Mba1034 cg law ethics week 11 business ownership  2013
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Mba1034 cg law ethics week 11 business ownership 2013

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Sole proprietor, Partnership, Corporation

Sole proprietor, Partnership, Corporation

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    Mba1034 cg law ethics week 11 business ownership  2013 Mba1034 cg law ethics week 11 business ownership 2013 Presentation Transcript

    • BUSINESS OWNERSHIP : SOLE PROPRIETOR, PARTNERSHIPS AND CORPORATIONS Stephen Ong, BSc(Hons) Econs (LSE), MBA International Business(Bradford) Visiting Fellow, Birmingham City University Visiting Professor, Shenzhen University MBA1034 GOVERNANCE, LAW & ETHICS
    • • Discussion: Auditor Independence 1 • Sole Proprietorship, Partners hip, & Corporations 2 • Case Discussion : Premier Oil3 Today’s Overview
    • 1. Open Discussion • Rocco R. Vanasco, (1996),"Auditor independence: an international perspective", Managerial Auditing Journal, Vol. 11 No.: 9 pp. 4- 48
    • Overview • Introduction to business ownership • Sole proprietorship • Partnership • Corporations • Corporations and the Sarbanes- Oxley Act • Other Forms of ownership
    • 2. FORMS OF BUSINESS OWNERSHIP
    • Choosing a Form of Ownership • There is no one “best” form of ownership. • The best form of ownership depends on an entrepreneur’s particular situation. • Key: Understanding the characteristics of each form of ownership and how well they match an entrepreneur’s business and personal circumstances.
    • Factors Affecting the Choice • Tax considerations • Liability exposure • Start-up and future capital requirements • Control • Managerial ability • Business goals • Management succession plans • Cost of formation
    • Major Forms of Ownership • Sole Proprietorship • Partnership • Corporation • S Corporation • Limited Liability Company • Joint Venture
    • 5 - 9 FIGURE 1 (A) Forms of Business Ownership – Percentage of Business
    • 5 - 10 FIGURE 1 (B) Forms of Business Ownership - Percentage of Sales
    • FIGURE1 (C) Forms of Business Ownership - Percentage of Profit
    • 2.1 SOLE PROPRIETORSHIP
    • Entrepreneurship • Entrepreneur: A person who forms and operates a new business either by himself or herself or with others • Sole proprietorship: A form of business in which the owner is actually the business – The business is not a separate legal entity – Sole proprietor: The owner of a sole proprietorship 14-13
    • Creation of a Sole Proprietorship • No federal or state government approval is required • D.b.a. (doing business as): A designation for a business that is operating under a trade name • Fictitious business name statement (certificate of trade name) – A document that is filed with the state that designates: • A trade name of a business • The name and address of the applicant • The address of the business
    • Advantages of the Sole Proprietorship • Simple to create • Least costly form to begin • Profit incentive • Total decision making authority • No special legal restrictions • Easy to discontinue
    • 5 - 16 Disadvantages of the Sole Proprietorship • Unlimited personal liability • Limited skills and capabilities • Feelings of isolation • Limited access to capital • Lack of continuity of the business
    • Liability Features of the Basic Forms of Ownership 5 - 17 Sole Proprietorship Claims of Sole Proprietor’s Creditors Sole Proprietor’s Personal Assets
    • Personal Liability of a Sole Proprietor • Unlimited personal liability: The personal liability of a sole proprietor for the debts and obligations of a sole proprietorship • Taxation of a sole proprietorship –A sole proprietorship does not pay taxes at the business level –A sole proprietor has to file tax returns and pay taxes to state and federal governments
    • Exhibit 1 - Sole Proprietorship
    • 2.2 PARTNERSHIP
    • Partnership • An association of two or more people who co-own a business for the purpose of making a profit. • Always wise to create a partnership agreement. • The best partnerships are built on trust and respect.
    • Advantages of the Partnership • Easy to establish • Complementary skills of partners • Division of profits • Larger pool of capital • Ability to attract limited partners 5 - 22
    • Types of Partners • General partners –Take an active role in managing a business. –Have unlimited liability for the partnership’s debts. –Every partnership must have at least one general partner. • Limited partners –Cannot participate in the day-to-day management of a company. –Have limited liability for the partnership’s debts.
