HUTECH & OUM MBAOUM0512 INTAKE : MAY 2012 – OCTOBER SEMESTER 2012 STUDENT NAME: CHU THI HONG TUYEN ID No.: 2448481 BMLW5103 – BUSINESS LAW ASSIGNMENT Question 1 Discuss the enforceability of an agreement which lacks consideration. Using legal authorities (relevant statutes and cases) to support your discussion. Answer: A valid contract is an agreement made between two or more parties that creates rights and obligations that are enforced by law. What does the consideration mean? And what does it
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We will start with discussing your current structure‚ a Sole Proprietorship. Since you currently are operating this way‚ it will be easiest‚ and make the most sense to explain it to you. As with the rest of the structures‚ we will go through a list of each of the seven characteristics of a business. Liability-First is a concern for you‚ liability‚ say for instance‚ in the situation of a contract employee. This could end up being a major concern for you.
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Business Betty Wilson’s venture of opening a Christian Coffee House in Belmont‚ NC‚ presents her with abundant opportunities in selecting a business form. She is considering the following types of entities: 1) franchise‚ 2) sole proprietorship‚ 3) partnership of some sort‚ 4) corporation of some sort‚ 5) LLC‚ or 6) even as a joint venture. We will briefly explore each business option and give Betty concise recommendations as to what business form to pursue as well as what business partners to engage
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licenses. General Partnership: A business owned and operated by two or more people that share gains and losses. Liability – There is unlimited liability in a general partnership. The owners/partners are responsible for all profits and losses. If one partner is unable to pay a debt the other partners will be accountable to pay. Income Taxes – Taxed the same as a sole proprietorship. Each partner reports their earnings on their own personal income tax filing. The partnership itself is not taxed
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abilities to function continually. The state of origin joined with the type‚ scope‚ and form of business ultimately defines the standards by which a business will abide by. Looking at the various levels of responsibility dispersed to proprietors and partnerships aids in laying down the foundation for choosing the most applicable organization form recommended to graphically design and market a business. It has been said that knowledge is a powerful possession for one to have. Successful
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operating under a different name Convenience/Burden- Limited financial availability; family income disappears after death of owner; only one sharing the burden of running business General Partnership Liability- Partners share all profits but are completely liable for all debts associated with the partnership‚ just as one would with a sole proprietorship Income Taxes- Taxes are paid as personal income tax; similar to that of a sole proprietorship‚ income is split up per their agreement and then
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basic business structures; sole proprietorship‚ partnership‚ and corporations. (Parrino‚ Kidwell‚ & Bates‚ 2012) Each of these structures is advantageous in its own right. Sole Proprietorship Sole Proprietorships make up approximately 75% of all businesses in the United States‚ which can be attributed to many of their advantages. (Parrino‚ Kidwell‚ & Bates‚ 2012) This structure is very simple to start‚ has minimal regulation compared to a Partnership or Corporation. This structure requires less initial
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2. There was clearly no dissolution. The agreement provided that the partnership may only be terminated “by mutual agreement”. Hence‚ Morrissey’s unilateral action (resignation) is insufficient to dissolve the partnership: Moss v Elphick. Section 26 of the Partnership Act (“PA”) is applicable only when the partnership was silent on the duration of the partnership. In this instance‚ the agreement was for the partnership to enure for the joint lives of the parties (unless terminated by mutual agreement)
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Assignment Content | Chapter 1 | First Question | Chapter 2 | Second Question | Chapter 2.1 | Characteristics of “Partnership” | Chapter 3 | Third Question | Chapter 3.1 | Characteristics of “Business Environment” | Chapter 3.2 | Characteristics of “Porter’s Five Forces” | ADIL ZHAXYLYKOV TP029709 UCFF1207(G2-T2) BM004-4-0 ITB 1. What would be the aims and objectives of the business Luke is planning to implement after graduation? The main aim of the Luke’s business idea is to
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is the Limit…If You Don’t Limit Partnerships The NFL is an American treasure. During the season‚ people of all races‚ political affiliations‚ and backgrounds come together to watch football. People have an unbelievable amount of pride in their favorite teams and everyone seems to have an opinion about the latest game or who the best players are. The NFL is for all Americans to enjoy and therefore‚ I think the best mobile strategy is to form non-exclusive partnerships with multiple wireless carriers
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