The document discusses three forms of business ownership: sole traders, partnerships, and companies. As a sole trader, one person owns and operates the business and has unlimited liability. Partnerships involve two or more people carrying on a business together, with joint and several liability. Companies have separate legal identity, perpetual succession, and shareholders have limited liability. The advantages and disadvantages of each form are also compared.
A sole proprietorship has advantages like ease of starting the business with little legal work or capital required. The owner also has full control and keeps all profits. However, the owner has unlimited liability for debts and is fully responsible for all aspects of running the business alone. This limits growth potential and longevity depends on the owner. Partnerships can specialize work and share decision-making and losses. However, partners have unlimited liability for each other's actions and conflicts can arise. Corporations are formed through articles of incorporation and a charter. They can own property, be sued, and sell stock to raise funds. Vertical combinations involve different production phases of the same good, while horizontal and conglomerate combinations involve only one production phase.
1. The document discusses the characteristics of partnerships, including that partnerships are associations of two or more individuals who jointly own and operate a business for profit.
2. Key characteristics of partnerships include mutual agency where each partner's actions bind the others, limited life as partnerships can end when a partner withdraws or is unable to participate, and unlimited liability where each partner is responsible for all debts of the partnership.
3. The document also briefly discusses other business structures with some partnership characteristics like limited partnerships, limited liability partnerships, and S corporations.
This document discusses different types of business organizations including sole proprietorship, partnership, and limited liability partnership (LLP). It describes the key features of sole proprietorship where one individual owns and manages the business and bears all risks and profits. Partnerships involve two or more individuals jointly owning and managing the business where profits and risks are shared. LLPs provide limited liability to partners similar to a corporation but partners can directly manage the business. The document outlines the merits, limitations, types of partners, and registration process for partnerships.
BUSINESS UNITS
Definition
Is an organization or firm that deals in the production or distribution of commodities usually for the purpose of making profit. It may be set up by an individual or group of individuals and its size depends on the amount of capital invested.
FORMS OF BUSINESS UNIT
(i) Public sector
(ii) Private sector
PUBLIC SECTOR
The public sectors comprise of business organization owned by the government. The sector consist of the following;
Public cooperation
Public companies
Local government authorities
Parastatals
PRIVATE SECTOR
The private sectors comprise of business organization owned by private individuals. The sector consist of the
The document discusses the major forms of business ownership including sole proprietorships, partnerships, corporations, S-corporations, and limited liability companies. For each form of ownership, it covers characteristics like liability, tax implications, control structure, and costs. Choosing the best structure depends on an entrepreneur's goals, capital needs, and tolerance for risk. The key is understanding how each form matches their specific business and personal circumstances.
A partnership is formed when two or more people agree to contribute money, property, or skills to a common business venture and share the profits. Key differences from a corporation include partnerships having no set lifetime, partners having unlimited personal liability for business debts, and easier formation with fewer legal requirements. Partnerships offer advantages like not paying taxes as a separate entity and fewer regulations compared to corporations. However, partnerships also have disadvantages like potential responsibility for another partner's decisions and difficulty replacing an essential partner.
This document provides an overview of key legal aspects of starting and running a small business. It discusses the main types of legal entities (sole proprietorship, partnership, corporation, LLC), licensing and permitting requirements at the state and federal level, important tax obligations, sources of financing, basic employment law principles, and how to develop contracts. The document emphasizes that business owners should consult with an accountant to ensure compliance with tax and financial regulations.
Partnership is a form of business ownership that arises when two or more persons come together and pool their capital, skills, and labor to operate a business for mutual profit. The key reasons for forming a partnership include overcoming limitations of sole proprietorship such as limited resources and skills by combining the strengths of multiple individuals. A partnership is governed by the Indian Partnership Act of 1932 and allows for unlimited liability as well as shared profits, losses, risks, and mutual agency between partners in operating the business together.
A sole proprietorship has advantages like ease of starting the business with little legal work or capital required. The owner also has full control and keeps all profits. However, the owner has unlimited liability for debts and is fully responsible for all aspects of running the business alone. This limits growth potential and longevity depends on the owner. Partnerships can specialize work and share decision-making and losses. However, partners have unlimited liability for each other's actions and conflicts can arise. Corporations are formed through articles of incorporation and a charter. They can own property, be sued, and sell stock to raise funds. Vertical combinations involve different production phases of the same good, while horizontal and conglomerate combinations involve only one production phase.
1. The document discusses the characteristics of partnerships, including that partnerships are associations of two or more individuals who jointly own and operate a business for profit.
2. Key characteristics of partnerships include mutual agency where each partner's actions bind the others, limited life as partnerships can end when a partner withdraws or is unable to participate, and unlimited liability where each partner is responsible for all debts of the partnership.
3. The document also briefly discusses other business structures with some partnership characteristics like limited partnerships, limited liability partnerships, and S corporations.