    • Advantages of the Partnership • Easy to establish • Complementary skills of partners • Division of profits • Larger pool of capital • Ability to attract limited partners • Minimal government regulation • Flexibility • Taxation
    • Disadvantages of the Partnership • Unlimited liability of at least one partner
    • Liability Features of the Basic Forms of Ownership 5 - 26 Partnership Claims of Partnership’s Creditors Partnership’s Assets General Partner’s Personal Assets General Partner’s Personal Assets
    • Disadvantages of the Partnership • Unlimited liability of at least one partner • Capital accumulation • Difficulty in disposing of partnership interest without dissolving the partnership • Lack of continuity • Potential for personality and authority conflicts • Partners bound by law of agency
    • Limited Partnership • A partnership composed of at least one general partner and one or more limited partners. • A general partner in this partnership is treated exactly as in a general partnership. • A limited partner has limited liability and is treated as an investor in the business.
    • General Partnership • An association of two or more persons to carry on as co-owners of a business for profit [UPA Section 6(1)] –General partners (partners): Persons liable for the debts and obligations of a general partnership • Uniform Partnership Act (UPA): A model act that codifies partnership law –Most states have adopted the UPA in whole or in part
    • Formation of a General Partnership • To qualify as a general partnership under the UPA a business must be –An association of two or more persons –Carrying on a business –As co-owners –For profit
    • Exhibit 2 - General Partnership
    • Name of a General Partnership • A general partnership must file a fictitious business name statement with the appropriate government agency to operate under a trade name • General partnership agreement –A written agreement that partners sign to form a general partnership
    • Taxation of General Partnerships • Flow-through taxation –The income and losses of partnership flow onto and have to be reported on the individual partners’ personal income tax returns • Right to participate in management –Each partner has a right to participate in the management of a partnership and has an equal vote on partnership matters • Unless otherwise agreed
    • Right to Share in Profits  The right to share in the earnings from the investment of capital  Unless otherwise agreed  Right to an accounting  Action for an accounting: A formal judicial proceeding in which the court is authorised to  Review the partnership and the partners’ transactions  Award each partner his or her share of the partnership assets
    • Tort Liability of General Partners • Unlimited personal liability of a general partner – A general partner’s personal liability for the debts and obligations of the general partnership • Joint and several liability: Tort liability of partners together and individually – A plaintiff can sue one or more partners separately – If successful, the plaintiff can recover the entire amount of the judgment from any or all of the defendant-partners who have been found liable
    • Contract Liability of General Partners • General partners have unlimited personal liability for contracts of the partnership • Under the UPA –General partners have joint liability for the contracts and debts of the partnership –Joint liability: Liability of partners for contracts and debts of the partnership • A plaintiff must name the partnership and all of the partners as defendants in a lawsuit
    • Liability of Incoming General Partners • A new partner who is admitted to a general partnership is –Liable for the existing debts and obligations of the partnership only to the extent of his or her capital contribution –Personally liable for debts and obligations incurred by the general partnership after becoming a partner
    • Dissolution of a General Partnership • The change in the relationship of partners in a partnership caused by any partner ceasing to be associated in the carrying on of the business [UPA Section 29] • Winding up: Liquidating a partnership’s assets and distributing the proceeds to satisfy claims against the partnership
    • Wrongful Dissolution • A situation in which a partner withdraws from a partnership without having the right to do so at that time – The partner is liable for damages caused by the wrongful dissolution of the partnership • Upon dissolution the debts are satisfied in the following order [UPA Section 40(b)] • Creditors (except partners who are creditors) • Creditor-partners • Capital contributions • Profits
    • Continuation of a General Partnership After Dissolution • The surviving, or remaining, partners have the right to continue a partnership after its dissolution –Continuation agreement – Expressly sets forth: • The events that allow for continuation of the partnership • The amount to be paid outgoing
