The Limited Partnership Act 2008 Essay

The Limited Partnership Act 2008 Essay
The Limited Partnership Act 2008 came into force on 2nd May 2008 enabling registration of limited
Partnership and Overseas Limited Partnership. The primary function objective for the introduction
of the Limited Partnerships regime is to facilitate sustainable growth in New Zealand's venture
capital and private equity Industries. This introduction of internationally recognized Limited
Partnership opens the gate way for foreign capital investment which helps the company in their
initially setup start and also proves to be a valuable tool for their company. On other hand it also
allows New Zealand to compete internationally for venture capital funds.
This act came into action because of three main reasons ; firstly to revoke the special partnership
provision (Part II) of the Partnership Act 1908; Secondly to create modern rules which are simple
and similar to internationally recognized limited partnership in use overseas and thirdly to allow the
development of venture capital industry of New Zealand. By bringing this law into action New
Zealand lines up with similar regime in Australia and United Kingdom. The new law simplifies the
registration requirement, as compared to the formalities required by the old law, which gives great
flexibility in the rules of governing self management that in case with companies whilst at the same
time adopting many rules drawn from the company and partnership law. It evidently states the point
to which investor can contribute in management
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Company Analysis : Public Limited Company
Public limited company: a public limited company is under the united kingdom low, which is can be
sold and trade the company shares. A public limited company don't need to loan in the bank, because
this type company can financing in the public market, and then can development the company. More
importantly, the public limited company need to provide account financial statement to the all of
hold these company shares individuals, to prove the company development trend is better, this way
can help the investor to make the best decision of the organization.
Partnership: partnership is between individuals or between company to achieve the largest level
cooperation relations. It can be share the resources and interests of the long term ... Show more
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It was built in 1943. Nowadays it is the world 's largest furniture retailer, recognised for its
Scandinavian style. The most of IKEA 's furniture is flat–pack, ready to be assembled by the
consumer. This allows a decrease in costs and casing. IKEA carries a range of 9,500 products,
consist of home furniture and accessories. This extensive range is useful.
Since it was built IKEA has always had concern for people and the environment. The IKEA view to
create a great everyday life for the many individuals puts this involve at the heart of the business.
IKEA has responded to the public 's ascending involve in persistence in its choice of product range,
suppliers, stores and communication. It has also speckled business latent in providing sustainable
solutions. IKEA 's involve in people and the environment encourages it to make better use of both
raw materials and energy. This keeps costs fall and helps the company to attain its green targets and
have an overall good impact on the environment.
Read more: http://businesscasestudies.co.uk/ikea/swot–analysis–and–sustainable–business–
planning/introduction.html#ixzz3pitRBuhs
Under Creative Commons License: Attribution Non–Commercial Share Alike | three Aims:
The overall objective of inter IKEA group is to secure successive and improvement and a long life
of the IKEA idea. That will

PE Ratio Analysis: ITC Limited
PE Ratio looks at the relationship between the stock price and the earnings of the company.
Therefore, the value of this multiple gives a fair idea of the much market price, an investor can
invest based on the comparable companies. Based on this idea, he can decide whether it is wise to
invest in the company at the current price or not.
This multiple consider the residual income which is available to the shareholders and based on this
multiple the investor will get an idea about the money that investors are willing to pay for every
single rupee earned by the company.
PE takes into account
– Past Performance
– Debt of the company
– Future Growth
– Economic Cycles
EV/EBITDA ratio takes into account the enterprise value of the firm and EBITDA ... Show more
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YC Deveshwar
Executive Director , Hospitality and Tourism – Mr. Nakul Anand
Executive Director , Paperboards Paper & Packaging Business – Mr Kurush N. Grant
Executive Director , FMCG Business – Mr. Sanjiv Puri
6.4

The Limited Liability Partnership ( Llp )
The limited liability partnership (LLP) is another type of partnership. LLP is "a partnership
consisting of one or more general partners and one or more limited partners" (p. 554). "It was
created to limit the personal liability of the partners of "losing their personal assets to only their own
acts and omissions and to the acts and omissions of people under their supervision" (Nickels,
McHugh, & McHugh, 2013, p. 119). This business form also "allows a partnership to continue as a
pass–through entity for tax purposes" (Miller, 2014, p. 554). However, limited liability partnership is
not recognized as a legal business structure in every state, unlike the general partnership, In
addition, taxing authorities in some states recognize the ... Show more content on Helpwriting.net ...
A large corporation with numerous resources can take benefit of opportunities anywhere in the
world. We also find the ability to raise capital through the sale of their stocks and bonds, and they
have continuous life, unlike sole proprietorships or partnerships. Another advantage of corporations
is the ease of attracting talented employees and the separation of ownership and management. There
is also the ease of ownership change, which means that change does not affect management along
with a great fringe benefit with fewer taxes.
The disadvantages of corporations include the initial cost of establishing a corporation is expensive,
and the process requires more time and money compared to other types. There is also the challenge
of the extensive paperwork and more state and federal rules and regulations. They have to comply
with many more requirements and administrative documents to demonstrate compliance. We also
find double taxation; tax on the income before it can distribute any to stockholders and then
stockholders pay income tax on the dividends they receive. Also, the owners need to file both a
corporate tax return and an individual tax return. The large corporations sometimes become too
inflexible to respond quickly to market changes because of their size and the possible conflict with
stockholders and board of directors. Moreover, we find a great difficulty to terminate the business

Limited Liability Company ( Llc )
Alternative 1. Limited Liability Company (LLC)
The first alternative is a Limited Liability Company or abbreviated a LLC. "As an LLC your
personal assets are protected from lawsuits and business debt, and only assets of your company can
be touched by lawsuits and creditors" (Small Business – Chron.com, 2015). With a LLC you have
plenty of advantages to include the benefit of always upgrading to another business organization and
having the security and peace of mind of limited liability. It is also easier to form than a corporation.
There are also disadvantages to include self–employment taxes. "Unless you choose to be taxed like
a corporation, LLCs are usually subject to self–employment taxes. This means that the profits of the
LLC won't ... Show more content on Helpwriting.net ...
Corporation
The second alternative is a corporation. One can form as an S corporation of C Corporation. "A C
corporation is double–taxed. The corporation pays taxes, as do the company's shareholders. S
corporations are single–taxed. All taxation and business expenses are paid for by the company's
shareholders" (Small Business – Chron.com, 2015). There are some advantages to this form. You are
not personally liable for lawsuits and debt. It is easier to attract investors for your business. S
corporations are "limited to a maximum of 100 shareholders and a C corporation can have unlimited
shareholders" (Small Business – Chron.com, 2015). The corporation is "a stand–alone entity, which
means you are not personally liable for the assets and debts of the business" (Small Business –
Chron.com, 2015). "The stand–alone entity also separates tax liabilities, which is another advantage.
This means that the corporation taxes are separate from your personal tax liabilities. As a business
owner, you are responsible for paying taxes only on the money the corporation pays you in the form
of a salary, commission or dividends––this is on your personal tax return. The corporation is
responsible for paying corporate taxes (at the corporate tax rate) on any profit the company makes"
(Small Business – Chron.com, 2015). There are also some disadvantages. First, the costs can be a
disadvantage. "One of the primary disadvantages of a corporation is the costs for running a
corporate form of