This document discusses different types of business organizations including sole proprietorship, partnership, and limited liability partnership (LLP). It describes the key features of sole proprietorship where one individual owns and manages the business and bears all risks and profits. Partnerships involve two or more individuals jointly owning and managing the business where profits and risks are shared. LLPs provide limited liability to partners similar to a corporation but partners can directly manage the business. The document outlines the merits, limitations, types of partners, and registration process for partnerships.
BUSINESS UNITS
Definition
Is an organization or firm that deals in the production or distribution of commodities usually for the purpose of making profit. It may be set up by an individual or group of individuals and its size depends on the amount of capital invested.
FORMS OF BUSINESS UNIT
(i) Public sector
(ii) Private sector
PUBLIC SECTOR
The public sectors comprise of business organization owned by the government. The sector consist of the following;
Public cooperation
Public companies
Local government authorities
Parastatals
PRIVATE SECTOR
The private sectors comprise of business organization owned by private individuals. The sector consist of the
The document discusses the major forms of business ownership including sole proprietorships, partnerships, corporations, S-corporations, and limited liability companies. For each form of ownership, it covers characteristics like liability, tax implications, control structure, and costs. Choosing the best structure depends on an entrepreneur's goals, capital needs, and tolerance for risk. The key is understanding how each form matches their specific business and personal circumstances.
A partnership is formed when two or more people agree to contribute money, property, or skills to a common business venture and share the profits. Key differences from a corporation include partnerships having no set lifetime, partners having unlimited personal liability for business debts, and easier formation with fewer legal requirements. Partnerships offer advantages like not paying taxes as a separate entity and fewer regulations compared to corporations. However, partnerships also have disadvantages like potential responsibility for another partner's decisions and difficulty replacing an essential partner.
This document provides an overview of key legal aspects of starting and running a small business. It discusses the main types of legal entities (sole proprietorship, partnership, corporation, LLC), licensing and permitting requirements at the state and federal level, important tax obligations, sources of financing, basic employment law principles, and how to develop contracts. The document emphasizes that business owners should consult with an accountant to ensure compliance with tax and financial regulations.
Partnership is a form of business ownership that arises when two or more persons come together and pool their capital, skills, and labor to operate a business for mutual profit. The key reasons for forming a partnership include overcoming limitations of sole proprietorship such as limited resources and skills by combining the strengths of multiple individuals. A partnership is governed by the Indian Partnership Act of 1932 and allows for unlimited liability as well as shared profits, losses, risks, and mutual agency between partners in operating the business together.
Introduction to Company Law - Dinesh LahoriDinesh Lahori
This document provides an overview of the key elements and topics covered in the Core Course - V on Elements of Company Law. The course code is SY B.COM - 235 and is worth 3 credits. The document outlines the following topics that will be covered: background and features of the Companies Act 2013; definitions and characteristics of a company; types of companies based on mode of formation, number of members, liability, control, and other classifications; and an introduction to Chapter 1 of the Company Act regarding companies. Examples and definitions of key terms are provided throughout the document.
Advantages and Disadvantages of Incorporating as a Not-for-profitPrendy
This document discusses the advantages and disadvantages of incorporating as a not-for-profit organization. It provides an overview of key topics related to not-for-profit status under tax law, maintaining tax-exempt status, and the differences between charities and not-for-profit organizations. The document also examines the benefits of incorporation such as limited liability, as well as potential disadvantages like increased compliance requirements and liability risks for directors and officers. It outlines the process for incorporating as a not-for-profit in Canada.
This document discusses different types, sizes, and scopes of organizations. It describes common organization types including sole proprietorships, general partnerships, limited partnerships, limited liability partnerships, limited liability companies, corporations, not-for-profits, NGOs, and public limited companies. It also discusses micro, small, medium, and large organization sizes based on employee count and local, national, international, and global organization scopes. Finally, it provides guidance on choosing the best organization type based on goals like tax structure, liability protection, growth potential, and capital investment needs.
This document discusses the key factors to consider when choosing a business entity, including liability, taxes, and management structure. The three most common types - partnerships, limited liability companies (LLCs), and corporations - each have distinct characteristics. Partnerships provide simplicity but no liability protection. LLCs offer liability protection while maintaining tax advantages of partnerships. Corporations provide complete liability protection but are more complex with additional taxes and formalities. The optimal choice depends on balancing these various advantages and disadvantages.
1. A corporation offers limited liability, meaning shareholders are only liable up to their individual investments.
2. A C-corporation has advantages like a professional appearance and ability to raise capital through stock, but is expensive to set up and subjects income to double taxation.
3. A Subchapter S corporation avoids double taxation by being taxed like a partnership at the shareholder's personal tax rate. It can have up to 75 shareholders who must be U.S. citizens.
