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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…

a) Describe the organizational structure of a C corporation. A C corporation is the standard corporation, while S corporation, its counterpart, has a special tax status with the IRS. If a new corporation is formed, it is by default a C corporation. “A corporation or C corporation is an independent legal entity that is owned by the shareholders (reference180.com).” The independent legal entity means that a corporation is given many of the same legal rights as a person. This means that a…

Alternatives One option in pursuing their long term partnership is to form a non-equity alliance. This is a horizontal alliance that is strategic, limited in scope and basically an agreement for both companies to share their resources while remaining independent organizations. Leica and Huawei are complementary to each other’s products but operate in the same industry. Therefore, it would be beneficial and easier if they were to operate as separate organizations rather than going through the…

it. Under the contract, he was subject to a contractual agreement not to solicit customers of Gilford Motors. After he resigned, he set up a new company which attempted to do so. The proof showed that Mr. Gilford was concerned that, in doing so, he maybe in breach of his contract not to solicit Gilford’s customers. A company was established to conduct the new business, in which the only shareholders were Mr. Horne’s wife and one of his business associates. The company conducted the rival…

I do not like the idea of a general or limited partnership as I think the disadvantages outweigh the advantages. Unfortunately, being legally bound to contracts even without my consent is reason enough to never consider a partnership. Then, a corporation is not a feasible option because of the…

Penalties for Rules Violations The commissioner may impose penalties for violation of the insurance laws (these include the unfair claims settlement practices rules). Penalties may be imposed against both insurers and agents. Insurer (Insurance Company) Penalties In addition to license revocation, suspension, or refusal to renew a license, the state insurance commissioner/director/administrator may fine an insurer violation of insurance rules and regulations. Producer Penalties The…

Are you involved in corporate business affairs? Then you must be in need of an LLC operating agreement. It is evident that once you are done with your Limited Liability Company (LLC), you are free to use LLC operating agreement in order to delineate the operating terms of your corporation. In addition, it also helps to safeguard legal rights and responsibilities. With the help of written record expressing the management policies and procedures of your organization you can easily get down to…

I would advise Shania that the 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…

to facilitate large groups of people and act as signifying objects that carry meaning with them. These spaces, as seen in (Fig. 2, 3, 4) are open and clear of any barriers making them ideal spots to carry out activities. Unlike many other parks in New York City, Union Square does not have many or any regulation at all in regards to what kind of activities…