Bott Ltd. Private Limited Company
Introduction BOTT Ltd are Private Limited company that specialise in vehicle conversions which is
based in Bude. They have other workshops in Scotland and Ashby. There is also, BOTT Hungary
and BOTT Germany. These are all subsidiaries to BOTT group, which is an international
corporation. BOTT Group is also German owned. BOTT UK sell worldwide, however they mainly
sell to the UK and Europe. BOTT UK describe their products as ''providing affordable and effective
solutions'' – As described on their website. BOTT make products such as van conversion products.
For example, cupboards and drawes for vans to keep tools in. BOTT describe the cupboards and
draws and other items as ''Van Racking''. BOTT say they go for quality and for the product to ...
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This means that the sector generally the output and manufactures finished goods from the primary
sector. Usually after the manufacturing of the products they are then sold to domestic consumers or
exported for use by other businesses. Also, the sector is regularly split into Light Industry and Heavy
Industry. Many of the industries use large amounts of energy and cause environmental pollution
because they require factories and machinery to convert their materials into saleable goods. BOTT
causes environmental pollution because it uses machinery and has factories to produce its good to
sell. Although, BOTT has many ways to reduce their environmental pollution to the environment,
for example they recycle a lot of unused materials, even though they are required to by law. As well
as this, they re–use rain water. When it rains, BOTT keep the water rolling into a water tank which
holds it until its needed for various jobs that water is needed for. This keeps BOTT's environmental
damage down to a minimum. Although it can never produce no environmental damage because it is
a factory. So BOTT are trying many initiatives to try and keep the damage down to a minimum. As
well, BOTT recycle a lot of steel. Their incentive to do this is that they receive steel back from their
supplier if they manage to recycle/return their waste. BOTT has a variety of customers that come to
them. A list of example customers are, Independent Sole Traders, Fire Service, Police

Fin 419 Limited Liability Corporation
Limited Liability Corporation and Partnership
FIN419 – Finance for Decision Making
Date
Instructor's name
Limited Liability Corporation and Partnership Paper
Limited Liability Corporation and limited liability partnership are two of several types of structures
that individuals can give thought to forming when starting a business. To form a corporation each
member has limited liability, but the corporation has full liability. Forming a partnership requires at
least two people, which are called partners, and each partner has limited liability. This paper will
describe the roles of Limited Liability Corporation (LLC) and Limited Liability Partnership (LLP).
In addition, the paper will describe under what circumstance one would ... Show more content on
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To form a corporation with limited liability, there are no restrictions on the number of members who
can be involved. One member can start the business and investors can become members after the
business has been established. With the guarantee that members' potential loss is no more than what
was originally invested. In addition, if an individual decides to dissolve the affiliation, the transfer of
ownership is not difficult because the member only needs to sell his or her stock. However, the
disadvantages are not too severe that one would shy away from the thought of forming a small
business. The circumstance that one should use to form a limited liability partnership is the
individual must be a licensed professional, such as dentist, doctor, accountant, or lawyer. In addition
the formation must be between two or more individuals. Other factors to consider when making a
choice on which structure is better than the other, are financial protection as well as taxes. The
number of potential members or partners is another deciding factor on which structure is the best
choice. Conclusion LLCs and LLPs are business structures which are most often formed business
entities. Each structure has its advantages as well as disadvantages and potential business owners
should weigh the pros and cons of each before making a final decision. In an effort to make a sound
financial decision about

A Report On Woolworths Limited
Introduction
Woolworths Limited is a big Australian company with vast retail interest throughout Australia and
New Zealand. It is the second largest company in Australia by earnings and the second largest in
New Zealand. furthermore, Woolworths Limited is the biggest takeaway liquor retailer in Australia
and the largest retailer in the world dated in 2008.
Zerella is one of Woolworths suppliers which has been renowned as Australia's leading producers in
potatoes, onions and pumpkins. It has been shown to everyone that this business has taken
advantage of workers into working below the minimum wage, working in an appalling environment
and being threatened to have any contact or relation with the union. All of these allegations are
illegal and unethical in Society.
Unethical situation
A supplier to Woolworths a large supermarket has paid workers a very small amount of money for
working up to 72 hours a week and threatened they would be replaced by machines to do their job if
they were to sign up with the union. There were accusations of unlawful management and serious
breaches of Woolworths ' own ethical policy.
"We believe in earning our customers' trust by acting responsibly and doing the right thing for our
people, our customers, our communities and we expect the same from our suppliers.
Woolworths is committed to upholding human rights, not only with respect to its own employees but
also for workers in its supply chain. Our Ethical Sourcing Policy encompasses

The Case Of Harvey And Capability Limited
The Case of Harvey and Capability Limited
Before analysing, Harvey needs to be advised that there are two known clauses that exist in a
contract; limitation clause and exclusion clause. He needs to understand that there is a difference
between both of these clauses. When there is a breach of the contract, the limitation clause that is
relied on in a contract and enforced would make an effort to pay for certain damages. This can only
be used as an indicator for Harvey to recognise their differences, but, it will not be explained any
further as the enquiry made is only related to exclusion clause. Capability Limited is a private
limited company that has subcontracted a sole proprietor, Reckless Enterprise. As the damages were
done by Reckless Enterprise, with the matter of who is liable to pay for it, the court needs to look
deep into the consequences of Capability Limited and how Reckless Enterprise was included in the
Memorandum as a third party.
Exclusion Clauses
If the contract is breached, the party relying on the exclusion clauses will not be responsible for
paying for any damages (Treitel, 1995). If the document does not have any intention for the contract,
exclusion clause will not be bound. As it can only be defined in this manner, Harvey also has to ...
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It is a philosophy of Contract Law. There should be an intention to make an offer, and, to accept and
consider to it. Although it is read without comprehending, the person signing the contract would still
be bound by it. In L'Estrange v Graucob, the claimant purchased a cigarette vending machine and
signed the order without reading the clause. She sued the defendants as it did not work but the court
argues that, once signed, she was automatically bound by the clause regardless of whether she read
it or not. However, in other cases, it can be argued that there are other exceptions that would be
convinced that exclusion clauses will not be

Essay On JCT Limited
JCT Limited, one of the main makers of materials and fiber yarn, is the leader organization of
Thapar Group. With operations in two particular organizations – cotton, engineered and mixed
materials and nylon fiber yarn – JCT Limited is a business sector driven organization energized by
great hard working attitude, values and an elevated expectation of execution. It is this society that
has built up the organization's notoriety for being one of the finest in the nation.
JCT Limited was the first material producer in the nation to present eco–accommodating fabrics
made of natural cotton and its material division was the first in the business to be licensed with an
ISO 9001 confirmation in 1996. More than five decades, since it started generation in 1946, the
material unit of JCT Limited has developed into one of the biggest material producers in India. With
coordinated material office in Phagwara (Punjab), a day by day generation ... Show more content on
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A little while later he moved to Calcutta, an office was rented at 9, Dalhousie Square east, where the
associations of Karam Chand Thapar and Co., Karam Chand Thapar and Bros., and Shyamlal
Thapar and Bros. were developed. In 1923 he affected the world always of sorts by acquiring the
rights to experience Bird and Co's. Sirka Coal mine in Hazaribagh.
His 1936 acquisition of the Deoria Sugar Mills in the Gorakhpur District brought a related electric
supply association into his fold. After a lively movement of the sugar manufacturing plants, he
meandered into the matter of security, dry ice, and refrigeration, starch and chemicals and paper. His
desire drove him to get the Mahavir Insurance Co. Ltd., in Calcutta inIn 1946 Karam Chand began
material business by beginning the Jagatjit Cotton Textiles Mills Ltd. At Phagwara in the Punjab.
This factory delivered unfinished fabric for fare to the U.K. where it was further prepared and

