Product liability

then duties would then become a lot more manageable. c. Partnerships give moral support and will allow for more creative ideas to share. More ideas for Greater’s means more innovation and expanding the product. Disadvantages: a. Profits…

the company differently entirely. A limited liability partnership would have allowed the two partners to form a legal business that absolved them of personal liability but maintained the conditions of the partnership, however shares could not have been given to a third party. Separately the company could have simply been two LLC’s engaged in a joint venture or a tenants in common structure. This would have allowed the to work together but manage liabilities and assets separately. The preferred…

Free Enterprise System Free enterprise is a system where the government has very few limitations on business activities and ownership. In this system this government has minimal ownership of an enterprise. The U.S. economic system of free enterprise operates according to five main parts: the freedom to choose our businesses, the right to private property, the profit motive, competition, and consumer sovereignty. In free enterprise you have a right to own and do all of the main parts the the…

proprietorship: Mini markets, restaurants, convenient stores, burger kiosks, etc. Advantages Disadvantages Easiest to exist and start. Unlimited personal liability. Complete control. Difficult to raise the money. Single owner saves all the profits.…

for corporations that are not yet created. This liability can only be lifted with a novation, which is an agreement between the corporation and the third party to release a promoter. Since no corporation was created, the novation process cannot occur and Hayes will be held liable for the contract. Hayes was forced to pay for the van because promoters can be held liable for the contracts they made for corporations that are not yet created. This liability can only be lifted with a novation, which…

business becomes part of an existing franchise, meaning an owner cannot just change the business of the franchise (Schizas,2013). The second major disadvantage is the cost of buying into a franchise and ongoing fees on sales or minimum purchases of products. Shania will need to meet these on-going requirements regardless of whether her business is making a profit or not. In considering the third crucial disadvantage, careful thought must be given to the culture of the Franchise. The far-reaching…

of incorporation is permitted when the person of the company are using the incorporation of the company to deliberately frustrate a legal obligation. A veil was described as a wall between the company and its shareholders. Hence, once a limited liability company is created as of the separate legal entity principle, the veil of incorporation will be created between the personal assets of the members and the assets of the company. There are three exception circumstances which the veil of…

of the corporation. Corporations pay a different tax rate then companies and individuals. A limited liability company (LLC) does not have stockholders, it is comprised of members that have an interest in the company but do not have any personal liability if the company were to be sued. A LLC must file an Articles of Organization with the Secretary of State in order to become a limited liability company. A sole proprietorship is a business that one person owns. They are personally liable for…

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 complexities of a merger or acquisition. Leica offers resources such as a strong…

Excel Chapter 10: End-of-Chapter Quiz 1) Match each term with the correct definition (15 points) A group of commands that enable you to bring data from an Access database, from the web, from a text file, or from an XML file into Excel without repeatedly copying the data. Correct answer Get External Data Link to external data that automatically updates an Excel workbook from the original data whenever the original data source gets new information. Correct answer Data connection…