Legal Forms of Business Law/531 Legal Forms of Business There are multiple legal forms of business including sole proprietorships, partnerships, limited liability partnerships, limited liability companies, S-corporations, franchises, and corporate forms. Entrepreneurs must assess concerns of liability, risks, and assets when considering these optional forms of business because each form has its own advantages and disadvantages. The following paragraphs illustrate specific scenarios
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There are four changing forms of business organization like a Joint-Stock company, Limited Liability company, Partnership and Sole Partnership. The first one is a Joint-Stock company called Vegetable Producers. Vegetable Producers owns three acres of land. This company has three acres of carrots, broccoli, cauliflower and peas. Vegetable Producers owners decided to raise its capital by selling shares of its stock to investors. This will guarantee that the investors the right to 60% of the Vegetable
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Worksheet on Limited Liability Companies, Limited Partnerships and Limited Liability Partnerships Nolo Press is a publisher of numerous self-help law books. It has a web site and publications with information on various business topics. You can find basic information on a wide variety of legal topics at its online Legal Encyclopedia. Go to the www.nolo.com website. Scroll down the page, read through the sections and explore some of the links. Then answer questions 1-3. 1. Is it difficult
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providing the necessary capital to start the business, while in return, Miriam wants a percentage of ownership. When taking control, taxation and liability, must go under consideration to the limited liability partnership, which would be the best business entity decision for Lou, Jose, and Miriam. The reason the limited liability partnership would be best, is because Miriam invested her money, and she would not be doing anything with the daily management of running the business, this can also can be as
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Ownership Structures By Martha Linn Intro to Business in a Tech World Professor Timothy Hawley 2 July 2013 The four main types of business ownership are: 1. Sole proprietorship 2. General partnership 3. Limited liability company(LLC), and 4. Corporation These differ from each other in many ways: how many owners, risk and liability, the ease in which they are set up and dismantled, and the ways they are taxed. In the following paragraphs I will attempt to explain and
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you are required to file a Form 1065 to report the results of the partnership's business activities. There is a general partnership which is two or more partners that participate in management of the entity and no limited partners. A limited partnership is having both general and limited partners. "Partnerships are tax-driven and tax-affected entities" (Alfonsi, 2010, p.26). Partnerships can be flexible on how they structure their operations and between the owners. The flexibility can be with the
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box will not print. The undersigned, with the intention of creating a Maryland Limited Liability Company files the following Articles of Organization: (1) The name of the Limited Liability Company is: Global One Services, LLC . (2) The purpose for which the Limited Liability Company is filed is as follows: To secure local and Federal government, state, and private contracts. . (3) The address of the Limited Liability Company in Maryland is 2701 Moores Plains Blvd Upper Marlboro, MD
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The public sector consists of non-profitable businesses/organisations such as charities. However, the private sector consists of profitable business/organisations in various forms such as sole traders, partnerships, franchises, private limited and public limited. Types of business in the Public sector Charitable Organisation Charitable organizations are a kind of business that fit within the nonprofit category meaning all profits are re-used in order to re-invest back into the business. In
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Partnerships and Corporations Advantages of Proprietorships and Corporations * Ease of formation * Subject to few regulations * No corporate income taxes. Disadvantages: * Difficult to raise capital * Unlimited liability * Limited Life * Often set up through LLC and LLP Corporations Advantages * Unlimited Life. * Easy transfer ownership
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With the aid of examples and diagrams, show how these types of authority are applied in an organisation. [3 each] [11] Outline the main features of: i a sole trader ii partnerships Explain the main differences between Private Limited Liability Companies and Public Limited Liability Companies. [5 each] [8] [4 each] 4. a) b) With the aid of a diagram, briefly describe the main features of a procedure for ordering goods. Evaluate the importance of THREE of the main documents used in such a procedure
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