Product liability

Limited liability companies (LLCs) offer business owners several advantages over sole proprietorships, partnerships and in some cases S and C corporations. Business operators who take advantage of LLC business formation can realize significant financial benefits and can also use living trusts to facilitate exchanging limited liability company ownership more easily relative to using a will. LLCs offer the asset protection enjoyed by corporate entities, are less expense to maintain and require…

thousands or millions of dollars depending on your business size and the tax and liability advantages that changing your business structure could generate. Business structure affects taxation, personal liability and your ability to shelter income and provide benefits to family members while receiving tax deductions for the privilege. A professional tax advisor can guide you on issues that range from personal liability to reducing your tax burden. Your choice of business entity makes it possible…

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…

partnerships, and limited liability partnerships. (Kluwer) A general partnership is when two or more people are in a business for profit. Limited partnership also known as a "silent partner" is two or more people in a business, but one is only financially involved. Finally in a limited liability partnership out of the partners, one of the partners is not responsible for any actions taken by other partners. (staff) If Jim from the first story would have been part of a limited liability…

Administration as an activity is as old as society itself. As a process, it occurs in both public and private organizations. It occurs in such diverse institution settings as a business firm, labor unions, religious or charitable organizations, educational institutions and so on. Its nature is affected by the sphere with which it is concerned. Administration is commonly divided into two types, public and private administration. As an aspect of government activity it has existed since the…

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 formed when it is consolidated by…

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 husband;…

LIMITED LIABILITY COMPANY Like a corporation, a limited liability company upholds limited liability features. It also ensures pass-through taxation and flexibility of partnerships in its operations LLC owners are referred to us ‘members’. A member can be a single person (owner), two or more persons, corporations and other LLCs The LLC members file federal tax return for facilitation of taxes unlike shareholders of corporations. This is due to the fact that LLCs are not regarded as separate…

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…

at the same time I will be at more risk as now I will also have to make up for all liabilities for myself and for any unpaid liability by my partner as…