Limited liability partnership

proprietorship, partnership and joint stock company including branches and voluntary association of people belong to individualistic institutions. Public enterprises run mainly to provide service to public. Industries can be classified into three types firstly manufacturing raw materials, secondly producing finished goods and thirdly providing business services such as British Airways.BA which was a state undertaking previously, which was later converted to a company with limited liability(whose…

In 2002 the introduction of the concept of single member company is to facilitate sole proprietorship to get corporate status, giving them certain privileges. Single Member Company: It is a company which is formed by a single individual, limited by shares with one member. It is a subclass of a private company. In SMC there is one owner and also a single director which is owner. They required auditor under role of 1984. The secretary can be a member other than the secretary. They have various…

currently running as a General Partnership though I will also take you through some options that are available for you if you decide to stay in operation as such so you will know your full arrangement of choices available for you. As I see it Reid & Associates staying as it currently is as a general partnership has some pros and cons as it is right…

Case Activities 3 Discharge in Bankruptcy In this case, Joseph Harman, the president of Carter Oaks Crossing was loaned $400,000 by Caroline McAfee. Harman signed a promissory note that specified the company would repay the amount of the loan with interest in installments in which the installments would begin in 1999 and end in 2006. Harman signed a personal guaranty with the promissory note. Carter Oaks Crossing eventually defaulted on the note causing McAfee to sue Harman for payment under…

sue or be sued and is liable for the actions that it did not the shareholders. A corporation is more complex compared to the other organizational structure such as sole proprietorship, partnership, and limited liability company (LLC). It is…

Some of them are Sole Traders, Partnership businesses and Limited companies. Sole Traders are the types of organization which is run by a sole owner. There is one person in charge. The sole trader takes the decision of expanding the business, how to operate and what kind of service to provide. The benefits of sole traders is that the owner gets all the profit and have total control on how to run the business. The disadvantages are that they have unlimited liability as there is no distinction…

business has different needs so it makes sense that each business differs in which form of ownership it chooses. I think this is important to learn and assess because of tax and liability issues. An entrepreneur starting their first business needs to take the form of ownership into high consideration because of the liabilities and expenses that are incurred depending in the form of ownership that they end up choosing. For example, if you start an online business where as the sole owner you…

Company Description 1.1 Legal Form of Business Power Hour Fitness will be a Limited Liability Company (LLC) consisting of three members, Nicole Bauman, Salena Kreitler, and Kelsey Schmidt. This form of business will provide a great advantage for Power Hour Fitness as it is a hybrid of certain features of a corporation and a partnership. As a Limited Liability Company, the three associates avoid major risks such as within a partnership where partners are responsible for all debts. Instead, losses…

current economic environment the best option for the formation of her company is that of a Limited Liability Company, or LLC. This is because it offers the pass-through tax status and the safety of liability protection of a corporation. This would allow her to only be taxed once like a sole propriety or a partnership, which helps small-business owners keep their earnings. However, remove the personal liability as any action against the business can only act against the business and not Shania…

doesn’t want to commit to an active part in the business, we need to form a business that allows him to do this. I also want to limit your personal liability if you should be sued or charged criminally. Another…