Partnership is an arrangement where parties agree to cooperate to advance their mutual interests. There are several types of partnerships including general partnerships, limited partnerships, and limited liability partnerships. General partnerships have partners who are jointly liable for debts and jointly manage the business. Limited partnerships have both general partners who are liable and limited partners who are only liable up to their investment. Limited liability partnerships provide limited liability for some or all partners. Partnerships can be dissolved by agreement, notice, compulsory events like insolvency, or contingencies like the death of a partner.
1. The document defines different types of private sector business structures including sole traders, partnerships, limited companies, cooperatives, franchises, joint ventures, holding companies, and public sector enterprises.
2. It provides details on the legal structure and ownership of each type of business as well as some of their key advantages and disadvantages.
3. Examples are given for each business type, such as a sole trader being Healthscope Direct, a partnership being UNICEF, and a joint venture being Mitsubishi Nissan.
This document discusses different legal structures for social enterprises, including remaining unincorporated, incorporating as an industrial and provident society, a company limited by guarantee, or a community interest company. It also discusses partnerships, employee-owned businesses, and charities as potential legal structures. The key considerations in choosing a structure include the social enterprise's aims, who will benefit from its activities, who will own and control it, and whether it will employ people or enter into long-term contracts.
Types of Partners, Partnership Merits and Demerits, Partner by Holding out, Parter by estoppel, Registration of Partnership, The difference between a sole proprietorship and Partnership, features of Partnership act 1932, Mutual consent of Partners, Mutual agency
Mba1034 cg law ethics week 11 business ownership 2013Stephen Ong
The document discusses different forms of business ownership including sole proprietorships, partnerships, corporations, S-corporations, and limited liability companies (LLCs). It provides details on the key characteristics of each type of ownership such as liability, taxation, formation requirements, and ownership structure. The types of ownership vary in terms of liability, ease of formation, governance, and flexibility. Choosing the right structure depends on factors like tax considerations, liability exposure, capital needs, and control.
The document discusses different forms of business ownership and organization - sole proprietorship, partnership, corporation, and cooperative. It outlines the key advantages and disadvantages of each form. Some advantages of sole proprietorship include low start-up costs and total decision-making authority for the owner, while disadvantages are unlimited liability and lack of continuity. Partnerships allow for more capital and skills but have potential for conflicts. Corporations benefit from limited liability but have higher formation costs. Cooperatives provide benefits to members but have equal profit distribution. The document also covers legal considerations and registration processes for different ownership types.
There are three main forms of business ownership: sole proprietorships, partnerships, and corporations. Sole proprietorships are owned by one person and have unlimited liability but are easy to start. Partnerships are owned by multiple people who share risks and rewards but also have unlimited liability. Corporations are owned by shareholders, have limited liability, but are more complex to start and regulate. Other forms include franchises, cooperatives, and nonprofits. Businesses can also be classified by their activities such as producers, processors, manufacturers, distributors, and service providers.
There are three main forms of business organization: sole proprietorship, partnership, and corporation. A partnership involves two or more owners sharing profits and losses equally unless otherwise agreed. It has unlimited liability. A corporation is owned by shareholders and has limited liability. The key advantages of a corporation include limited liability for owners, ability to raise capital by issuing stock, and continuity of the business when owners change. However, corporations also face greater taxation and regulatory requirements than other structures.
A partnership is formed through a legal agreement between two or more persons to carry on a lawful business together with a view to earn profits. Key characteristics of a partnership include unlimited liability of partners, shared risks and profits, mutual agency where each partner acts as an agent for the other partners, and lack of continuity if a partner dies or leaves. Partnerships offer benefits like ease of formation and closure, balanced decision making, and sharing of risks. However, partnerships also have drawbacks such as unlimited liability, limited funding, potential for conflicts between partners, and lack of continuity if a partner leaves.
Types of Partners, Partner by Holding out, Mutual Agency, Contract of Agency, 3 Musketeers by Dumas, One for all, all for one, Merits of the Partnership in comparing with Sole Proprietory
The document discusses the law of partnership in Pakistan. It defines a partnership as a voluntary association of two or more people who contribute money, property, or skills to carry on a lawful business and share profits and losses. The key characteristics of a partnership include no separate legal entity, agreement between partners, a minimum of two partners, engagement in business, profit sharing, unlimited liability, capital contributions, duties of good faith, management involvement, transferability of interests, and duration. The document also discusses types of partnerships like partnership-at-will and particular partnerships.
The document discusses different types of business organizations including sole proprietorships, partnerships, corporations, franchises, cooperatives, nonprofits, and professional organizations. It outlines the key advantages and disadvantages of each type. For example, sole proprietorships have unlimited liability for owners but are easy to start up, while corporations have limited liability for owners but are more complex and expensive to form. The document also covers topics like labor trends, unions, and factors that impact wages.