Whether Facebook Can Benefit from the Changing Between...
Facebook is a social net working service, which is started in the United States by Mark Zuckerberg
with his friends in 2004. The website's membership was initially limited by the founders to Harvard
students, but was expanded to other colleges, and gradually globalization. In 2012, the fonder of
Facebook, Mark Zuckerberg decide to convert the structure of Facebook from private limited
company to public limited company. Facebook values shares at ￡24 each, and that its shares would
began trading in New York on 18th of May 2012. It is seem that Facebook would be worth £66bn at
this price. The following will analyse whether Facebook can benefit from the changing between
private limited company to public limited company.
Ltd is the short for ... Show more content on Helpwriting.net ...
Facebook choose to be a Ltd company as it beginning, because Mark Zuckerberg and his classmates
aer students on that time. So they do not have enough money to set up a plc company. And the aim
of Mark Zuckerberg making facebook is that he just wants the make the distance of people become
closer than before. And make the communication of people convenient. There are many advantages
and disadvantages of Ltd and Plc. If a company chooses to be an Ltd, they can get money by selling
their shares despite they can only sell shares to friends and family. This might be easy for the
company to control the shares selling. That means Mark Zuckerberg only sell the shares of facebook
to his classmates and family before its flotation. So he can choose which people do his shareholder.
Ltd also can easier to attract investors because of the security of limited liability. The business is
continuity to exist even one of the owners died or sick. However, being an Ltd has negative effects
as well. The business cannot sell on the stock market means that they can not gather so much share
capitals. This is a reason why Mark Zuckerberg decided to sell the shares on the stock market. The
accounts of the business must be public, and the profit should share with the shareholders. The
decision making is not just by one person. Sometimes it is a good thing for solve problems, but there
is also a potential disagreement among shareholders. When a company

Limited Partnership : A Partnership
Limited partnership
Description
An LP is a form of partnership that has two types of partners: a general partner and limited partners.
There has to be at least one general partner and at least one limited partner in every LP. The general
partner manages the operation of the LP. In addition, general partners are personally responsible for
the liabilities of the LP. Two Advantages
Limited liability for the limited partners in a limited partnership. These partners can contribute the
capital in a partnership without risking their personal assets.
There is no double taxation with limited partnerships, the partners themselves are taxed on their
personal income tax returns for their share of ownership in the partnership, which usually amounts
to less taxation.
Two Disadvantages
There is no limited liability for the general partner in a limited partnership. For the general partner in
a limited partnership, creditors can reach their personal assets. The shares in a partnership cannot be
publicly traded on the stock market which means that if you have a limited partnership you have
limited growth potential.
Liability
Limited partners are shielded from personal liabilities, but they can lose their financial investment in
the limited partnership. Limited partners can lose their status and be held personally responsible for
business liabilities if they are found to be actively involved in the management of the business.
Income taxes
The federal income tax laws recognize a

A Limited Liability Company
iA Limited Liability Company (LLC) is a business structure allowed by state statute. LLCs are
popular because, similar to a corporation, owners have limited personal liability for the debts and
actions of the LLC. Other features of LLCs are more like a partnership, providing management
flexibility and the benefit of pass–through taxation.
Owners of an LLC are called members. Since most states do not restrict ownership, members may
include individuals, corporations, other LLCs and foreign entities. There is no maximum number of
members. Most states also permit "single member" LLCs, those having only one owner.
A few types of businesses generally cannot be LLCs, such as banks and insurance companies. Check
your state's requirements and the ... Show more content on Helpwriting.net ...
* LLCs in most states are treated as entities separate from their members, whereas in other
jurisdictions[which?] case law has developed deciding LLCs are not considered to have separate
legal standing from their members (see recent D.C. decisions[which?]). * LLCs in some states can
be set up with just one natural person involved. * Less risky to be "stolen" by fire–sale acquisitions
(more protection against "hungry" investors). * For Real Estate companies, each separate property
can be owned by its own, individual LLC, thereby shielding not only the owners, but their other
properties from cross–liability.
Limited liability companies are the popular new choice for business start–ups. The "LLC" has only
been in existence for roughly 26 years and there are some definite pros and cons.
A limited liability company is a creature of state law. Prior to the late 1970s, it had never been a
choice for businesses because it didn't exist. In the late 1970s, the State of Wyoming passed an act
creating it. It took another ten years or so before other states caught on. Once they did, the mad rush
was on to pass legislation allowing for the creation of LLCs in nearly all states. The world of
business entities had been changed forever.
The LLC is a business entity designed to help small business. As a result, most of the positive
reasons for using it are catered to such business. In a general view, the entity is heavily

Limited Liability And Unlimited Liability
Limited liability is a socialist market economy terminology, generally referred to in the economic
field. Limited liability and unlimited liability is relative, the two investors to assume its
responsibility in the form of debt–funded enterprises. The so–called limited liability that is limited
repayment liability means investors only invest their own capital to the business enterprise debt
repayment bear responsibility, insolvency, excess liability form part of its natural exempt. Limited
liability company is an important factor in the rise of big. The next partnership and individual
proprietor–ships owner Normally it takes bear unlimited liability for the debt. The system of Limited
liability is the product of social and economic ... Show more content on Helpwriting.net ...
For example, according to civil liability occurrence of different points based on breach of contract
and tort liability, liability payment in accordance with the contents of a different division of the
property and non–property liability responsibility. Limited liability and unlimited liability are used
depending on the scope of responsibility of the property to divide. Responsible with all its assets in
satisfaction of the secured debt burden, that of unlimited liability; responsible only certain quota of
their property as a guarantee of debts, limited liability. Typically, a debtor shall bear all of its
property to its debt repayment responsibility to unlimited liability, limited liability applies only in
exceptional cases. In other words, civil liability unlimited liability is the norm, limited liability only
exception. Limited liability regime in certain socio–political, economic and cultural background to
produce, is a product of the commodity economy development needs. However, the limited liability
system is not absolute and unconditional, it has its conditions and scope of application. For example,
the law of succession needed, is not applicable to any situation, resulting in a particular case can not
apply: if the decedent during his lifetime due support obligation debt owed to the heir or heirs need
debt owed, not to Heritage The actual value is limited, unlimited liquidity heir bear

Sole Trader And Limited Company Essay
SOLE TRADER&LIMITED COMPANY
JINYU ZHANG
contents
1. Introduction
2. Introduction on sole traders and its format of financial statements
3. Limited companies and its format of financial statements
4. Differences between sole traders from that of limited companies in format of financial statements
5. Conclusion
1. Introduction
Financial statements are very important in potential investors, management of operator and other
stakeholders to make decisions in the business of a company. Different users of financial statements
may have different needs of financial information. So finding a proper format of financial statement
is significant. This paper will particularly discuss two business models– sole traders and limited
companies and their format of financial statements. First, it will give a brief introduction about sole
traders and the characteristics of its format of financial statements. Then it will present the
characteristics of limited companies and its format of financial statements. At last, the paper will
discuss the advantages and disadvantages of each format of financial statements.
2. Introduction on sole traders and its format of financial statements
Sole trader can be identified as individual businesses. Sole traders can be defined as an
unincorporated business that is run by solely an individual. It is also called as a 'sole proprietor' or a
'sole practitioner'. In addition, simply the sole trader is not only the