    • Right of Survivorship • A rule which provides that upon the death of a general partner: – The deceased partner’s right in specific partnership property vests in the remaining partner or partners • The value of the deceased general partner’s interest in the partnership passes to his or her beneficiaries or heirs • Liability of outgoing partners – Personally liable for debts and obligations that exist at the time of dissolution – Not liable for any new debts and obligations incurred after the dissolution
    • Exhibit 3 - Limited Partnership
    • Uniform Limited Partnership Act • Contains a uniform set of provisions for the formation, operation, and dissolution of limited partnerships • Revised Uniform Limited Partnership Act (RULPA) –Provides a more modern, comprehensive law for the formation, operation, and dissolution of limited partnerships
    • Formation of a Limited Partnership • Certificate of limited partnership: A document that two or more persons must execute and sign that makes a limited partnership legal and binding – Under RULPA, two or more persons must execute and sign the certificate – The certificate of limited partnership must be filed with • The secretary of state of the appropriate state • The county recorder in the county or counties in which the limited partnership carries on business, if required by state law
    • Defective Formation • Incorrect creation of a limited partnership that occurs when: –A certificate of limited partnership is not properly filed –There are defects in a certificate that is filed –Some other statutory requirement for the creation of a limited partnership is not met
    • Limited Partnership Agreement • A document that sets forth: –The rights and duties of general and limited partners –The terms and conditions regarding the operation, termination, and dissolution of a
    • Liability of General and Limited Partners • Unlimited liability of general partners – The unlimited personal liability of general partners of a limited partnership for the debts and obligations of the general partnership • Limited liability of limited partners – The limited liability of limited partners of a limited partnership only up to their capital contributions to the limited partnership – Limited partners are not personally liable for the debts and obligations of the limited partnership
    • Personal Guarantee • A creditor may require a limited partner to personally guarantee the repayment of a loan in order to extend credit to the limited partnership –If the limited partnership defaults on the loan: • The creditor may enforce the personal guarantee and recover payment from the limited partner who personally guaranteed the repayment of the loan
    • Management of a Limited Partnership • Under the RULPA – A limited partner is liable as a general partner if his or her participation in the control of the business is substantially the same as that of a general partner – The limited partner is liable only to persons who reasonably believed him or her to be a general partner – New Section 303 of the RULPA permits limited partners to participate in the management of a limited partnership without losing their limited liability shield
    • Dissolution of a Limited Partnership • A certificate of cancellation must be filed by the limited partnership with the secretary of state of the state in which the limited partnership is organized • Distribution of assets of a limited partnership – Creditors of the limited partnership, including partners who are creditors (except for liabilities for distributions) – Partners with respect to: • Unpaid distributions • Capital contributions • The remainder of the proceeds
    • 2.3 CORPORATION
    • Corporation • A separate legal entity from its owners. • Types of corporations: –Domestic – a corporation doing business in the state in which it is incorporated. –Foreign – a corporation doing business in a state other than the state in which it is incorporated. –Alien – a corporation formed in another country but doing business in the United States.
    • Corporation Types of corporations: • Publicly held – a corporation that has a large number of shareholders and whose stock usually is traded on one of the large stock exchanges. • Closely held – a corporation in which shares are controlled by a relatively small number of people, often family members, relatives, or friends.
    • Advantages of the Corporation • Limited liability of stockholders
    • Liability Features of the Basic Forms of Ownership 5 - 55 Corporation Claims of Corporation’s Creditors Corporation’s Assets Shareholder’s Personal Assets Shareholder’s Personal Assets
    • Advantages of the Corporation • Limited liability of stockholders • Ability to attract capital • Ability to continue indefinitely • Transferable ownership
    • Disadvantages of the Corporation • Cost and time of incorporation process • Double taxation • Potential for diminished managerial incentives • Legal requirements and regulatory “red tape” • Potential loss of control by founder(s)
    • S Corporation • No different from any other corporation from a legal perspective. • An S corporation is taxed like a partnership, passing all of its profits (or losses) through to individual shareholders. • To elect “S” status, all shareholders must consent, and the corporation must file with the IRS within the first 75 days of its tax year.