There are three main types of corporations: chartered companies (no longer formed), statutory companies (incorporated by special act of parliament like Kengen), and registered companies (formed by registration under the Companies Act). Registered companies can be public companies (no limit on members) or private companies (limit of 50 members). They can also be limited by shares or guarantees, or unlimited. Shareholders have rights like voting, dividends, purchasing new shares, and remaining assets after liquidation. Capital stock represents the equity a company is authorized to issue. Par value is the nominal value stated, market value is the current trading price, and book value is the net worth if liquidated. Preferred stock holders are paid dividends before common
This document defines partnership and describes the different types of partners in a partnership like active, sleeping, secret, nominal, and partner by estoppel or holding out. It also discusses the two ways partnerships can be classified based on duration (at will or particular) and liability (general or limited). The roles and liabilities of each type of partner are explained. The document also covers partnership deeds, the elements included in them, and some rights and liabilities of minors who are admitted to the benefits of a partnership.
There are four basic types of business ownership: sole proprietorship, corporation, partnerships, and limited liability companies. A sole proprietorship belongs to one person who is responsible for all capital, profits, and debts. Partnerships involve 2-20 members who agree to combine resources towards a common goal and share profits. Close corporations have 10 or fewer members who share a common goal and each contributes money, assets, or services. Private companies can be owned by 1-50 shareholders and have "Pty Ltd" in their name.
This document provides an introduction to partnerships as a form of business organization. It defines a partnership as an agreement between two or more people to carry on business together and share profits and losses. Key points include:
- Partnerships allow for more capital than sole proprietorships but have fewer restrictions than corporations. There can be no more than 20 partners for ordinary businesses and 10 for banks.
- Partners each contribute capital and have unlimited liability for the firm's debts. They can participate in management and share profits according to their agreement.
- Advantages include easier formation than corporations, flexibility, tax benefits, and ability to utilize partners' varied skills. Disadvantages include unlimited liability, limited life and capital, and
Introduction to Company Law - Dinesh LahoriDinesh Lahori
This document provides an overview of the key elements and topics covered in the Core Course - V on Elements of Company Law. The course code is SY B.COM - 235 and is worth 3 credits. The document outlines the following topics that will be covered: background and features of the Companies Act 2013; definitions and characteristics of a company; types of companies based on mode of formation, number of members, liability, control, and other classifications; and an introduction to Chapter 1 of the Company Act regarding companies. Examples and definitions of key terms are provided throughout the document.
Advantages and Disadvantages of Incorporating as a Not-for-profitPrendy
This document discusses the advantages and disadvantages of incorporating as a not-for-profit organization. It provides an overview of key topics related to not-for-profit status under tax law, maintaining tax-exempt status, and the differences between charities and not-for-profit organizations. The document also examines the benefits of incorporation such as limited liability, as well as potential disadvantages like increased compliance requirements and liability risks for directors and officers. It outlines the process for incorporating as a not-for-profit in Canada.
This document discusses different types, sizes, and scopes of organizations. It describes common organization types including sole proprietorships, general partnerships, limited partnerships, limited liability partnerships, limited liability companies, corporations, not-for-profits, NGOs, and public limited companies. It also discusses micro, small, medium, and large organization sizes based on employee count and local, national, international, and global organization scopes. Finally, it provides guidance on choosing the best organization type based on goals like tax structure, liability protection, growth potential, and capital investment needs.
This document discusses the key factors to consider when choosing a business entity, including liability, taxes, and management structure. The three most common types - partnerships, limited liability companies (LLCs), and corporations - each have distinct characteristics. Partnerships provide simplicity but no liability protection. LLCs offer liability protection while maintaining tax advantages of partnerships. Corporations provide complete liability protection but are more complex with additional taxes and formalities. The optimal choice depends on balancing these various advantages and disadvantages.
1. A corporation offers limited liability, meaning shareholders are only liable up to their individual investments.
2. A C-corporation has advantages like a professional appearance and ability to raise capital through stock, but is expensive to set up and subjects income to double taxation.
3. A Subchapter S corporation avoids double taxation by being taxed like a partnership at the shareholder's personal tax rate. It can have up to 75 shareholders who must be U.S. citizens.
Partnership is an arrangement where parties agree to cooperate to advance their mutual interests. There are several types of partnerships including general partnerships, limited partnerships, and limited liability partnerships. General partnerships have partners who are jointly liable for debts and jointly manage the business. Limited partnerships have both general partners who are liable and limited partners who are only liable up to their investment. Limited liability partnerships provide limited liability for some or all partners. Partnerships can be dissolved by agreement, notice, compulsory events like insolvency, or contingencies like the death of a partner.
1. The document defines different types of private sector business structures including sole traders, partnerships, limited companies, cooperatives, franchises, joint ventures, holding companies, and public sector enterprises.
2. It provides details on the legal structure and ownership of each type of business as well as some of their key advantages and disadvantages.
3. Examples are given for each business type, such as a sole trader being Healthscope Direct, a partnership being UNICEF, and a joint venture being Mitsubishi Nissan.
