Legal entities

Pros. • You don’t have any worry about having to pay the business overheads like rent, taxes, or utility bills. You don’t have ultimate responsibility for the business, and that can be liberating • You gain incredible experience. You learn from your mistakes • You are immersed in an established business. You will get to see first-hand how that business runs - whether you work in a salon or as a mobile groomer for somebody else • You will meet lots of dogs. You will develop your dog handling…

TASK 7 Explain how a business can be vicariously liable Vicarious liability As a general rule vicarious liability only arises out of the employer/employee relationship, although it can be found in the principal/agent relationship and as an exceptional case in the employer/independent contractor relationship. It is dependent upon this type of special relationship being established. Vicarious liability is not a tort, it is a concept, which is used to impose strict liability on a person who…

Advantages of a Sole Proprietorship: There are numerous reasons why an individual would decide to begin their business up utilizing a sole proprietorship structure. Beginning a sole proprietorship is substantially less muddled than beginning a formal corporation, furthermore much cheaper. A few states permit sole proprietorships to be shaped without the twofold taxation benchmarks appropriate to generally corporations. The owner of a sole proprietorship is not needed to record a separate…

further legal protection. The corporate lawyers took advantage of the system and took more rights for " businesses by declaring them a person under the law. Some rights included spending money on political candidates to skew the election, have their contacts respected by the government, and freedom of speech.…

Typically, closely held corporations are faced with limitations on the amount of investors that are accepted to be on board as business members. Additionally, closely held corporations are private enterprises which do not openly trade their stocks. There are various advantages and disadvantages of a closely held company from a tax reporting standpoint. Due to the organizations structure, the need for accountability for every dollar spent on failed attempts is not necessary. A major tax advantage…

1.1 Explain the differences between the: A. Private Sector Sole Traders – This organisation type mainly relies on the business being owned by one individual. They handle all the financial risk in regards to operating the business for a return of profits. They have the responsibility of dealing with any losses the business makes and bills representing things that have been bought for the business. The normal things would be stock or equipment. Records will be kept for all sales and spending the…

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…

The issue in this case was whether PHBV was the BO on dividends paid by Prevost. This court has considered the “BO” meaning under an OECD tax treaty and used a form over substance approach to determine whether PHVB is the holding company for Prevost. The tax authority argued that the PHBV was not the BO of dividends received from Prevost. However, the court disagreed by relying on Canada’s domestic law definition of BO as “the person who “receives the dividends for his or her own use and…

During week one the class reviewed chapter one which discussed the corporation and its stakeholders. One matter that I found interesting was that I never knew that there were two types of firms. I always thought that there was just one type of firm and the only difference was what type of services or products they sold. From this reading, I learned that there are two different types of firms. The first type of firm is the ownership theory of the firm which states that the owner doesn’t care how…

Khagendra Ghimirey Professor Tae-Hee Jo Intermediate Microeconomics 14th November 2017 Summary of an article “Continued Evolution of Corporate Power” by William M. Dugger A corporation is very different from other form of businesses like sole proprietorship, Partnership, or Limited Liability Company. For example, while other form of businesses have particular owner entitled to the company, corporations doesn’t have owners, rather it is formed by the shareholders. In other words, Corporation is…