the debenture and damage of his business. It also has finance limited to resources of an individual. Partnership is consists of two or more individual and equally liable for the debts incurred by the business. It can share expensive resources and risks together. Moreover, undertake heavy workload. There would be a problem if the partnership changes. Limited Liability Partnership is a general partner which was introduced by The Limited Libility Partnership Act 2000. It is a separate legal personality
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owned by someone and it can be for- profit as most of the business organisations exist for, or no-profit such as charity or agricultural cooperative. There are many types of business organisations: Sole trader, Partnership, Private Limited Company (Ltd), Public Limited Company (Plc), Co-operatives, Franchises and Public sector. The first three types of business organisations will be highlighted in this report as they are the main types of businesses in Scotland. Identification of the main types
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Partnership Form of Organization Partnership Form of Organization A partnership is an association of two or more persons to carry on as co-owners of a business for profit. Partnerships are sometimes used in small retail, service, or manufacturing companies. Also accountants, lawyers, and doctors find it desirable to form partnerships with other professionals in the field. Characteristics of Partnerships STUDY OBJECTIVE 1 Identify the characteristics of the partnership form of business
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subscribers and must contain the following information (as it applies to the company in question): the company name; a statement that the company is a public company; the address of the registrar office; the object of the company; a statement of the limited liability; the amount of the guarantee and the amount of authorized share capital and its division.”[3] THE ARTICLE OF THE
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BUSINESS ORGANISATION’S AIMS & OBJECTIVES (2) |Lecturer: Ms. Cassie @ Chitara Ramasamy | | |Session: August 2012 | | |Lesson Outline: | | |Different types of business
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1-finance is essentially any transaction in which money or money like instrument is exchanged for another money or money like instrument. So we can say the concept of finance is very old it, has taken place probably since the roman or the Chinese dynasty era. Finance is used in the market. A market is a place that allows forces of demand and supply to operate. Where sellers and buyers trade services goods, contracts, for money or barter, this is the place where finance also takes place. You can’t
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roles of limited liability corporations and limited liability partnerships. In addition to explaining the roles of limited liability corporations and limited liability partnerships I will describe establishing my own company. Roles of Limited Liability Corporations The “Internal Revenue Service" (2012) website states that a Limited Liability Company (LLC) is a business structure allowed by state statute. LLCs are popular because, similar to a corporation, owners have limited personal
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considered for each entity. “The owners of business usually choose the organization form that will help management maximize the value of the firm.” (Kidwell & Bates, P. 6) A business can form a sole proprietorship, partnership, limited liability company, corporation, or limited liability partnership. A sole proprietorship primary advantage is it owned by one person, who can make all the business decisions for the company as well as keep all the profits. It is the most commonly used form of business
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As seen on the video there are different kind of business structures, each one differentiates from one to other giving options to people that want to be business entrepreneurs. There are Sole proprietorship, general partnerships (gp), limited partnerships (lp), limited liability companies (llc), s corporations and c corporations. Each one of them serves a purpose depending on your needs and the needs of your business. A Sole proprietorship is easy to start and has no costs to begin as this like some
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Legal Form of Business Paper Many different forms of business exist. Some of them are more common than others. Sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate form are the seven forms of business that we are going to discuss in this paper. We are going to develop scenarios in which each of these forms of business would be the preferred form and justify why the corresponding business form would be most preferable
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