This document discusses different legal structures for social enterprises, including remaining unincorporated, incorporating as an industrial and provident society, a company limited by guarantee, or a community interest company. It also discusses partnerships, employee-owned businesses, and charities as potential legal structures. The key considerations in choosing a structure include the social enterprise's aims, who will benefit from its activities, who will own and control it, and whether it will employ people or enter into long-term contracts.
Types of Partners, Partnership Merits and Demerits, Partner by Holding out, Parter by estoppel, Registration of Partnership, The difference between a sole proprietorship and Partnership, features of Partnership act 1932, Mutual consent of Partners, Mutual agency
Mba1034 cg law ethics week 11 business ownership 2013Stephen Ong
The document discusses different forms of business ownership including sole proprietorships, partnerships, corporations, S-corporations, and limited liability companies (LLCs). It provides details on the key characteristics of each type of ownership such as liability, taxation, formation requirements, and ownership structure. The types of ownership vary in terms of liability, ease of formation, governance, and flexibility. Choosing the right structure depends on factors like tax considerations, liability exposure, capital needs, and control.
The document discusses different forms of business ownership and organization - sole proprietorship, partnership, corporation, and cooperative. It outlines the key advantages and disadvantages of each form. Some advantages of sole proprietorship include low start-up costs and total decision-making authority for the owner, while disadvantages are unlimited liability and lack of continuity. Partnerships allow for more capital and skills but have potential for conflicts. Corporations benefit from limited liability but have higher formation costs. Cooperatives provide benefits to members but have equal profit distribution. The document also covers legal considerations and registration processes for different ownership types.
There are three main forms of business ownership: sole proprietorships, partnerships, and corporations. Sole proprietorships are owned by one person and have unlimited liability but are easy to start. Partnerships are owned by multiple people who share risks and rewards but also have unlimited liability. Corporations are owned by shareholders, have limited liability, but are more complex to start and regulate. Other forms include franchises, cooperatives, and nonprofits. Businesses can also be classified by their activities such as producers, processors, manufacturers, distributors, and service providers.
There are three main forms of business organization: sole proprietorship, partnership, and corporation. A partnership involves two or more owners sharing profits and losses equally unless otherwise agreed. It has unlimited liability. A corporation is owned by shareholders and has limited liability. The key advantages of a corporation include limited liability for owners, ability to raise capital by issuing stock, and continuity of the business when owners change. However, corporations also face greater taxation and regulatory requirements than other structures.
A partnership is formed through a legal agreement between two or more persons to carry on a lawful business together with a view to earn profits. Key characteristics of a partnership include unlimited liability of partners, shared risks and profits, mutual agency where each partner acts as an agent for the other partners, and lack of continuity if a partner dies or leaves. Partnerships offer benefits like ease of formation and closure, balanced decision making, and sharing of risks. However, partnerships also have drawbacks such as unlimited liability, limited funding, potential for conflicts between partners, and lack of continuity if a partner leaves.
Types of Partners, Partner by Holding out, Mutual Agency, Contract of Agency, 3 Musketeers by Dumas, One for all, all for one, Merits of the Partnership in comparing with Sole Proprietory
The document discusses the law of partnership in Pakistan. It defines a partnership as a voluntary association of two or more people who contribute money, property, or skills to carry on a lawful business and share profits and losses. The key characteristics of a partnership include no separate legal entity, agreement between partners, a minimum of two partners, engagement in business, profit sharing, unlimited liability, capital contributions, duties of good faith, management involvement, transferability of interests, and duration. The document also discusses types of partnerships like partnership-at-will and particular partnerships.
The document discusses different types of business organizations including sole proprietorships, partnerships, corporations, franchises, cooperatives, nonprofits, and professional organizations. It outlines the key advantages and disadvantages of each type. For example, sole proprietorships have unlimited liability for owners but are easy to start up, while corporations have limited liability for owners but are more complex and expensive to form. The document also covers topics like labor trends, unions, and factors that impact wages.
There are three main types of corporations: chartered companies (no longer formed), statutory companies (incorporated by special act of parliament like Kengen), and registered companies (formed by registration under the Companies Act). Registered companies can be public companies (no limit on members) or private companies (limit of 50 members). They can also be limited by shares or guarantees, or unlimited. Shareholders have rights like voting, dividends, purchasing new shares, and remaining assets after liquidation. Capital stock represents the equity a company is authorized to issue. Par value is the nominal value stated, market value is the current trading price, and book value is the net worth if liquidated. Preferred stock holders are paid dividends before common
This document defines partnership and describes the different types of partners in a partnership like active, sleeping, secret, nominal, and partner by estoppel or holding out. It also discusses the two ways partnerships can be classified based on duration (at will or particular) and liability (general or limited). The roles and liabilities of each type of partner are explained. The document also covers partnership deeds, the elements included in them, and some rights and liabilities of minors who are admitted to the benefits of a partnership.