A Brief Note On Itc Limited And Itc
Introduction of ITC
ITC Limited or ITC is an Indian headquarter in Kolkata, India. Its diversified business includes five
segments: "Fast Moving Consumer Goods, Hotels, Paperboards, Packaging and Agri Business". In
2012–13, annual turnover was $ 8.31 billion and at the end of the same year, its capitalization was
US$ 45 billion. It employs over 26,000 people at more than 60 locations across India and is part of
Forbes 2000 list. Company has been in scandals regarding funding of Political Party to gain
monopoly in Indian Cigarette market.
ITC claims" that it is the "on1y company" in the world of advanced dimensions to be Carbon
Positive, Water Positive and Solid Waste Recycling Positive.
ITC Limited has completed 100 years on 24 August 2010.
The earlier decades of the company activities centered on the tobacco industries. Since 1964
conclusive evidence of the deadly effects of tobacco consumption has 1ed to a sharp decline in
official support for producers and manufacturers of tobacco, in spite of its 1arge contribution to the
agriculture, fiscal, manufacturing and exporting sectors of the economy. Viewing the changes in the
business dynamics in the tobacco industry, the company starting looking to other venues for earning
revenue. In 1970's, it started reducing the foreign equity holding in the company to 40%. In 1975,
the company enters the hotel business with the acquisition of a hotel in Chennai which was rejoined
'ITC–Welcomgroup hotel Chola'.
In 1979, ITC started the

Tesco Plc And Public Limited Company
Business Organisations Task 1: TESCO Plc (public limited company) is a British multinational
grocery and general merchandise retailer. It is the third largest retailer in the world measured by its
profit, and its second measured by its revenue. TESCO Plc is owned by shareholders who fund the
company. The general public can buy shares in the company and then become shareholders; this
method allows TESCO to gain funds. The reason I would choose to locate TESCO in the new
business park is because TESCO is the grocery market leader in the UK, it has a market share of
28.4%. TESCO have competitive prices and many people shop at TESCO, this means it will grow
the local economy. TESCO rely on their employees to provide a service to their customers. TESCO
have 500,000 (2015) and I believe that having a TESCO in this business park will create more jobs.
TESCO's core purpose is "to be the champion for customers, helping them to enjoy a better quality
of life and an easier way of living". I would also locate a National Health Service (NHS) Hospital at
this business park. The NHS is primarily funded through taxation with a much smaller funding
provided through. They provide a comprehensive range of health services; the vast majority are free
for people legally resident in the UK. The NHS is in the public sector and is a not for profit
organisation. It was founded in 1948. The aim of this business is to provide a service to the
community. The NHS have 1.4 Million employees and I

Disadvantages Of A Limited Liability Company
There are several crucial factors to consider when starting a business. First, one must consider
choose the type of company they want to start, for example, a limited liability company. A limited
liability company is an unicorporated method of doing business that gives its members limited
liability and permits them to actively take part in management of the company. The second factor to
consider is the state in which the business will be registered. Different states have different
requirements for forming a limited liability company. Additionally, the advantages and
disadvantages of forming a limited liability company vary across different states. This paper will
discuss the requirements for forming a limited liability company in the state ... Show more content
on Helpwriting.net ...
First, members of the company have limited liability (Maxfield, 2011). This means that a creditor
may not use a member's personal assets to offset a debt owed by the company. Second, Wyoming
gives members of a limited liability company a tax advantage. This occurs because members only
pay tax on their share of profits, thus avoiding double taxation. The third advantage of forming a
limited liability company in Wyoming is that the state does not limit the number of investors. This is
as opposed to an "S" corporation where the number of investors is limited to 35 (Maxfield, 2011).
Additionally, forming a limited liability company in Wyoming is advantageous because there is no
general partner. This is as opposed to limited partnerships where the manager has unlimited personal
liability for the company's debts and has to maintain a one percent interest in the entity (Maxfield,
2011). Limited liability companies allow for flexibility in the management and limits liability to a
members share in the investment.
Despite these advantages, there are some disadvantages to forming a limited liability company in
Wyoming. First, there is limited transfer of interest. This means that a member cannot transfer their
shares unless all members vote to allow the transfer. Second, limited liability companies in
Wyoming are relatively expensive to form and operate. They have some complicated legal
requirements

The Limited Liability Partnership ( Llp )
The limited liability partnership (LLP) is another type of partnership. LLP is "a partnership
consisting of one or more general partners and one or more limited partners" (p. 554). "It was
created to limit the personal liability of the partners of "losing their personal assets to only their own
acts and omissions and to the acts and omissions of people under their supervision" (Nickels,
McHugh, & McHugh, 2013, p. 119). This business form also "allows a partnership to continue as a
pass–through entity for tax purposes" (Miller, 2014, p. 554). However, limited liability partnership is
not recognized as a legal business structure in every state, unlike the general partnership, In
addition, taxing authorities in some states recognize the structure of LLP as a nonpartnership for tax
purposes due to its special structure (Scott & Media, n.d.). There is also a limited partnership, which
has one or more general partners and one or more limited partners. One partner will be a general
partner and has unlimited liability and is active in managing the firm whereas the limited partner
will only invest money in the business but does not have any management responsibility or liability
for losses beyond the investment.
Moreover, corporations are another form of business. A corporation is defined as "legal entity
formed in compliance with statutory requirements that is distinct from its shareholder–owners"
(Miller, 2014, p. 555). The advantages of corporations include the shareholders

The Sunset Limited by Cormac McCarthy
In a postmodern world it is worth contemplating in what we can put our faith. Does culture, religion,
or God merit our trust? Or is this a world of mechanical and biological evolutionary processes void
of any meaning and purpose? The Sunset Limited, "a novel in dramatic form," by Cormac
McCarthy, is a dialogue between two persons who approach each other from opposite worlds to
answer these questions. Black, a born–again believer and ex–con, and White, a nihilistic college
professor, attempt to determine whether belief in God is viable in this world and if life is worth
living. Despite Black's efforts to convince him otherwise, White remains a Depressed Self who
denies God's existence, affirms his view of the world as deranged, and leaves to complete his
suicide.
White once put value in the "foundations of civilization," or the goods of culture, such as "books
and music and art" (McCarthy 25). He believed these goods would provide reason for his existence.
Yet White acknowledges that because of reasons he cannot quite pinpoint, these goods have lost
their value for himself and others. They are now things of the past. White believes, "that world is
largely gone. Soon it will be wholly gone" (McCarthy 25). As Percy suggests in his book, Lost in
the Cosmos, the Depressed Self may be depressed because "belief in God and religion has declined
and with it man's confidence in the place of the self in the Cosmos" (74). For White, the loss of
these cultural goods is a loss of

