Rules of Merger & Demerger _________________________________________ 1. These rules are called Rules of Merger & Demerger amongst the Firms registered with The Institute of Chartered Accountants of India. 2. Concept of Merger & Demerger: i) The Partnership Act has not prescribed merger & demerger of partnerships. In the corporate world‚ merger and demerger have become universal practices for securing survival‚ growth‚ expansion and globalization of enterprise and achieving multitude
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with the first branch of the Waitrose chain opening in 1904. But for many‚ what may be an unknown detail about the John Lewis Partnership is that it is also the largest example of worker co-ownership in Great Britain. All 63‚000 permanent staff are partners in the business‚ they share in the profits and shape the companies development.
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Sole Proprietorship: The most common form of business in the United States. A business operating under Sole Proprietorship is run only by the owner of the company. All decisions are made solely by the owner without the need to have legal consultation. The business only needs to register the business name with the government if the owner choses to use a business name rather than his/her personal name. Liability- All liability is held with the business owner. Sole proprietorship has unlimited liability
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business the proprietor is solely responsible for the major functions of his business. Leaving him with the responsibility of guiding his business down the path of success. * Profit retention: All profits belong to the owner. There is sole gain‚ no partners or stockholders to share proceeds with. * Location: One of the best things about a sole proprietorship is there are no limitations on the business. If the owner wishes he can expand‚ down size‚ move locations‚ or sell his business at will.
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Part A Question 1: In this case‚ there were two parties. Mrs MARTIN FRANCIS BYRNES is the appellant who filled the case. Mr JOAN WILHELMINA BYRNES is another appellant and son of Mrs MARTIN FRANCIS BYRNES. Mr JOAN WILHELMINA BYRNES is also solicitor on behalf of his mother and regularly gave legal advice to his mother regarding to property and affairs. Mr CLIFFORD FRANK KENDLE is the responded. Mrs Byrnes and MrKendle married in 1980 when Mrs Byrnes was 60 years old and MrKendle was 57. It was
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1. Is “The Money Doctors” a partnership‚ and if so‚ who are the partners? Main Issue: To identify if “The Money Doctors” is a partnership and if so‚ who are the partners of the business. Relevant Law: Partnership is the relation which subsists between persons carrying on a business in common with a view of profit. There are four conditions in which all must be satisfy are the followings: Agreement Partnership relationship may be formed by deed‚ in writing‚ verbally and lastly by inference
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Favorable taxation * Increased ability to raise funds * Disadvantages * Unlimited liability * Co-ownership of property * Non-deductible costs * Limited life * Mutual agency * Partner disagreements * Limited Liability Companies * Relatively new form of business and is primarily controlled at the state level. The LLC combines the most attractive features of a corporation with the best features of a partnership.
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A. SOLE PROPRIETORSHIP: This is the simplest business structure of which the owner has total control. The owner can make up a fictitious name or use the same name for the business. Sole proprietorship is easy to set up at a minimal cost. The business owner does not need to follow rules or regulations of others but their own and can set up their own schedule. Proceeds can be directly deposited into the owner’s bank account and the funds are freely allocated between business and personal accounts
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separate legal entity and therefore the partners do not benefit from limited liability. Section 24 of the PA states that a general partner has the right to take part in the management of the business unless there is an agreement. A dormant partner provides capital only into the firm but does not take active part in the management of the business. The partnership Act S33 (1)‚ the death of a partner dissolves the firm. The share of the deceased partner goes to his personal representatives who
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Q.1 Discuss the nature and significance of business law? An analysis of business environment helps to identify strength‚ weakness‚ opportunities & threats. Analysis is very necessary for the survival and growth of the business enterprise. The importance of business environment is briefly explained in an analysis below. (1) Identification of Strength: The analysis of the internal environment helps to identify strength of the firm. For instance‚ if the company has good personal policies in
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