...TO: File FROM: Uduak Ekwere RE: Wolford General Partnership (Tax Year 2015) Facts Wolford General Partnership also known as WGP, is an accrual method calendar year taxpayer, known for its reputation and reliability of service. It is an extremely profitable plumbing supply business with exclusive supplying for a wide range of successful construction firms. WGP Is looking to make a change in their partners, selling Eli Wolfords partnership interest to Kevin Dole. Dole has offered total consideration of $550,000 bearing a 3.5% market rate of interest payable due January 1, 2016 of 10 equal annual principal payments of $50,000. At the date of sale Dole will also assume the liabilities outstanding of Eli’s share. The allocation of profit ad losses...
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...The Eight Neighbors partnership is an umbrella organization representing various sectors of the Washington Metropolitan Region and was formed when the Federal Housing Finance Agency (FHFA) was given control over Fannie Mae and Freddie Mac’s finances. Fannie Mae and Freddie Mac’s financial restructuring put $47 million in regional grants to 400 nonprofits in jeopardy. The loss of these funds would have meant budget shortfalls and reduced gifting in the entire region. Prior to FDR's New Deal, social welfare was a private enterprise taken on by one's local community. Although, the federal government has been a welcomed partner in providing help to address serious social and economic problems, this partnership has had cyclical reliability. Between 1965 and 1980 annual government social welfare spending was 8.2 percent. However, during the Reagan administration enacted tax cuts and a growing deficit caused federal spending to decrease to 1.5 percent of annual government spending for the 1980-1990 decade. From 1990-2009...
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...Abstract: The case portrays the evolution of the partnership between software giant Microsoft Corporation and United Nations High Commissioner for Refugees (UNHCR). The corporate social responsibility (CSR) initiative was created in 1999, as a bottom-up idea, when Microsoft employees initiated to help the victims of the Kosovo crisis. The outcome was a software registration system that today helps UNHCR administer their refugee camps in a more efficient and constructive way. The case illustrates an ideal example of a CSR programme and the importance of contributions made by business to society. In particular, it illustrates how a multinational company can take a responsible role in today's modern society without diverting from its core business strategy. The case invites readers to reflect upon and discuss some important questions regarding CSR, ethics and the business role in society. A teaching note accompanies this case with analysis of the theoretical elements. This case was written with the support of a Philip Law Scholarship awarded by ecch. http://www.ecch.com/educators/products/view?id=81242 Abstract This case-study takes us through the actual outcome of one of Microsoft’s corporate citizenship (CC) activities, namely its partnership with UNHCR. The intentions of the case are to show the potential benefits of such a partnership, the key beneficiaries as well as to trigger a debate concerning the intentions and outcomes of CC. Microsoft and UNHCR have based their...
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...Kansas Masonic Entrepreneurship Challenge Partnership Each and every community is unique. Different upbringings can yield adverse perspectives and ideas. Being a small town, it is important for its children and young adults to have many opportunities to flourish. Learning some basic skills for the workforce are important in an education, for example, problem solving, teamwork, decision making, and public speaking are all necessary. Amid the last stages of schooling, such as high school and college, it is apparent that these skills be gauged and improved upon. According to the Kansas Masonic Foundation website, the Kansas Masonic Entrepreneurship Challenge “is essentially a business idea competition for Kansas High School and University students”....
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...An Empowerment Partnership for POSDAYA; Supporting Family Empowerment Program through Corporate Social Responsibility A case of CSR Partnership Program of PT Adaro Indonesia and POSDAYA in South Kalimantan Dr Laila Refiana Said Indonesian National Council on Social Welfare Universitas Lambung Mangkurat Abstract In recent years, social responsibility of corporations has become a major issue. As a result, the mining companies in Indonesia have come under increasing pressure by NGOs and communities. In response to the pressure, mining companies in Indonesia have carried out corporate social responsibility (CSR) programs, especially when the companies are subsidiaries of global mining companies that utilize CSR as part of their global business strategy. The companies recognize that there is a responsibility to give back to the local communities to ensure the development of a better life in the surrounding mining areas. This paper brings a family empowerment perspective to many of the issues covered in the CSR programs. One of the strategies emphasizes a good relationship with local communities through community development as PT Adaro Indonesia made through its free cataract surgery programs for residents in South Kalimantan together with Badan Koordinasi Kegiatan Kesejahteraan Sosial (Coordinating Agency of Social Welfare Activities). This paper examines the combined effectiveness of PT Adaro Indonesia’s CSR program with the family empowerment program of POSDAYA (Pos...