There are four basic types of business ownership: sole proprietorship, corporation, partnerships, and limited liability companies. A sole proprietorship belongs to one person who is responsible for all capital, profits, and debts. Partnerships involve 2-20 members who agree to combine resources towards a common goal and share profits. Close corporations have 10 or fewer members who share a common goal and each contributes money, assets, or services. Private companies can be owned by 1-50 shareholders and have "Pty Ltd" in their name.
This document provides an introduction to partnerships as a form of business organization. It defines a partnership as an agreement between two or more people to carry on business together and share profits and losses. Key points include:
- Partnerships allow for more capital than sole proprietorships but have fewer restrictions than corporations. There can be no more than 20 partners for ordinary businesses and 10 for banks.
- Partners each contribute capital and have unlimited liability for the firm's debts. They can participate in management and share profits according to their agreement.
- Advantages include easier formation than corporations, flexibility, tax benefits, and ability to utilize partners' varied skills. Disadvantages include unlimited liability, limited life and capital, and
CHAPTER ONE(B)- FORMS OF BUSINESS ORGANISATIONS.pptDaveN31
This document discusses different forms of business organizations including non-corporate organizations like sole proprietorships and partnerships, as well as corporate organizations like public and private limited companies. It focuses on key features and advantages/disadvantages of each type. Specifically, it provides details on sole proprietorships, partnerships, and limited liability for corporate organizations.
Summer 15 introduction to business lecture 2_part 2sakib ahmed
A partnership is a business owned by two or more people. There are generally two types of partnerships - general partnerships, where partners have unlimited liability, and limited partnerships, where limited partners are only liable up to their investment amount. A partnership agreement does not need to be in writing but it is good practice to have a written contract outlining terms like responsibilities, profit sharing, and dissolution. Partnerships allow for more capital and combined skills but also carry risks of conflict and unlimited liability for general partners.
Know About the Four Types of Partnership Firm And Its Partner in IndiaSetupfilings
A partnership is an agreement between two or more individuals to share profits from a business they co-own. Key characteristics of a partnership include a written or oral agreement between partners, at least two co-owners who share profits and losses, unlimited liability for each partner, and a business purpose or profit motive. There are generally partnerships types including general partnerships where all partners share equally in management and liability, limited partnerships where some partners have limited liability and control, and limited liability partnerships where all partners have limited liability. A partnership at will has no fixed expiration date specified in the agreement.
The document discusses different types of business entities, including sole proprietorships and partnerships.
[1] A sole proprietorship is a business owned and run by one individual, with no legal distinction between the owner and the business. The sole proprietor receives all profits and bears all losses and debts.
[2] Partnerships involve two or more individuals joining together to carry on a trade or business. Partners contribute capital, share profits and losses, and have some management role. Partners are jointly and individually liable for the actions of other partners.
[3] The document outlines characteristics, advantages, and disadvantages of sole proprietorships and partnerships. It also defines different types of partners like active, sleeping
Discussion of Basic Forms of Business Organization. (Owbership)
Organization → represents a group of people who work together for the achievement of common objective
There are several types of business structures that provide different levels of liability protection for owners. A sole proprietorship is owned by one individual who has unlimited liability for business debts. A general partnership has two or more owners who each have unlimited liability. A corporation provides shareholders with limited liability, protecting their personal assets but requiring more complex legal structures. Cooperatives are businesses owned by their members to provide mutual benefits rather than profit.
This document discusses different forms of business ownership, including sole proprietorships, partnerships, and corporations. It describes sole proprietorships as businesses owned and run by one person, who takes all profits but also bears all losses and responsibilities alone. Partnerships are owned by two or more individuals who share profits, losses, and management responsibilities according to a partnership agreement. There are general partnerships, limited partnerships, and limited liability partnerships. Corporations are independent legal entities owned by shareholders, who elect directors to manage the company and share profits through dividends but have limited liability for debts.
This document discusses different forms of business organization including sole proprietorship, partnership, and joint stock companies. It provides details on their key characteristics, features, advantages, and disadvantages. The forms of business organization covered are based on ownership, liability, public interest, and controlling interest. The document also describes the process of incorporating a joint stock company including obtaining certificates of incorporation and commencement of business.
Business involves producing or selling goods and services for profit. Without a business structure, the owner is personally responsible for all business debts. A sole proprietorship is owned by one person, while a partnership has multiple owners who all assume unlimited liability. A corporation provides limited liability for owners and a separate legal entity, but is more complex to establish. Common forms of business organization include sole proprietorships, partnerships, corporations, cooperatives, franchises, and limited liability companies (LLCs).
The document compares the advantages and disadvantages of three forms of business ownership: sole trader, partnership, and company.
Sole traders have fewer legal requirements but unlimited liability, while partnerships allow for more capital but partners have joint liability. Companies make it easiest to raise capital through shared ownership but establishing one requires more legal work.
This document provides definitions and characteristics of sole proprietorship, partnership, and company forms of business. A sole proprietorship is owned and controlled by one person who is personally liable for all debts. A partnership is owned by two or more people who share profits and liabilities. A company is a separate legal entity from its owners, with shareholders having limited liability but also separation of ownership and management.
