EXAM PREPARATION Question 1: John was driving his car home from work in heavy traffic listening to his MP3 player through his large‚ ear covering Bose headphones‚ when he heard a distant siren. Almost simultaneously‚ he felt a large impact as his car was rammed on the left hand side by an ambulance driven by Mary. John was badly‚ but not fatally injured. While he was recovering in hospital‚ John received a legal demand‚ accompanied by a statement of claim‚ requiring that he pay the costs
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over 55 outlets in the Philippines. Several more outlets are in the works to date. The success of a dream was not overnight. It took a lot of courage and determination to move forward during the growing years. But the asset of the Company is the partnership-the individual
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OVERVIEW OF CHINESE COMPANY LAW (I) Legal characteristics of Modern Company A modern company has a set of legal characteristics: 1. Independent legal personality 2. Limited liability 3. Transferability of shares / interests 4. Centralised Management 5. Investor Ownership These characteristics respond to the economic exigencies of the large modern business. 1. Independent Legal Personality Meaning: - Independent from investors and the management; - Counter-party in corporate
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A partnership is a business structure where 2 or more individuals come together in order to conduct business. There are three types of partnerships‚ general partnerships‚ limited partnerships‚ and undeclared partnerships The partnership is constituted by a partnership agreement‚ where all the framework such as the contributions‚ share in profits‚ intentions‚ etc. are determined. In a partnership each partner is considered to be an equal co-owner of the entity‚ unless the partnership agreement
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freshly installed windows allowing both customers on the inside to see out and people passing by the clear view of seeing within. Large colorful neon lights will advertise the business at night and day. The Bakery will operate as a Partnership. Three
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The Difference Between Jointly Liable & Joint & Several Liability by Ellis Roanhorse‚ Demand Media Joint and several liability is allowed in many states. This type of liability may apply to business partners who form a general partnership‚ or to two or more individuals when someone is injured due to negligence. Joint and several liability is different than when two or more individuals are jointly liable for an obligation. Joint and several liability gives an injured party a better chance of recovering
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MODULE - 4 Partnership Accounts Notes 20 RETIREMENT AND DEATH OF A PARTNER If you look around‚ you must have noticed people in your relation and in your neighbourhood running business in partnership. You must have seen people quitting partnership firm or a person dies while in partnership. These are the events that take place during the lifetime of a partnership firm. Some issues arise on the happening of these events involving finance. Some assets and liabilities may need revaluation‚ goodwill
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Identify the pros and cons of the partnership as a form of ownership. Discuss funding options for small businesses. Determine and discuss how managerial accounting can help managers with product costing‚ incremental analysis and budgeting. Discuss the basic components of the marketing process using a product or service of your choice as an example. Discuss the roles of social responsibility and technology in the marketing function. A partnership as a form of ownership is formed quite
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P 205 case 7 Mary McDonald‚ an 86-year-old woman‚ was frequently complaining about the high cost of maintenance of her house and high property taxes. She decided to cancel her fire insurance to reduce expenses. Mary’s daughter was aware of her mother’s concern about the property‚ and she took Mary to the lawyer’s office to sign some papers that would protect her mother. When Mary came to the lawyer’s office‚ she was advised that the paper she was going to sign was the deed to the property. Mary
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Contents of the Case Report Executive Summary 3 Events and Incidents Leading up to the Primary Issue 4 Primary Issue 5 Objective 5 Analyze of the situation 5 Situational Analysis 6 SWOT Analysis 7 Identification of the Suggested Alternatives 8 Identification and Evaluation of the Alternatives 8 Financial Analysis 10 Decisions 11 Course of Action and Implementation 11 Executive Summary | Richard Paul is about to graduate from his M.B.A program and planning to start
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