Types of business entity

best option for Shania is to form an LLC. In addition to the characteristics of protected liability and tax benefits you discussed, this business structure has becoming so widespread in the domestic market that almost two LLCs were formed for every one corporation (Chrisman, 2010, para. 19). I firmly believe that the LLC structure is best fitted for a small business operation (Feigenbaum, n.d., para. 5). However, I disagree with your point that she should open a franchise and, instead, argue…

Canadian Business Corporations Act According to the Canadian Business Corporations Act, “A corporation has the capacity and, subject to this Act, the rights, powers and privileges of a natural person” (CBCA R.S.C., 1985, c. C-44). This enables corporations their own entity, with benefits individuals themselves do not possess. Corporations have full maturity upon creation, or ‘birth’. They also have the capability for eternal life. This personhood enables Canadian corporations to conduct business…

Primarily because it is pretty much just a partnership expect that an LLP partner has no liability for most LLP obligations, however, an LLP partner retains unlimited liability for his own wrongful acts. In addition, it is the preferred form of business for professionals (pg. 956). As an LLP, Pete gets exactly what he wants. Pete and his partner or partners will be their own bosses and he will not have to go at it alone. The biggest advantage of an LLP is that the partners do not have unlimited…

Snow is described as being ‘atmospheric water vapour frozen into ice crystals’. It cannot be owned in the air and there is no law on ownership of snow when it hits the ground. This leads to the assumption that snow is res nullius and title can be acquired by occupatio. The test for this is taking possession of the thing, whilst having the intention of becoming the owner of said thing. Therefore, when Looby Loo uses the snow to make her snowman she fulfils the first part of the test, and she…

procedures, payroll and annual budget. After I talked to Scott, I conducted a brief research on how other 5013c organizations manage their funds. Reporting procedures Nevada Restaurant Association has no food costs, but reports include labor cost. Another type of reports are fixed administration costs, which don’t change from month to month, and variable costs, which change depending on the event schedule of the organization. Variable costs often include supplies, which Restaurant Association…

a) Legal terms and their meanings relevant to the case Companies Act reflects a variety of business structure and each with a different legal structure of the formation of the company operating any problems. In Australia, all companies are subjected to the regulation under the Corporations Act 2001 (Cth), which is by the Australian Securities and Investments Commission (ASIC), and give the court for enforcement. This case falls into the area of corporation law and it is whether Shafron…

Los Angeles, California - MegaMedia’s Board of Directors accepted Richard’s resignation at this morning’s meeting. The board voted to combine the positions of chairman and CEO, and then voted unanimously to have Gannon fill that position. “Joe Gannon is the right man at the right time to lead this company,” said Ann Richards. “He brings a new energy and remarkable vision to the boardroom.” MegaMedia will release its annual financial statement after the close of the New York Stock Exchange on…

“schedules” APPOINTMENT Relationship type: 1:M Explanation: business rules state, “A patient can schedule many appointments with one or more nutritionist at Vitality”. The PATIENT entity is on the “one” side of the relationship and the APPOINTMENT entity is on the “many” side of the relationship. Relationship participation: mandatory on the “one” side of the relationship and optional on the “many” side of the relationship. Explanation: The PATIENT entity is mandatory in the relationship…

questions and concerns regarding the formation of the business “Fred’s Miracle Cough Syrup”. Below you will find my comments and recommendations for each item of concern. Item I: Type of business entity A. Sole Proprietorship: A sole proprietorship in a business entity in which the sole owner is in control of the business and the management of it. The advantages of a sole proprietorship include the business owner being able to easily start the business, as it doesn’t require many legal…

Choosing a Business Entity Corporate world in the United States opens a variety of choices with respect to selecting the type of entity under which a company will be established. Aside from the basic compliance framework, there are multiple factors that will determine the most appropriate entity, providing substantial differences with respect to ownership, taxation and legal exposure, among others. In the following report, we will evaluate the specific circumstances surrounding the conception…