Types of various business Organizations, includes Sole Proprietor, Partnership, Societies, Joint Stock Companies, Hindu Undivided Family Business in India
Several forms of Business Organisations and their functionality, advantages & disadvantages.
Namely Sole Proprietorship, Partnership, Corporations and LLC.
Unit 2 Part 2 (BBA 104: Business Organisation) according to the syllabus of Kanpur University, Kanpur.
This document discusses different forms of business organization including sole proprietorships, partnerships, and corporations. It focuses on partnerships, explaining that a partnership is formed through a contract and involves two or more people carrying on a business together to make a profit, without being a separate legal entity. The document outlines the rights and responsibilities of partners, including unlimited liability, as well as how partnerships can be created, dissolved, and have their assets distributed. It also discusses limited partnerships and limited liability partnerships as variations that provide some liability protection.
LLpicult to decide the right incorporationAccuprosys
Accuprosys is a boutique business Consulting firm headquartered in Hyderabad. We provide end to end Consulting business Solutions to various corporates across mid market segments in India. Over the years, we have supported several organizations to emerge as successful business entities by keeping pace with their day to day business requirements. Accuprosys understands and upholds that each segment has its own requirements, our unique consulting expertise with decades of experience and knowledge base across various disciplines makes us the best option to help our clients to increase the productivity and organizational growth with a less turnaround time.
The document discusses different types of companies, including proprietorships, partnerships, and limited companies. It provides details on what defines each type of company, how they are established, similarities and differences between them, and their advantages and disadvantages. Specifically, it notes that proprietorships are sole owned businesses, partnerships involve two or more owners, and limited companies are legally registered entities that can sell shares of stock to raise capital.
This document provides information on forms of business organization in India. It discusses sole proprietorship, partnership, and joint stock companies.
Some key points:
1. Sole proprietorship is owned and controlled by an individual who is entitled to profits but also bears all risks and losses. It has minimal legal requirements but the proprietor has unlimited liability.
2. Partnership involves an agreement between two or more persons to combine resources and share profits/losses. Partners have unlimited liability but the business benefits from more capital and management skills.
3. Joint stock companies allow for ownership by shareholders, transferable shares, perpetual existence, and limited liability for owners. They require more legal formalities to establish
Partnership firm represents a business entity that is formed with a purpose of making a profit from the business. Two or more parties come together with a formal agreement (known as Partnership Deed) to own and manage the business.
https://www.kanakkupillai.com/partnership-firm-registration
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
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Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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3. Introduction
There are three general ways of owning and
operating a business
as an individual
as a partnership
as a limited company
3
4. Individuals
The situation with an individual is fairly
straightforward as only one person is
involved
That person is the business
That person is often called a sole trader
S/he enters contracts in his/her own name in
order to do business
4
5. Partnership
It defines a partnership as “the relation
which subsists between two or more
persons carrying on a business in common
with a view to profit”
5
6. Definition of Partnership
There must be at least 2 people on a
partnership and not more than 20 (except in
law, medicine and accountancy)
A limited company cannot be a partnership,
although it can be one partner in a
partnership
The relationship between partners is based
on the contract
ie the terms of their partnership agreement
6
7. Definition of Partnership (cont.)
To qualify as a partnership, the people must
be carrying on a business
Business means any trade, profession or
occupation
However, simply sharing in the profits of a
business does not make you a partner in that
business
7
8. Definition of Partnership (cont.)
The business must be carried out in
common
A partnership does not have a separate legal
personality from the people who run the
business
A partnership is simply a group of people
who carry on a business together
8
9. Definition of Partnership (cont.)
Partnerships are not only for carrying on
business over a period of time, it is possible
to create a partnership for a single event or
business venture
The business must be run with the aim of
making a profit
However, simply sharing in the gross profits
of a business does not make you a partner
9
10. Legal Status of a Partnership
The partnership does not have a separate
legal identity from the partners (ie the
owners)
As you will see, a limited company does
have a separate legal identity from its
owners
Because there is no separate legal identity,
partners care self-employed and not
employees 10
11. Formation of a Partnership
There are no special legal rules for forming
a partnership
It is an agreement between individuals
It may be made orally, in writing, or implied
from the behaviour of the individuals
11
12. Formation of a Partnership (cont)
However, it is common to have a written
partnership agreement which sets out
the name of the firm
the nature of its business
the method for sharing profits
the amount of capital to be contributed by each
partner
the reasons and method for ending the
partnership
This helps to avoid arguments later
12
13. Liability of Partners
Each partner is liable for the full amount of
the firm’s debts and other liabilities
A third party can sue the firm or the
partners individually
Where the third party receives payment
from one partner, then the other partners
must contribute equally to the amount paid
by him (indemnify that partner)