    • Liability Features of the Basic Forms of Ownership 5 - 59 S-Corporation Claims of S-Corporation’s Creditors S-Corporation’s Assets Shareholder’s Personal Assets Shareholder’s Personal Assets
    • Limited Liability Company (LLC) • Resembles an S Corporation but is not subject to the same restrictions. • Two documents required: –Articles of organization –Operating agreement
    • Limited Liability Company (LLC) An LLC cannot have more than two of these four corporate characteristics: 1. Limited liability 2. Continuity of life 3. Free transferability of interest 4. Centralized management
    • Limited Liability Company (LLC) • An unincorporated business – Combines the most favorable attributes of general partnerships, limited partnerships, and corporations • An LLC is a separate legal entity (or legal person) distinct from its members • Member: An owner of an LLC – Some states refer to members as shareholders
    • Uniform Limited Liability Company Act (ULLCA) • A model act that provides comprehensive and uniform laws for the formation, operation, and dissolution of LLCs • Revised Uniform Limited Liability Company Act (RULLCA): A revision of the ULLCA – Provides comprehensive and uniform laws for the formation, operation, and dissolution of LLCs
    • Taxation of LLCs • An LLC’s income or losses flow through to the members’ individual income tax returns – This avoids double taxation • Formation of an LLC – An LLC may be organized by one or more persons – It can be organized in only one state – The name of the LLC must contain the words limited liability company or limited company or the abbreviation L.L.C., LLC, L.C., or LC.
    • Articles of Organization • The formal documents that must be filed at the secretary of state’s office of the state of organization of an LLC in order to form the LLC –The LLC is a domestic LLC in the state in which it is organized –The LLC foreign LLC in any state in which it wants to conduct business
    • Operating Agreement • An agreement entered into among members that governs the affairs and business of the LLC and the relationships among members, managers, and the LLC –Certificate of interest: A document that evidences a member’s ownership interest in an LLC –The ULLCA mandates that a member has the right to an equal share in the LLC’s profits • Unless otherwise agreed
    • Distributional Interest • A member’s ownership interest in an LLC – Entitles the member to receive distributions of money and property from the LLC • Liability LLC members – The liability of LLC members for the LLC’s debts, obligations, and liabilities, which is limited to the extent of their capital contributions – Members of LLCs are not personally liable for the LLC’s debts, obligations, and liabilities
    • Liability Features of the Basic Forms of Ownership 5 - 68 Limited Liability Company - LLC Claims of LLC’s Creditors LLC’s Assets Member’s Personal Assets Member’s Personal Assets
    • Exhibit 4 - Limited Liability Company (LLC)
    • Liability of Managers • Managers of LLCs are not personally liable for the debts, obligations, and liabilities of the LLC they manage [ULLCA Section 303(a)] • Liability of a member tortfeasor – Tortfeasor: A person who intentionally or unintentionally (negligently) causes injury or death to another person –A tortfeasor is liable to persons he or she injures and to the heirs of persons who die because of his or her conduct
    • Management of An LLC Type of LLC Description Member- managed LLC The members do not designate managers to manage the LLC. The LLC is managed by its members. Manager- managed LLC The members designate certain members or nonmembers to manage the LLC. The LLC is managed by the designated managers; nonmanager members have no right to manage the LLC.
    • Agency Authority to Bind an LLC to Contracts Type of LLC Agency Authority Member- managed LLC All members have agency authority to bind the LLC to contracts. Manager- managed LLC The managers have authority to bind the LLC to contracts; the nonmanager members cannot bind the LLC to contracts.