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...General Partnership Agreement of a Business Owned by Individuals ARTICLES OF PARTNERSHIP OF ^ABCD ASSOCIATES ARTICLES OF PARTNERSHIP of ^, ^, ^, and ^, dated ^, 19^. RECITAL The parties hereto wish: (a) to enter together into the business of purchasing, acquiring, operating, leasing, owning and selling real property, including but not limited to that certain parcel of land described on Exhibit A hereto and all improvements constructed thereon and (b) in order to provide for and carry out the foregoing, to form and do business as a general partnership under and pursuant to Illinois law. NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, the parties agree as follows: Definitions As used in this Agreement the terms listed below will have the meanings stated below, and other terms defined elsewhere will have the meanings there ascribed to them: "Agreement" or "this Agreement": these Articles of Partnership. "Bankruptcy": with respect to any Person, shall mean that such Person shall have become insolvent or generally failed to pay, or admitted in writing his or its inability to pay, debts as they become due; or shall have applied for, consented to, or acquiesced in the appointment of, a trustee, receiver or other custodian for such Person or any property of such Person, or such Person makes a general assignment for the benefit of creditors; or, in the absence of such application, consent...
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...Bin No. Box No. *, y : R0 Z.; Partnership Act, 1890. Year. [53 & 54 VICT] [CH. 39.] ARRANGEMENT OF SECTIONS. Nature of Partnership. Section. Definition of partnership. 2. Rules for determining existence of partnership. 3. Postponement of rights of person lending or selling in consideration of share of profits in case of 1. insolvency. 4. Meaning of firm. Relations of Partners to persons dealing with them. 5. Power of partner to bind the firm. 6. Partners bound by acts on behalf of firm. 7. Partner using credit of firm for private purposes. 8. Effect of notice that firm will not be bound by acts of partner. 9. Liability of partners. 10. Liability of the firm for wrongs. 11. Misapplication of money or property received for or in custody of the firm. 12. Liability for wrongs joint and several. 13. Improper employment of trust-property for partnership purposes. 14. Persons liable by "holding out." 15. Admissions and representations of partners. 16. Notice to acting partner to be notice to the firm. 17. Liabilities of incoming and outgoing partners. 18. Revocation of continuing guaranty by change in firm. 19. 20. 21. 22. 23. Relations of Partners to one another. Variation by consent of terms of partnership. Partnership property. Property bought with partnership money. Conversion into personal estate of land held as partnership property. Procedure against partnership property for a partner's separate judgment...
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...ARTICLES OF PARTNERSHIP OF LEGACY ASSOCIATES KNOW ALL MEN BY THESE PRESENTS: That, we the undersigned, all of legal age and residents of the Republic of the Philippines have agreed to amend a general partnership under the terms and conditions herein after set forth and subject to the provisions of existing laws of the Republic of the Philippines. RECITAL The parties hereto wish: (a) to enter together into the business of purchasing, acquiring, operating, leasing, owning and selling real property, (b) in order to provide for and carry out the foregoing, to form and do business as a general partnership under and pursuant to Philippine law. NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements set forth herein, the parties agree as follows: Definitions As used in this Agreement the terms listed below will have the meanings stated below, and other terms defined elsewhere will have the meanings there ascribed to them: "Agreement" or "this Agreement": these Articles of Partnership. "Bankruptcy": with respect to any Person, shall mean that such Person shall have become insolvent or generally failed to pay, or admitted in writing his or its inability to pay, debts as they become due; or shall have applied for, consented to, or acquiesced in the appointment of, a trustee, receiver or other custodian for such Person or any property of such Person, or such Person makes a general assignment for the benefit of...