13
14. Liability of Partners (cont.)
In order for a firm to be liable in tort, the
wrongful act must have been done by a
partner in the course of the firm’s business
or with the approval of the other partners
14
15. What is a Company?
A company is a body corporate or
corporation
15
16. Separate Legal Personality
As companies are a kind of corporation,
they have their own separate identity
In law, they are regarded as a person
Although a company is not a natural person
(like you or me) the law treats it in the same
way in many areas
16
17. Perpetual Succession
Changes in the membership of a company
have no effect on the continuation of that
company
Unlike a partnership, the death or
bankruptcy of a member does not end the
company
In public limited companies, members are
free to sell their shares on the stock
exchange
17
18. Business Property
Business property is owned by the company
and not its shareholders
That means a creditor cannot take action
against company assets in respect of a debt
due by a member of that company
18
19. Court Actions
A company can sue and be sued in its own
name
It can also enter contracts in its own name
The company’s liability for contractual
debts is unlimited
It is only the members’ liability which is
limited
19
20. Liability in Tort and Crime
Companies are vicariously liable for the torts of
their employees
Companies can be guilty of crimes which do not
require a mental element (eg intention or
recklessness)
However, it has been more difficult to prosecute
companies where the crime has such an element as
it has to be shown that one of the directors of the
company had the required mental element
This can be very difficult in a large company
where the directors are not involved in the day to
day operation of the business 20
21. Types of Company
Companies can be classified in several ways
Limited and Unlimited
Limited by Shares or by Guarantee
Public and Private
21
22. Limited and Unlimited Companies
Companies are usually formed because of
the limited liability for their members
However, it is possible to create a company
without limited liability
Such companies do not have disclose their
accounts as limited companies do
22
23. Limited by Shares or Guarantee
The most common kind of limited company
is one limited by shares
Once the shareholder has paid the full value
on his shares then he has no further liability
This is true even if the company does not
have enough money to pay its debts
23
24. Limited by Shares or Guarantee
(cont)
A company limited by guarantee is usually
created for charitable, educational or
professional purposes
ie it is not a trading company
The liability of members is to pay an agreed
amount if the company is wound up
Usually, the amounts are small, so the risk
is low
24
25. Public and Private Companies
The main difference between public and
private companies is that the shares in a
public company may be bought and sold on
a stock exchange
Public companies must have at least two
directors, whereas a private company can
have one
25
26. Public and Private Companies
(cont.)
Private companies may purchase their own
shares out of capital, whereas public
companies cannot
26
27. Comparison of Ownership
It is useful to compare the advantages and
disadvantages of the three forms of business
Sole trader
Partnership
Company
27
28. Sole Trader - Advantages
No legal filing requirements or fees and no
professional advice is needed to set it up.
You just literally go into business on your
own.
Simplicity – one person does not need a
complex organisational structure.
28
29. Sole Trader - Disadvantages
The disadvantages are that it is not a particularly
useful business form for raising capital (money).
For most sole traders the capital will be provided
by personal savings or a bank loan.
Unlimited liability – the most important point to
note in terms of comparing this form to the
company in that there is no difference between the
sole trading business and the sole trader himself.
The profits of the business belong to the sole
trader but so do the losses.
As a result he has personal liability for all the
29
debts of the business.
30. Partnership - Advantages
No formal legal filing requirement involved
in becoming a partnership beyond the
minimum requirement that there be two
members of the partnership.
Easier to obtain capital as there can be up to
20 members of the partnership, all of whom
could pool their investment within the
partnership.
30
31. Partnership – Advantages (cont.)
If you are aware of the problems the Partnership
Act can cause (see disadvantages) then you can
draft a partnership agreement to vary these terms
of the Act
The partnership agreement can therefore be used
to provide a very flexible organisational structure
although this usually involves having to pay for
legal advice.
31
32. Partnership - Disadvantages
A partnership will end on the death of a
partner.
The partners are jointly and severally liable
for the debts of the partnership.
This means that each partner can be sued
for the total debts of the partnership
32
33. Company - Advantages
Companies are designed as to make it easy to raise
capital.
Companies have the ability to subdivide their
capital into small amounts, allowing them to draw
in huge numbers of investors who also benefit
from the sub-division by being able to sell on
small parts of their investment.
Limited liability also minimises the risk for
investors and is said to encourage investment.
33
34. Company – Advantages (cont.)
It is also said to allow managers to take
greater risk in the knowledge that the
shareholders will not lose everything.
The constitution of the company provides a
clear organisational structure which is
essential in a business venture where you
have large numbers of participants.
34
35. Company - Disadvantages
Forming a company and complying with
company law is expensive and time
consuming.
It also appears to be an very complex
organisational form for small
businesses, where the Board of
Directors and the shareholders are
often the same people
35
36. Summary (cont.)
Most companies nowadays are formed under the
Companies Act 1985
The law regards a company as a legal person
It has a separate identity from its owners (ie its
shareholders)
A company is liable for its own debts
Its shareholders are not liable for its debts. They
are only liable to pay for their shares
36