Benefits Of A Limited Partnership
Limited partnership
Description
A Limited Partnership is made out of one or more broad partners and one or more constrained
partners. The general partners deal with the business and share completely in its profits and
misfortunes. Constrained partners partake in the profits of the business, yet their misfortunes are
restricted to the degree of their venture. Constrained partners are normally not included in the
everyday operations of the business.
Two Advantages
Being a limited partner limits liability; the limited partner is just going to be at risk for the amount
of capital added to the business; a business lender can 't come after the restricted partner 's personal
resources. Another advantage is that it's easier to gain ... Show more content on Helpwriting.net ...
Income taxes
The fundamental tax benefit of a limited partnership is that it is a flow–through entity – all profits
and misfortunes stream specifically to the individual limited partners. The business itself pays no
taxes on its income. The partners declare the the income on their personal taxes.
Continuity of the organization
The coherence of a limited partnership's existence is normally represented by the procurement of the
limited partnership certificate and the conditions of the limited partnership agreement.
Control
Limited partners surrender their choice making right.
No one partner can settle on a business choice without counseling the other GENERAL (which are
considered full) partners, however LIMITED partners do not need to be consulted.
Profit retention
Just as for a sole proprietorship or a general partnership, All profits lawfully belong to all of the
partners (both full and limited) – in their entire sum – and are considered as individual salary by the
IRS. Business profits are therefore are then placed into the highest taxation salary.
C–Corporation
Description
The most common corporation, or C corporation, is a different legal entity claimed by shareholders.
You shape the corporation by recording incorporation files with a state and paying the fees. The
corporate structure limits each proprietor's (also known as shareholders) individual risk for the
business debts to the sum invested in the business by the shareholder.

Woolworths Limited
Woolworths Limited Business Model
[pic]
7241MGT Business Process Models Major Assignment Semester I, 2005
Abstract
The firm selected for this project is Woolworths Limited which is an Australian leading retail
company made up of a number of businesses all providing the customers with quality, range, value
and everyday low prices. Woolworths is built on a passion for retail, attention to detail, working
hard, ensuring the safety of their valuable customers and people, and having fun. Woolworth's
mission is to deliver to customers a better shopping experience – each and every time.
The project ... Show more content on Helpwriting.net ...
Woolworths offers customers convenient shopping that aims to fulfil all of their expectations and
requirements under one roof. A major focus for Woolworths has been to tailor store product ranges
and concepts to meet the needs of the local residents.
1. Preliminary Business Analysis
1.1 What does Woolworths Limited do?
Woolworths Limited has held the leading position in the market for over past many decades.
Woolworths Limited is Retail Company made up of a number of businesses all providing the
customers with quality, range, value and everyday low prices. Woolworths is built on a passion for
retail, attention to detail, working hard, ensuring the safety of their valuable customers and people,
and having fun. Woolworth's mission is to deliver to customers a better shopping experience – each
and every time.
1.2 What market is Woolworths Limited in?
Woolworths major brands are: Woolworths, Safeway, Food for Less, Dick Smith Electronics and
PowerHouse, Tandy, Woolworths Liquor, BWS, First Estate, Dan Murphy's, Plus Petrol, BIG W,
Woolworths Ezy Banking, Woolworths HomeShop and GreenGrocer. Supermarkets are Woolworth's
largest division with stores in all states.[2]

3. What value does Woolworths Limited seek to create in order to participate in this market?
Customer care, Quality and Integrity are three basic policies on which Woolworths Limited is
making progress. It also

Ibjectages And Disadvantages Of Being A Limited Liability...
Advantages of partnerships:
More capital can be raised because more people (partners) are investing in the business. Roles and
responsibilities are divided between the partners, which makes it not one–man job. Risks and loses
are shared between the partners. There is no obligation to make the financial records publicly
available unless the partnership has LLP status (Limited Liability Partnership).
Disadvantages of partnerships:
Partners are jointly liable to all the businesses' losses and debts unless they have LLP status. The
decision–making process will be slow, because all partners have to consent. Partnerships need a
solicitor to take care of the legal agreements and issues, which is associated with legal costs.
3. Franchises:
It is ... Show more content on Helpwriting.net ...
A limited company continues to exist regardless of the identity of shareholders. It benefits from the
corporation tax law as the taxes are paid at lower rates.
Disadvantages of being a limited liability company:
A limited liability company has to publish annual financial statements. The financial statements
have to meet the accounting standards. The accounts of a large limited company have to be audited
to ensure they comply with the legal requirements.
Trusts
Trusts are unincorporated and have no legal entity. They are formed to hold assets on behalf of an
individual or an organization and control how to be used. (Gov.uk, 2016)
An example is a trust issued in behalf of a deceased individual for the children of the deceased.
NON–profit organizations:
These are organization mainly formed to provide services or goods to the general public or to its
members. However, they can make profit but it is not the primary goal.
Non–profit organizations can be one of the following:
a) Charities: exist to provide help to the needy
b) Public sector organizations: exist to serve the

Advantages And Disadvantages Of Private Limited Company
REGISTRATION OF PRIVATE LIMITED COMPANY
Private Limited Company is a successful business type. Minimum two persons can promote a
Private Limited Company. There can be minimum two and maximum two hundred members of a
Private Limited Company. Perpetual succession, separate judicial entity, greater stability etc are
some of the main features of a Private Limited Company. Larger businesses prefer dealing with a
Private Limited Company than with a Proprietorship or a Partnership Firm.
Advantages of Private Limited Company :
Separate Legal Entity : A Private Limited Company when incorporated is considered as artificial
judicial person. It is a separate judicial entity. A Company can purchase its assets and borrow own
funds as a separate judicial entity. The Share Holders of Company are liable for company's debts
only to the extent of shares held by them. ... Show more content on Helpwriting.net ...
There can be maximum fifteen directors in the Company.
What is minimum capital requirement to start Private Limited Company ?
The minimum paid up capital of a Private Limited company should be Rs. 1/– lakh. The members
are not required to produce any proof of investment in Compay.
Do we need to have office address for starting a Private Limited Company ?
There has to be an official address of the Private Limited Company where all communication is
received, it is called Registered Office of the Company. Any commercial or industrial premises or
residence of any person can be Registered Office of a Private Limited Company.
Is it necessary for me to visit MCA office to incorporate a Private Limited Company ?
No. You need not visit MCA office or our office to incorporate a company. You have to just send
scanned copies of required documents by e–mail. Certain documents which are required in physical
format may be send through courier. We also provide free pickup of documents in some areas.
What all documents are required for incorporation of Private Limited Company

Limited Liability Companies ( Llc )
Limited liability companies (LLC) in my opinion would be the best way to go to start up a business.
With the ability of choosing which regime of taxation the business will identify with, protection
from liability for the debts accrued by the business, no double taxation on business and member, and
having the business counted as a separate entity, LLCs enjoy many of the benefits that corporations
do, while being counted as a default partnership where new LLC laws do not cover an issue.
Opening a restaurant as an LLC is ideal because of the lesser amount of paperwork that has to be
done, and the ability to have numerous members, permitting LLCs to exercise more efficiency
which saves time advertisement startup capital per member. While LLCs ... Show more content on
Helpwriting.net ...
Firstly, sensibly, the name must be unique. No LLC may use an existing name to identify as, to
prevent tax and brand confusion. Secondly, the business must identify clearly as an LLC somewhere
in its brand name. Last, one cannot include a restricted or prohibited word in the name of the
company, such as anything that can identify as a federal or state institution or infers that
professionals are part of the company where there are no such beings. As long as the business
follows these three rules, the business name will be automatically filed with the state, easing the
creation of the business by limiting the amount of paperwork to non–duplication. The SBA goes on
to state that one must file articles of organization, which "is a simple document that legitimizes your
LLC and includes information like your business name, address, and the names of its members.
Following this, it is prudent to create a business hierarchy, so that everyone involved in the business
knows what they should be doing, and how much of the operation is their responsibility. One should
then file the appropriate documents with the correct federal, state, or local offices, in order to receive
a license to operate. Some states require that new business announce their presence in local
newspapers, but either way, one should hire appropriate staff for the type of business one is
beginning. The advantages of forming an LLC, as stated before, allow members to enjoy tax and
liability protection.