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...1. CITATION OF THE CASE Name: Tan Peng Quee v Shirley Kathreyn Yap. Feb. 22, 2012. C J Siew (S Y Chew with him) (Douglas Yee) Page 314 2. FACTS OF THE CASE The salient facts of the plaintiffs claim, as set out in her written submission is as follows: (a) The plaintiff went into a partnership named Eres Tu No. 2 Stable CET2") with two other partners namely a horse trainer named Malcolm and the defendant, who was Malcolm's nominee. This partnership was registered with the Malayan Racing Association ("MRA") which is the controlling body of Horse Racing in the Turf Clubs in Malaysia and Singapore; (b) The defendant was registered as the manager of ET2 with MRA and in such capacity; she received winnings won by ET2 horses during the period of 1994-2003; (c) Over the years, the plaintiff on a few occasions received from the defendant his 1/3 share of horses' winnings; (d) The partnership was dissolved in 2005. However, it was only sometime in 2009 that the plaintiff learnt from Malcolm that Malcolm had just found out that the defendant had collected about RM1,782,965.00 and that she had fraudulently concealed the truth of the matter and converted to her use all winnings received by her on trust for all the partners and which she had retained without accounting to all the partners; The defendant contends as follows: (i) The date of commencement of the plaintiff's cause of action must be the dates on which the plaintiff alleged that the defendant had failed to account and in...
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...of Business Law Pleadings Discovery Settlement conference Trial Rebuttal Rejoinder Appeal Alternative dispute resolution Arbirtration clause Federal Arbitration Act E-courts and E-dispute resolution Ch. 34 Entrepreneurship Sole proprietorship General partnership Limited partnership Limited liability partnership Limited liability company Corporation Ch. 35 Limited partnerships Special partnerships General partners Limited partners Revised Uniform Limited Partnership Act (RULPA) Ch. 36 * Corporation Articles of incorporation Corporation types Common stock Preferred stock Debt securities Debt instruments Dissolution Ch. 39 Limited liability company Limited liability company dissolution Limited liability partnership * Ch. 40 Franchise Distributorship franchise Processing plant franchise Processing plant franchise Area franchise Content Overview Judicial, alternative, and e-dispute resolution Pretrial litigation process Pleadings * Party who sues files complaint * Based on complaint summons is issued * Answer is provided by person being sued * Cross-complaint can be filed by person sued in which case a reply must be sent by the original party * Discovery * Deposition is taken, which is oral testimony given prior to the trial * Interrogatories are written questions given by one party to the other * Production of documents are all of the documents...
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...Supreme Court, and the jurisdiction of the courts are also covered. Constitutional law is covered from the perspective of business. This week also provides an introduction to the various forms of business. Small businesses, entrepreneurs, and general partnerships are explored. You discuss how a corporation is formed and how it can be financed. Finally, you study limited liability companies and limited partnerships, as well as franchises and special forms of business. This week further introduces you to the concept of alternative dispute resolution as a method for resolving disputes outside traditional litigation. After first looking at the litigation process, you are then introduced to arbitration, negotiation, mediation, conciliation, minitrial, fact-finding, and the use of a judicial referee. The Legal System and the Legal Forms of Business OBJECTIVE: Explain the major components of the legal system. Resources: Ch. 1, 2, & 4 of Business Law: Legal Environment, Online Commerce, Business Ethics, and International Issues Content • Ch. 1: Legal Heritage and the Information Age o Introduction to Legal Heritage and the Information Age o What Is Law? • Landmark U.S. Supreme Court Case Brown v. Board of Education o Schools of Jurisprudential Thought • International Law: Immigration to the United States of America o History of American Law • International Law: Adoption of English Common Law in America ...
