BAA Limited

The business form the best fits Shania’s situation is a limited liability company. According to sba.gov, “a limited liability company is a hybrid type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership” (para. 1). The funding for Shania’s business venture is provided by her…

BCS/CD-700 Michigan Limited Liability Company Form Form BCS/CD-700 Michigan Limited Liability Company carries articles necessary for the formation of Limited Liability Company in the Michigan State. The form has 5 articles governing various features. Filing duly completed form with the Bureau of Commercial Services is necessary for its execution. However, it attracts filing fees of $50. Expedited review and filing facilities are available at higher filing fees. The document is stored…

Because of Pete’s fear of “going it alone,” we can take sole proprietorship out of the equation. I would advise Pete to choose the limited liability partnership. Primarily because it is pretty much just a partnership expect that an LLP partner has no liability for most LLP obligations, however, an LLP partner retains unlimited liability for his own wrongful acts. In addition, it is the preferred form of business for professionals (pg. 956). As an LLP, Pete gets exactly what he wants. Pete and…

The Limited Liability Company (LLC) is the newest form of business legal structure that allows owners the protection from personal liability that is provided to the corporate structure and the pass-through taxation of the partnership. Laws regarding the LLC are evolving, and some issues are complicated. Most certainly, discuss this option with an attorney and/or an accountant to determine the best course of action for your business. An LLC has its own advantages and disadvantages Advantages *…

Personality and the Board 1.1 Upon incorporation, a company is recognised as a legal person with its own rights and obligations. Although, being a legal entity, it cannot operate without its organ namely, the Board of directors. The principle of limited liability flows from the concept of separate legal personality in that the assets and liabilities of the company belong to the company and not to its shareholders and directors . 1.2 Directors owe fiduciary duties to the company and are…

According to World Intellectual Property Organization, a trademark can be defined as "any sign that individualizes the goods of a given enterprise and distinguishes them from the goods of its competitors." The trademark of Magic Wand Remote Control will be the diagonally slanting picture of a magic wand in a rectangular box. The rectangular box will also display the small pictures of electronics and electrical items in the background. The trade mark will connect to the potential customers as…

Partnership Characteristics “A partnership is defined as an arrangement in which two or more individuals share the profits and liabilities of a business venture, where all partners might share liabilities and profits equally, or some partners may have limited liability” (partnership). The characteristic of the taxation in partnership business clear in finding its advantage and disadvantage to general partner business. In comparison to sole proprietor, a partnership business has an advantage…

evaluation will be made to demonstrate how Jeb’s personal creditors would be able to collect on his debts and to seize the assets and/or profits from Arcadia Sports based on whether each business is a sole proprietorship, partnership, a corporation, and a limited liability company. First, under a sole proprietorship, Jeb’s creditors would be able to seize all of his personal assets, his home and all of the profits from Arcadia Sports. The reason for this is that a sole proprietorship is not a…

The veil of incorporation limits the personal liability of corporate directors, officers and employees for actions taken by the business. However, business owners can still be liable for business activities if they failed to follow corporate guidelines, commingled assets or acted recklessly (eHow,2015). The courts typically do not look behind the veil of incorporation if there a separate legal entity. But in certain circumstances, the court is willing to ‘lift the veil of incorporation’. The…

and ran by myself solely and there are no legal distinctions between myself and my business then this would be a sole proprietorship. Furthermore, I started a business with a partner in which I own 50% and he owns the same amount, our business is a Limited Liability Corporation. And we decided on a LLC simply to split our tax…