Roles of Limited Liability Corporations and...
Roles of Limited Liability Corporations and Partnerships Martin M. Komertz FIN 419 3/21/2011
John Wetherington Roles of Limited Liability Corporations and Partnerships In the following paper,
I will look to identify the roles and differences between Limited Liability Corporations and
Partnerships. Each has different advantages and disadvantages than the other. I will look to break
down each and then identify which method of ownership would be the preferred method from an
individual responsibility standpoint. Having stake or being invested into a company is important to
know what you rights are and what you as an owner are responsible, liable for, and or entitled to. It
is important to understand these things so the best ... Show more content on Helpwriting.net ...
Independent contractors win out best in sole proprietorships because they pay the basic needs, and
that's their investment, and they see the profits, while the company eats the loss. Bread vendors are a
good example of this. They make money on the bread they sell, but don't lose money on the staled
bread they return. This applies to independent contractors that serve as drivers for those companies.
These drivers supply their own trucks and insurance, they only do a delivery service and make out
the orders. The drivers are not responsible for the losses on bread not sold. They are given a
percentage on bread sold. They file their own personal taxes and are not liable for any company
assets or liabilities. In closing, decision making on which LLC to be associated with is based on size
and the amount of interest or investments in a company. Every company is different and their
classification will be based on the operations of the business and its overall needs some require
different financial investments, and the more of the financial requirement, the more of the obligation
for more partners and funding, but also shared liability through ownership. References Bright–Hub.
(10/30/2009). Pass–Through Taxation. Retrieved from
http://www.brighthub.com/office/entrepreneurs/articles/51015.aspx Gitman, L. J. (2009). Principles
of Managerial Finance (12th ed.). Boston, MA: Prentice

Partnership Between General Partnership And A Limited...
istinguish between general partnership and a limited partnership.
General Partnership: is a business formed by one or more partners, who equally share profits and
liabilities for the company. This type of partnership is created by agreement, estoppel, and proof of
existence. The partners or owners are all personally liable for any debts and legal actions that the
business may face. In a general partnership all partners have the ability to actively control or
manage the partnership. Ultimately, each partners has "agency authority "on the partnership, which
means that any partner can legally bind the partnership to a contract.
Limited Partnership: this type of partnership has both general and limited partners. This partnership
requires at least one general partner, who held unlimited personal liability for the debts and legal
actions of the business. The general partners are jointly and severally liability for the all partnership
debts, just like partners in a general partnership. Moreover, general partners are responsible for
control the daily management of business and have authority to legally bind the business to a
contract. This partnership need to filed information about the business and the partner at the
appropriate state agency. On the other hand, limited partners have limited liability, they are only
liability for the debts of the partnership just to the extent of their capital contribution. Furthermore,
limited partners do not play an active role in the

Analysis of The Limited, Inc. Essay example
Analysis of The Limited, Inc. History
The Limited, Inc. was founded by Leslie H. Wexner on August 10, 1963, beginning with one store
located in Columbus, Ohio. During its first year in operation, this store achieved sales of $157,000.
His strategy was to provide a "limited" assortment of quality, fashionable sportswear at medium
prices. The "limited" concept worked well and by the late 1970s, Wexner began a twofold strategy
of market development and product development. New stores were opened and acquired an appeal
to women of different ages, sizes, and budget limits.
The Limited, Inc. is comprised of a unique family of brands. Since the grand opening in 1963, the
Company has grown to over 5,633 stores and 13 retail ... Show more content on Helpwriting.net ...
Limited Stores:
This is the flagship division of the organization. Originally, merchandise in these stores was targeted
to women between the ages of 16 and 25, but that orientation changed to women in their thirties and
forties several years ago. Limited Stores recently shifted its orientation to women who want "casual
American fashion." These stores focus on the sale of medium–priced fashion clothing and
accessories. The company began opening larger–format Limited stores in 1990, and older stores
took on a new look to provide additional selling space. Most of the 629 Limited stores are located in
regional shopping centers or malls across the U.S.
Henri Bendel:
In 1985, the The Limited, Inc. purchased this upscale fashion store. The store offers the best in
clothing and accessories from international designers. The price of clothes correlates with "today's
modern woman in her mid–thirties in a higher–income household." This is the only upscale store
owned by The Limited, Inc.. There were six Henri Bendel stores as of year–end 1997.
Lerner NewYork:
This division sells fashionable women's sportswear for "value–minded customers." The store created
a brand called NY & Co. There were 746 Lerner stores in operation as of year–end 1997 in malls
and shopping centers across the U.S.
Lane Bryant:
Lane Bryant had been in operation for 80 years and was actually larger than The Limited, Inc. at the
time of

Benefits Of A Limited Liability Company
A Limited Liability Company (LLC) is often regarded as a hybrid business structure: it mergers the
protection of a corporation with the tax benefits and relative administrative simplicity of a
partnership. For these reasons, it is considered an ideal business form for most small to mid–sized
businesses with multiple owners.
When starting a business, partners may choose to create an LLC rather than a standard partnership,
thereby obtaining the substantial benefits provided by an LLC. In this structure, the partnership
agreement terms are essentially couched in the LLC Operating Agreement and govern the operation
of the entity. An LLC may be directly managed by all its members (member–managed LLC) or
selected members appointed by the members (manager–managed LLC). An LLC managed by its
members operates substantially like a partnership. The major benefits of using an LLC for a
partnership include:
Limited liability. An LLC shields its members from incurring liability for the business debts and
obligations of the other members. The limited liability protection afforded by an LLC is a significant
advantage over a general a partnership structure, which does not shield its partners from the
liabilities of fellow partners in the event of a partner's default or exit from the partnership
Tax treatment. The IRS default rule stipulates that an LLC report taxes in the same manner as a
partnership. Alternatively, the IRS allows LLCs to report income as a corporation, but this election

Advantages And Disadvantages Of Limited Company
As we know, a company can be category into limited company or the unlimited company. But
before that, the classification is depending on the liability of the member which is either limited
liability or unlimited liability.
Limited liability is member of a company limited by shares is usually not required to contribute
amounts from their personal wealth, beyond the subscription price of their shares, to meet the debts
of the company (Aiman et al. 2008). It also means that liability is limited to the quantity that the
shareholder invested in the company and all the debt are incurred into the company. Company is say
as separate legal entity which is the company is separate with the shareholders and directors.
The liability of shareholders will be limited in a company that is in the contrast to sole
proprietorship and partnership, where their liability is unlimited. The liability of members is only
limited to the amount that is agree to winding up, thus, they generally have no further liability to
contribute when it is winding up ... Show more content on Helpwriting.net ...
However, according to Shanthy, Janine and Anil (2010), section 214(1)(d) of the Companies Act
1965 provides that the extent of the contribution that must be made by a present or past member of a
company limited by shares towards the company's liability is limited to the amount, if any, unpaid
on the shares held by that members. According to Shanthy, Janine and Anil (2010), the contribution
that must be made by present or past member of a limited company by guarantee towards the
company's liability is limited to the amount that the member has guaranteed to pay. The limited
liabilities is enjoy by the shareholder not the company and the company is responsible for the fully