    • Duty of Loyalty • A duty owed by a member of a member- managed LLC and a manager of a manager- managed LLC: – To be honest in his or her dealings with the LLC – To not act adversely to the interests of the LLC • No fiduciary duty – A member of a manager-managed LLC who is not a manager: • Owes no fiduciary duty of loyalty or care to the LLC or its other members
    • Nature of the Corporation • A fictitious legal entity that is created according to statutory requirements • Corporation codes: State statutes that regulate the formation, operation, and dissolution of corporations
    • Nature of the Corporation • Characteristics of a corporation: – Free transferability of shares – Perpetual existence – Centralized management – Limited liability of shareholders: A general rule of corporate law which provides that generally shareholders are liable only to the extent of their capital contributions for the debts and obligations of the corporation and are not personally liable for the debts and obligations of the corporation
    • Exhibit 5.1 Corporation
    • Publicly Held and Closely Held Corporations • Publicly held corporation: Has many shareholders - securities are usually traded on national stock exchanges • Closely held corporation: A corporation owned by one or a few shareholders • Revised Model Business Corporation Act: A 1984 revision of the MBCA – Arranges the provisions of the act more logically – Revises the language to be more consistent – Makes substantial changes in the provisions
    • Incorporation Procedures • Procedure for incorporating a corporation varies somewhat from state to state • Domestic corporation: A corporation doing business in the state in which it was formed 16-78
    • Incorporation Procedures • Articles of incorporation: The basic governing documents of a corporation, which must be filed with the secretary of state of the state of incorporation – Name of corporation – Number of shares authorized – Address of registered office and agent – Name and address of each incorporator • Registered agent: A person or corporation that is empowered to accept service of process on behalf of a corporation
    • Incorporation Procedures • Corporate bylaws: A detailed set of rules adopted by the board of directors after a corporation is incorporated that contains provisions for managing the business and the affairs of the corporation • Organizational meeting: A meeting that must be held by the initial directors of a corporation after the articles of incorporation are filed
    • Incorporation Procedures • S Corporations: A corporation that has met certain requirements and has elected to be taxed as an S corporation for federal income tax purposes –Pays no federal income tax at the corporate level –Income or loss flows to the shareholders and must be reported on the shareholders’ individual income tax returns
    • Financing the Corporation • Equity securities: Representation of ownership rights in a corporation • Equity securities can be: –Common stock –Preferred stock
    • Common Stock • An equity security that represents the residual value of a corporation • Common stockholder: A person who owns common stock
    • Preferred Stock • Equity security that is given certain preferences and rights over common stock • Preferred stock may have any or all of the following preferences, rights, or attributes: – Dividend preference – Liquidation preference – Cumulative dividend right – Right to participate in profits – Conversion right – Redeemable preferred stock
    • Authorized, Issued, and Outstanding Shares • Authorized shares: The number of shares provided for in a corporation’s articles of incorporation • Issued shares: Authorized shares that have been sold by a corporation
    • Debt Securities • Securities that establish a debtor– creditor relationship in which the corporation borrows money from the investor to whom a debt security is issued • Classifications: –Debenture –Bond –Note
    • Indenture Agreement • Contract between the corporation and a holder of a debt security
    • Shareholders • Owners of a corporation who elect the board of directors and vote on fundamental changes in the corporation
    • Exhibit 5.2 Shareholders
    • Shareholders • Shareholders meetings: A meeting of the shareholders of a corporation that must be held by the corporation to elect directors and to vote on other matters –Annual –Special –Proxy
    • Shareholders • Quorum: The number of directors necessary to hold a board meeting or transact business of the board • Supramajority voting requirement: A requirement that a greater than majority of shares constitutes a quorum of the vote of the shareholders
    • Shareholders • Straight voting: A system in which each shareholder votes the number of shares he or she owns on candidates for each of the positions open • Cumulative voting: A system in which a shareholder can accumulate all of his or her votes and vote them all for one candidate or split them among several candidates
    • Shareholders • Dividend: A distribution of profits of the corporation to shareholders • Piercing the corporate veil: A doctrine that says if a shareholder dominates a corporation and uses it for improper purposes, a court of equity can disregard the corporate entity and hold the shareholder personally liable for the corporation’s debts and obligations
    • Board of Directors • A panel of persons who are elected by shareholders to make policy decisions concerning the operation of a corporation –Inside director (executive) –Outside director (non- executive, independent) 16-94
    • Exhibit 5.3 Board of Directors
    • Board of Directors • Regular meetings of a board of directors are held at the times and places established in the bylaws • A board can call special meetings of the board of directors as provided in the bylaws
