAL B. DONATIONS PROPER NUPTIAS C. ABSOLUTE COMMUNITY OF PROPERTY D. CONJUGAL PARTNERSHIP OF GAINS E. SEPARATION OF PROPERTY F. PROPERTY REGIME OF UNIONS WITHOUT MARRIAGE VI. THE FAMILY VII. PATERNITY AND FILIATION A. LEGITIMATE CHILDREN B. ILLEGITIMATE CHILDREN C. LEGITIMATED CHILDREN D. ADOPTED CHILDREN E. SURNAMES F. PARENTAL AUTHORITY
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Introduction This essay will examine the legal standing of the doctrine of ’separate legal personality ’ as it was developed in Salomon v. Salomon & Co Ltd [1897] AC 22. Even though this doctrine is the stone head of the English company common law‚ the courts introduced several exceptions which undermined the ’veil of incorporation ’. The exceptions were firstly introduced in the mid-60s by Lord Denning in Littlewoods Mail Order Stores Ltd. V IRC [1969]‚ and allowed the court to lift the veil
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Income: from whatever sources derived Sec. 702(a)(8)- owners of partner and S corp – items subject to ord income treatment are lumped ‘S’-Corporation vs. Sole Proprietorships comparison: Note: 1 GI‚ Prop G/L‚ Prop Non-Recog‚ Sale and called 702 Income or loss. Recognized even if no cash is distributed. Accordingly‚ generally not (a) BOTH have single taxation; ‘S’ over Prop-(b)Liability shield except for personal profession of Business & Capital
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