Brief History Of ITC Limited
ITC Limited or ITC is an Indian aggregate headquartered in Kolkata, West Bengal. Its differentiated
business incorporates five fragments: Fast Moving Consumer Goods (FMCG), Hotels, Paperboards
and Packaging, Agri Business and Information Technology.
Set up in 1910 as the Imperial Tobacco Company of India Limited, the organization was renamed as
the Indian Tobacco Company Limited in 1970 and further to I.T.C. Constrained in 1974. The periods
in the name were uprooted in September 2001 for the organization to be renamed as ITC Ltd.The
organization finished 100 years in 2010 and starting 2012–13, had a yearly turnover of US$8.31
billion and a business sector capitalisation of US$45 billion. It utilizes more than 25,000 individuals
at more than 60 areas crosswise over India and is a piece of Forbes 2000 rundown.
History & Evolution ... Show more content on Helpwriting.net ...
As the Company's proprietorship effectively Indianised, the name of the Company was changed
from Imperial Tobacco Company of India Limited to India Tobacco Company Limited in 1970 and
after that to I.T.C. Obliged in 1974. In insistence of the Company's multi–business portfolio joining
an expansive arrangement of affiliations – Fast Moving Consumer Goods including Foods, Personal
Care, Cigarettes and Cigars, Branded Apparel, Education and Stationery Products, Incense Sticks
and Safety Matches, Hotels, Paperboards and Specialty Papers, Packaging, Agri–Business and
Information Technology – the full stops in the Company's name were evacuated persuading
September 18, 2001. The Company now stands rechristened 'ITC Limited,'where "ITC" is today no
more an acronym or an initialised

Business Strategy Of ITC Limited
ITC Limited or ITC is an Indian conglomerate headquartered in Kolkata. Its diversified business
includes five segments: Fast–Moving Consumer Goods (FMCG), Hotels, Paperboards & Packaging,
Agri Business & Information Technology.
Established in 1910 as the Imperial Tobacco Company of India Limited, the company was renamed
as the Indian Tobacco Company Limited in 1970 and further to I.T.C. Limited in 1974.
This company is rated among the 'World's Best Big Companies' by Forbes magazine. ITC ranks
third on all major profit parameters among India's private sector corporations. ITC employs over
20,000 people at more than 60 locations across India. ITC is one of India's foremost private sector
companies with a market capitalization of over US $ 13 billion and a turnover of US $ 3.5 billion.
ITC has a ... Show more content on Helpwriting.net ...
However, growing public concern with regard to the consumption of tobacco has led the
government to ban all sorts of advertisements like the commercials, print media and pamphlets. This
may act as a setback for the company. For the hospitality business, the society is now turning more
towards an individual oriented culture which means that people spend only for themselves. The rise
in the per capita income and the working population in the country is also a good sign for the
company because the number of people willing to spend more on leisure increases with per capita
income.
Technological factors:
ITC came a long way on the technological front. With state of the art factories and cheap labor
supply from the second largest tobacco producing country in the world, India, the supply chain
management of the ITC follows the latest trend. ITC also has the great inventory control and
logistics support. They have also been adapting other quality concepts such as quality control, total
quality management and 6–sigma concepts.
Environmental

Disadvantages Of Patanjali Ayurveda Limited
BABA RAMDEV: NO SHARE IN AN EMPIRE OF BILLIONS From a turn over of Rs 450 crore
in 2011–12, Patanjali Ayurveda Limited has grown into Rs 2500 crore enterprise in 2014–15. Baba
Ramdev is only the brand ambassador of the company. Its affairs are managed by Acharya Bal
Krishan, as the Managing Director and Chairman. –Amit Kumar Vajpayee QUICK PILL: –Patanjali
Ayurveda's turn over has multiplied by more than five times during the last five years. –Baba
Ramdev claims he has no share in the company. He is only its brand ambassador. –The products of
Patanjali Ayurveda Limited are widely available across the small towns and villages of the country.
–At this pace of growth, Patanjali Ayurveda Limited will soon be world's biggest company dealing
... Show more content on Helpwriting.net ...
Acharya Bal Krishan is the Chairman and Managing Director of the company. He has a 92 per cent
partnership in the company. Rest of the shares are owned by Sarwan and Sunita Poddar, a Scotland
based NRI couple. 100 ACRE 100 acre of land was used by PAL to build a food park in Haridwar. It
was completed in the year 2009 with an investment of around Rs 500 crore. The company claims it
is the biggest food park of the world. Rs 2,500 CRORE Rs 2,500 crore is the projected turn over of
Patanajali Ayurveda Limited in the financial year 2014–15. It is more than the annual income of
Imami group (Rs 2,030 crore) and Jyoti Laboratories (Rs 1,440 crore). The company will soon
surpass Marico Company, that has an annual turn over of Rs 4,000 crore. 2 LAKH 2 Lakh is the
number of people employed, directly or indirectly, by PAL. Company's food park is providing direct
employment to around 6,500 persons. 4 THOUSAND 4 thousand is the number of exclusive outlets
being run by Patanjali Ayurveda Limited across the country. There are around thousand more private
and franchise outlets selling company's products. PAL started with only 150 outlets. The number has
multiplied by 27 times in last four

Limited Liability Company
The parties of an LLC have particular rights like voting decisions which impact the Limited
Liability Company. The members of an LLC openly manage the firm and are likely to receive
revenue allocations, tax remunerations as well as losses which are different from their membership
interest. Members also have duties of trust which are sometimes called fiduciary duties. Several
Limited Liability Companies are managed by its owners, and some are operated by managers.
Members have a duty of loyalty to the entity (Fitzpatrick, 2018). Under the duty of loyalty, members
have the responsibility of putting the achievement and benefits of the company above their
advantages. Members ought to act honestly when dealing with the company and avoid any
conflicting interests between the company goals and personal goals. A member is supposed not to
take secret advantage of the business opportunities or hoard secret profits from the commercial
activities of the company (Fitzpatrick, 2018). Members also have a duty of care, and they are
required to act in a decent manner as well as exercise reasonable care in performing their duties. For
instance, if your Limited Liability Company wants to purchase a piece of land, one is obliged to act
responsibly and ... Show more content on Helpwriting.net ...
Creditors together with litigators ought to go after the business property other than the owners'
property. According to Stones, "There are circumstances however that an owner of an LCC can be
held liable one of them is an ordinary liability (Stone, n.d.)." As far as ordinary liability is
concerned, only Limited Liability Company property is used to pay off the company debts, and the
owner will only lose money that they invested. Owners of the LCC can also be liable for lawsuits
against the company if the owner has individually injured somebody and caused financial loss
during business operations (Miller & Hollowell,