    • Corporate Officers • Employees of a corporation who are appointed by the board of directors to manage the day-to- day operations of the corporation
    • Exhibit 5.4 Corporate Officers
    • Fiduciary Duties of Directors and Officers • The duties of care and loyalty owed by directors and officers to their corporation and its shareholders – Duty of loyalty: A duty that directors and officers have not to act adversely to the interests of the corporation and to subordinate their personal interests to those of the corporation and its shareholders – Duty of care: A duty of corporate directors and officers to use care and diligence when acting on behalf of the corporation
    • Sarbanes-Oxley Act • A federal statute enacted by Congress to improve corporate governance • The goals of the Sarbanes-Oxley Act are to improve corporate governance rules, eliminate conflicts of interest, and instill confidence in investors and the public that management will run public companies in the best interests of all constituents
    • Mergers and Acquisitions • A situation in which one corporation is absorbed into another corporation and ceases to exist • A merger occurs when one corporation is absorbed into another corporation –Surviving corporation –Merged corporation
    • Exhibit 5.5 Merger
    • Dissolution of the Corporation • Voluntary dissolution • Administrative dissolution • Judicial dissolution • Winding up, liquidation, and termination
    • Multinational Corporations • Multinational corporations operate in more than one country • Operate in other countries through a variety of means, including the use of agents, branch offices, subsidiary corporations, business alliances, strategic partnerships, franchising, and other arrangements
    • 2.4 OTHER FORMS
    • Limited Liability Partnership (LLP) • A special form of partnership in which: –All partners are limited partners –There are no general partners • LLPs enjoy the flow-through tax benefit of other types of partnerships • Articles of limited liability partnership –The formal documents that must be filed at the secretary of state’s office of the state of organization of an LLP in order to form the LLP
    • Limited Liability of Partners • The liability of LLP partners for the LLP’s debts, obligations, and liabilities, is limited to the extent of their capital contributions –Partners of LLPs are not personally liable for the LLP’s debts, obligations, and liabilities
    • Exhibit 5 - Limited Liability Partnership (LLP)
    • 5 - 109 The Professional Corporation  Designed for professions – lawyers, doctors, dentists, accountants and other professionals  Created in the same manner as a corporation  Identified by the abbreviations:  P.C. – Professional Corporation  P.A. – Professional Association  S.C. – Service Corporation
    • The Joint Venture Much like a partnership, but it: Is formed for a specific purpose Has a beginning and an end
    • Conclusion The “right” choice of the form of ownership is unique to every entrepreneur and their business. Each form has advantages and disadvantages. The entrepreneur must be thoughtful and strategic about this important decision.
    • Exhibit 6 - Franchise
    • Types of Franchise Type of Franchise Description Distributorship franchise A franchise in which the franchisor manufactures a product and licenses a franchisee to distribute the product to the public. Processing plant franchise A franchise in which the franchisor provides a secret formula or process to the franchisee, and the franchisee manufactures the product and distributes it to retail dealers. Chain-style franchise A franchise in which the franchisor licenses a franchisee to make and sell its products or distribute its services to the public from a retail outlet serving an exclusive territory. Area franchise A franchise in which the franchisor authorizes a franchisee to negotiate and sell franchises on its behalf in designated areas. The area franchisee is
    • Franchise Agreement • An agreement that a franchisor and franchisee enter into that sets forth the terms and conditions of a franchise • Liability of franchisors and franchisees –The franchisor deals with the franchisee as an independent contractor • Franchisees are liable on their own contracts and are liable for their own torts • Franchisors are liable for their own contracts and torts
    • Exhibit 7 - License
    • CASE DISCUSSION : PREMIER OIL
    • Casestudy 3 : Premier Oil 1. Read and prepare the Casestudy on Premier Oil (Monks & Minow (2011). Identify the corporate governance issues faced. 2. You are required to: – Analyse the scenario’s in the case study and plot the resulting risk analysis on an appropriate risk map. – Map out the stakeholder power/interest issues, and propose the appropriate corporate actions.
    • Risk Map Action High Medium Low Low Medium High S I G N I F I C A N C E PROBABILITY Requires close monitoring Manage and monitor Significant focus and action Accept but monitor Management effort worthwhile Manage and monitor Accept risks Accept but periodically review Accept but monitor
    • Stakeholder mapping
    • Core Readings • Baron, David P.(2013) Business and its environment, 7th Edition, Pearson, Ch.14 • Cheeseman, Henry R.(2013) Business law, 8th Edition, Prentice Hall. Ch.14-16 • Barringer, Bruce R. & Ireland, R. Duane, 2011 Entrepreneurship – Successfully launching new ventures 4th edition, Pearson.
    • Next Week’s Ideas for Discussion • Prem Sikka, (2008),"Enterprise culture and accountancy firms: new masters of the universe", Accounting, Auditing & Accountability Journal, Vol. 21 Iss: 2 pp. 268 - 295
    • QUESTIONS?