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...o Arbirtration clause o Federal Arbitration Act o E-courts and E-dispute resolution • Ch. 34 o Entrepreneurship o Sole proprietorship o General partnership o Limited partnership o Limited liability partnership o Limited liability company o Corporation • Ch. 35 o Limited partnerships o Special partnerships o General partners o Limited partners o Revised Uniform Limited Partnership Act (RULPA) • Ch. 36 o Corporation o Articles of incorporation o Corporation types o Common stock o Preferred stock o Debt securities o Debt instruments o Dissolution • Ch. 39 o Limited liability company o Limited liability company dissolution o Limited liability partnership • Ch. 40 o Franchise o Distributorship franchise o Processing plant franchise o Processing plant franchise o Area franchise Content Overview • Judicial, alternative, and e-dispute resolution o Pretrial litigation process • Pleadings o Party who sues files complaint o Based on complaint summons is issued o Answer is provided by person being sued o Cross-complaint can be filed by person sued in which case a reply must be sent by the original party • Discovery o Deposition is taken, which is oral testimony given prior to the trial o Interrogatories...
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...third parties or outsiders. Step 2: Discuss the Principles of Law Under Section 7(1) of Partnership Act 1895 WA, partnership refers to a structure where two or more persons in a business are acting in common with a view of profit. Partnerships can be formed formally by written agreement which contains the rights and obligations of the partners and facilitates the resolution of disputes within a partnership. However, if the agreement is deficient, Partnership Act will be referred for resolutions. Partnership can also be formed by oral agreement or implied by the conduct of the parties (Harris, Hargovan and Adams, 101-103). Partners in a partnership are in a fiduciary relationship which partners have the duty to act in good faith, including avoid conflicts of interests, not make private profits, not compete with the firm and not disclose confidential information. The rules related to interests, rights and duties of partners will be provided in the written or oral agreement. (Harris, Hargovan and Adams, 131). Nevertheless, they are all being determined based on the Partnership Act 1895 WA – Section 34. Under Section 35(1) of Partnership Act 1895 WA, to expel a partner from a partnership, the power of expulsion has to be stated clearly in the partnership agreement; otherwise, no majority of the partners can expel any partner (Harris, Hargovan and Adams, 138). Section 35(2) of Partnership Act 1895 WA...
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...Partnership Act 1892 Preamble WHEREAS it is expedient to declare and amend the law of Partnership: Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows: Part 1 – Preliminary 1A Name of Act This Act may be cited as the Partnership Act 1892. 1B Interpretation (1) In this Act:"business" includes trade, occupation and profession."Court" means the court having jurisdiction in the case concerned."general partner" is defined in section 49."incorporated limited partnership" is defined in section 49."limited partner" is defined in section 49."limited partnership" is defined in section 49. (2) In this Act, a reference, in relation to an incorporated limited partnership, to the partnership or the firm is a reference to the incorporated limited partnership as a separate legal entity and not to the partners in that partnership. (3) Notes included in this Act do not form part of this Act. 1C Application of laws of partnership to incorporated limited partnerships Except as provided (whether expressly or by necessary implication) by this Act or any other enactment, the law relating to partnership does not apply to or in respect of an incorporated limited partnership, the partners in an incorporated limited partnership or to the relationship between an incorporated limited partnership and...
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...have formed a partnership and based on their draft agreement should share equally the $200,000 annual royalty paid by Hyper Games Ltd for the exclusive licence of the game they developed between themselves. However, if circumstances are analysed in conjunction with relevant partnership legislation, the Partnership Act 1963 and precedent case law it becomes less clear that there is a partnership between the three. The issues arising, that raise doubt as to whether Marco should be entitled to a one third share of the annual royalty are: • Jack and Jill had already developed an early version of Galactic Explorer, before Marco’s involvement and he only ‘assisted’ and added concepts to the game. • Can the draft agreement be relied upon to prove the intention of the three partners was to share equally any profit from the sale of the licence • The draft agreement which had not been signed by Marco, stated that Marco only provided assistance. • Marco had not attended any meetings with Jack and Jill for three months prior to Jack and Jill granting the exclusive copyright licence to Hyper Games. • The contract with Hyper Games was only with Jack and Jill. A) WOULD MARCO BE ENTITLED TO SHARE THE PROFITS WITH JACK AND JILL? Marco would only be entitled to an equal share of the royalty if it can be proven there was a partnership arrangement between the three of them and in order to establish whether this was the arrangement it is necessary to refer to the Partnership Act 1963 and...
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