Limited Liability Companies ( Llcs ) Essay
Limited Liability Companies (LLCs) Rationale. The advent of the limited liability company in the
1990's came about primarily to promote small business start–ups by providing substantial asset
protection, simpler rules, and favorable state and local tax treatments (Millon, 2007; Riles &
Whitlock, 2003: Vandervoort, 2004). LLCs are also typically easier and less expensive to form and
manage than a corporation and quickly became the entity of choice (Hopson & Hopson, 2014).
Similarities to corporations. Like corporations, LLCs are separate legal entities, and as with the
shareholders of corporations, the members of LLCs are provided significant asset protection from
creditors and other stakeholders (Riles & Whitlock, 2003) by limiting the liability to the amount of
the capital contribution (Albert, 2015). This shifts the risk of failure and insolvency from the
members to the creditors (Millon, 2007).
Differences from corporations. Many of the differences between LLCs and corporations have been
the crux in the area of litigation, the first being the lack of corporate formalities. Unlike a
corporation, an LLC can be managed by its members or appointed managers and does not require
periodic meetings. Although every state now has LLC legislation (Albert, 2015) which impose
default fiduciary duties, these duties can be modified or eliminated altogether by the members of the
LLC (Raju & Remming, 2012). As opposed to corporations following FASB ASC 105 – Generally

Limited Liability Companies
After reading the case of Alex, Bill, Carl, and Devon's business, me being their accountant, a type of
business I would suggest them will be a Liability Limited corporation. Based on their needs LLC
would be a perfect form of business for them. As their company was sole proprietorship ran by their
dad, LLC offers some advantages of a corporation, as well as some advantages of a sole
proprietorship. "A limited liability company, commonly called an "LLC," is a business structure that
combines the pass–through taxation of a partnership or sole proprietorship with the limited liability
of a corporation." (Nolo, 2014, n.a.) The characteristics of LLCs and a partnership company are
somewhat similar as they both provide flexibility to the management and also the benefit of pass–
through taxation. The Owners of an LLC are called members. As most states do not have any limit
on ownership, members can be individuals, companies, other LLCs and foreign individuals. There is
no limit on the number of members in LLC. Some LLC also have only one owner, which is called a
single member, and it is allowed in most of the states. Most states do not restrict ownership, and so
members may include individuals, corporations, other LLCs and foreign entities" (irs.gov, 2014)
There are some important factors that Alex, Bill, Carl, Devon and Xavier should know before they
move forward to convert their business into Limited Liability Company.
Ease and cost of formation In order to establish LLC, an

Limited Partnership : A Partnership
Limited Partnership
A limited partnership is similar to a general partnership. It does have several key differences. While
a general partnership has to have at least 2 general partners a limited partnership has to have at least
1 general partner and 1 limited partner. A limited partner does not run the business. A limited partner
is similar to an investor or shareholder. A limited partnership also should have a partnership
agreement between the general and limited partners.It can be an oral or a written agreement. This
partnership agreement can contain for example; how the business will be conducted,distribution of
labor or how profits are divided.The partnership has to be registered with the Secretary of State
where the business is ... Show more content on Helpwriting.net ...
The partners show their parts of the income or losses and business deductions of the partnership on
their respective personal income tax returns, and each pays taxes on that portion,that is call flow
through. General partners also file a tax reporting information return with the IRS. Limited partners
tax liability will never be more than their initial investment.
Longevity: Since limited partners are investors in the partnership agreement between them and the
general partners there is usually a buy out provision contained in the agreement but not always.
Even if a limited partner decides to leave the business the business still continues. The general
partners longevity is as long as they have a desire to continue to participate in the business. The
written agreement should of course also contain instructions on what is to be done if a general
partner dies,is incapacitated or just simply wants to be bought out of the business.
Control: Limited partners do not participate in any day to day operations of the business.If the
limited partners wish to participate in the day to day operations of the business this can jeopardize
their limited partnership. Since the limited partners are not running the business,they should have
detailed knowledge on the general partners expertise and reputations in running a particular business
prior to making any investments in the business. General partners are the core management structure

Sole Proprietorship And Limited Liability Company
Sole Proprietorship and Limited Liability Company For the past two years, Acme has been working
out of the owner's garage as a sole proprietorship. Which means there is one entity and there is no
separation of the company and the owner. The sole proprietorship and the owner are one and the
same meaning the business is not taxed but rather it is the owner's income. The sole proprietorship is
the least expensive to form. This type of entity has disadvantages of the owner being liable for all
the debts of the company. Another disadvantage is the owner has to sign all contracts in their name
which makes them personally liable for any legal action that could incur. Since Acme is a sole
proprietorship, if someone is hurt on a business related ... Show more content on Helpwriting.net ...
This structure has a pass–through tax entity meaning the business profits and losses taxes pass
through to the business owner's personal income taxes (Mancuso, 2015). However, it will decrease
the owner's liability. With a firework display show, there are some risks of liability. With the Sole
Proprietorship, the owner could have to go out of business if an issue occurred and he was sued for
liability. Employment Types and Agency Law Acme fireworks owner is looking at the extra
workload that is transpiring through the new contracts with the large retailers. The owner thinks that
new employment would be needed to produce that many shows. The owner really needs to have
gratuitous agents to help with the firework displays. These agents would not seek compensation and
that would really help with his predicament of hiring new employees. However, the work is
hazardous and demanding, it would be better to obtain skilled employees that are loyal and reliable.
The manager of the fireworks has the apparent authority to hire employees for the new workload.
The owner is the principal and he did not specifically tell the manager (agent) to hire new
employees. However, the managers hired the new employees because he assumed that was his role
as a manager. The manager has to take into consideration of the laws involved in hiring new

Case Study on Komatsu Limited
I. Background of the Study
Komatsu had its origin 1894 when the Takeuchi Mining Company was founded. A major expansion
occurred in 1917 when the Komatsu Iron Works was established to manufacture mining equipment
and machine tools. The name Komatsu came into existence in 1921 when iron works separated from
the mining company to become KOMATSU ltd. Despite a name that means "little pine tree",
Komatsu produces line up of big equipment. The company is the world's second largest
manufacturer of construction and mining equipment, after Caterpillar Inc.
Komatsu is a diversified company engaged in manufacturing and selling of construction equipment,
industrial machinery and vehicles. In addition, the company has interest in other business ... Show
more content on Helpwriting.net ...
Its wide selection of products includes excavators, wheel loaders, diesel engines, boring machines
and compact construction equipment. The company has operations in more than 100 countries, some
60 subsidiaries, and a sales network consisting of 4,000 dealers. Its Ansan Parts Center acts as a hub
for global parts distribution. Doosan Heavy Industries & Construction, a Doosan Corp.
subsidiary, holds a 39% stake in the company.
2. Employee
Komatsu had history of good labor relation. Statistics shown that from 1976 to 1981 labor
productivity rose compared to Caterpillar. This high productivity labor force was absolutely one of
the assets of Komatsu.
3. Managerial Philosophy/Leadership Style * As early as 1921, Mr. Takeuchi, founder of Komatsu
stated his two management perspectives; "overseas orientation" and "user orientation". * In 1963,
when Mitsubishi–Cat joint venture entered Japan, Yashinari Kawai planned to make his company a
competitor of world's standard. He set the goals; acquisition of the necessary advanced technology
from abroad and the improvement of product quality within the company. He and his son Ryoichi
Kawai conducted negotiations with USSR and China and developed relations with high officials. *
In mid–1980's, where Caterpillar was on its unprofitable year, Chairman Ryoichi Kawai stated that
Komatsu's success today doesn't mean success for tomorrow. He believes that a company must
always be innovative.

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