2. 3. 4. 5. Government Depositors Investors Creditors Borrowers BAR QUESTION: JOINT ACCOUNT VS. PARTNERSHIP (2000) Distinguish joint account from partnership. (3%) SUGGESTED ANSWER The following are the distinctions between joint account and partnership: 1) A partnership has a firm name while a joint account has none and is conducted in the name of the ostensible partner. 2) WHILE A PARTNERSHIP HAS JURIDICAL PERSONALITY AND MAY SUE OR BE SUED UNDER ITS FIRM NAME‚ A JOINT ACCOUNT HAS NO JURIDICAL
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collects its debts and finally distributes any surplus among the members in accordance with their rights. Kind of Companies can be wound up: Only a limited company can be wound-up. The term "winding-up" (or "wound-up") bears a similar meaning of "liquidation". It generally means that all the assets of the company would be realized (sold off and converted to cash) through a legal process in order to repay its debts. Winding-up would bring a company to an end. A limited company is a company that is registered
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LAND (DUTIES AND TAXES) Act 46 of 1984 – 16 July 1984 ARRANGEMENT OF SECTIONS PART I – PRELIMINARY Short title Interpretation PART II – REGISTRATION DUTY 3 Duty leviable PART III – LAND TRANSFER TAX 4 Levy of land transfer tax 5 Exemption 6 Declaration by transferor 7 Penalty for incorrect declaration PART IV – CAPITAL GAINS 8 Interpretation 9 Levy of capital gains tax 10 Sale price and cost of infrastructure works 11 Contents of deed PART V – 12-15 PART VI – CAMPEMENT SITE TAX 16 Interpretation
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types of ownership generally speaking in the law context. There are sole traders‚ partnerships and companies. Sole traders are the sole owners to a business entity in which there is no legal distinction between the business and the owner. The owner receives all profits and is responsible for its debts as well. A partnership is when 2 or more parties agree to advance their interests. There are 2 types of partnership‚ which are the general partners and limited partners. General partners are liable
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(1) instrumental hypotheses‚ in which the organization is viewed as just an instrument for riches creation‚ and its social exercises are just a way to accomplish financial outcomes; (2) political speculations‚ which fret about the influence of partnerships in the public arena and a capable utilization of this influence in the political field; (3) integrative
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for example‚ able to enter contracts. In New Zealand‚ a company is a separate legal entity from its owners (shareholders) and can‚ for example‚ be sued‚ and enter into contracts in the name of the company‚ not the shareholders. Sole traders and partnerships are not separate legal‚ entities from the owners. Some Business entities like corporation‚ LLC can exist separately from its owners. In a common language that a corporation is a separate entity of its owners and corporation itself is an entity
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The importance of ethical decision making Ethical decision making involves acting in a morally correct and socially responsible way. The law is based on ethical principles. However‚ the law is only ethically relevant to the period in time which it was made. This means that the law will never be able to account for every course of action and that the responsibility lies with the decision makers to ensure they act in an ethical manner. White collar crime in Australia has resulted in the collapse
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Gaurav kumar (SEC. A) Grand Strategies Strategy Formulation is a strategic planning or long range-planning. This process is primarily analytical‚ not action oriented. This process involves scanning external and internal environmental factors‚ analysis of the strategic factors and generation‚ evaluation and selection of the best alternative strategy appropriate to the analysis. Identification of various alternative strategies is an important aspect of strategic management as it provides the alternatives
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business is to create a more positive media image‚ rebuild in Christchurch‚ expand its partnerships‚ and stock more NZ made merchandise. The main affects that have taken their toll on Whitcoulls is the Christchurch earthquake‚ the recession‚ the business nearly facing liquidation and the ever changing trends consumers go through. Findings from the TWOS analysis clearly showed that while Whitcoulls does not have partnerships that are as extensive as Paper Plus and they are not as technologically advanced
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Accounting 211 Study Guide for Final Exam Chapters 7 – 12 Chapter 7: 1. Terminology Accounting information system People‚ records‚ and methods that collect and process data from transactions and events‚ organize them in useful forms‚ and communicate results to decision makers Accounts payable ledger Subsidiary ledger listing individual creditor (supplier) accounts Accounts receivable ledger Subsidiary ledger listing individual customer accounts. Batch processing
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