Section 27.1 Sole Proprietorship
|
|
- Claribel Murphy
- 7 years ago
- Views:
Transcription
1
2 Chapter Sole Sole 27 Proprietorship Proprietorship and Partnership Section 27.1 Section 27.2 The Partnership and Partnership
3 Why It s Important Understanding the nature of a sole proprietorship will help you decide when to form that type of business association rather than the other associations that are available in the market today. and Partnership
4 Creation and Operation of a A sole proprietorship is a form of business that is owned and operated by one person. However, that owner may have any number of agents or employees. and Partnership
5 Creation and Operation of a NOTES: A sole proprietorship is the most common type of business and the easiest to form. Examples include: repair shops small retail stores service organizations and Partnership
6 Creation and Operation of a NOTES: A person who goes into business as a sole proprietor can choose to operate under his or her own name or can make up a name. and Partnership
7 Creation and Operation of a If a sole proprietor uses anything but his or her own name, the law calls the made-up name a fictitious name. and Partnership
8 Creation and Operation of a NOTES: In selecting a fictitious name, sole proprietors must not choose a company name already in use. and Partnership
9 Creation and Operation of a There usually are few formal requirements in establishing a sole proprietorship. and Partnership
10 Creation and Operation of a Some may be required to have licenses to legally operate as businesses occupational licenses certain types of liability insurance and Partnership
11 Creation and Operation of a NOTES: Some states require a formal filing when a sole proprietorship begins or if the sole proprietorship chooses to use a fictitious name. and Partnership
12 Advantages of a Sole Proprietorship ease of creation total control retention of profits freedom from excessive governmental control one-time taxation of profits and Partnership
13 Ease of Creation NOTES: A sole proprietorship is the easiest form of business association to form. To create a sole proprietorship, a person needs only to begin the operation of the business. and Partnership
14 Ease of Creation When a sole proprietor decides to hire workers, he or she will have to contact the Internal Revenue Service to obtain an employer identification number, which is assigned for income tax purposes. and Partnership
15 Total Control NOTES: In a sole proprietorship, while the sole proprietor is free to seek the advice of experts, such as accountants, attorneys, and financial planners, all decisions are up to the sole proprietor. and Partnership
16 Retention of Profits NOTES: Sole proprietors get to keep all of the profits that the firm makes. They must, of course, pay taxes on those profits. and Partnership
17 Freedom from Excessive Governmental Control NOTES: The regulations a sole proprietor must follow are much less cumbersome than the regulations required of other types of business ownership, such as limited partners and corporations. and Partnership
18 One-Time Taxation of Profits NOTES: Sole proprietorships do not pay taxes as a business. Rather, the individual sole proprietor who owns the business pays taxes based upon his or her income, which includes any profits made by the business. and Partnership
19 Disadvantages of a limited capital unlimited liability limited human resources limited lifetime and Partnership
20 Limited Capital NOTES: All money used to finance the business must come from the proprietor s savings or income, or from loans obtained by the proprietor. and Partnership
21 Unlimited Liability Unlimited liability means that the business owner is responsible for all losses experienced by the business. and Partnership
22 Limited Human Resources NOTES: As the only person responsible for the decisions that affect the business, a sole proprietor is subject to tremendous stress. Even if he or she consults experts, the decision-making responsibility still falls upon the owner. and Partnership
23 Limited Lifetime NOTES: Unlike a corporation, which has perpetual existence, a sole proprietorship lasts only as long as the proprietor. When the proprietor dies or sells or closes the business, the company no longer exists. End of Section 27.1 and Partnership
24 Section 27.2 Sole THE Proprietorship PARTNERSHIP
25 Why It s Important Understanding the nature of a partnership will help you decide when to form that type of business association. and Partnership
26 The Nature of Partnership Partnership law is largely found in the Uniform Partnership Act (UPA). NOTES: The UPA defines partnership as an association of two or more persons to carry on a business for profit. and Partnership
27 Advantages of Partnerships NOTES: more capital and credit available burden of work is shared responsibility for losses shared and Partnership
28 Disadvantages of Partnerships NOTES: partners share in the liabilities each partner is responsible for the others actions must share profits disagreements among partners death of a partner dissolves the partnership and Partnership
29 Forming a General Partnership When two or more competent parties combine their money, labor, and skills for the purpose of carrying on a lawful business, they create a general partnership. and Partnership
30 Forming a General Partnership General partnerships can be formed in one of three ways: 1. by agreement 2. by proof of existence 3. by estoppel and Partnership
31 27.2 Section 27.1 Partnership Formation Partnership by contract Express agreement drawn up by partners Articles of partnership Partnership by proof of existence Individuals form partnership because of their method of doing business Sharing of profits is prima facie evidence Partnership by estoppel Third party led to believe a partnership exists No true partnership created and Partnership
32 By Agreement NOTES: Forming a general partnership by agreement requires the valid assent of all parties. Such an agreement is usually express and may be written or oral. and Partnership
33 By Agreement NOTES: Under the Statue of Frauds, if a partnership is to last more than a year or if the partnership is formed to sell, buy, or lease real property, it must be evidenced in writing. and Partnership
34 By Agreement The partnership agreement is known as the articles of partnership, or as the articles of copartnership. and Partnership
35 Important Points Covered in an Agreement parties to the agreement specific nature, scope, and limits of the business planned duration of the business and Partnership
36 Important Points Covered in an Agreement amount of each partner s original investment and procedure for future investments provisions regarding salaries, withdrawal of funds, and the division of profits and Partnership
37 Important Points Covered in an Agreement terms under which a partner may withdraw from the partnership and Partnership
38 By Proof of Existence NOTES: Sometimes a partnership can be formed because of the way that two or more people conduct their business together. and Partnership
39 By Proof of Existence Such a partnership, which forms regardless of the label given to the enterprise or the intent of the parties involved, is termed a partnership by proof of existence. and Partnership
40 By Estoppel If someone does or says something that leads a third party to believe that a partnership exists, then a court may treat the arrangement as a partnership by estoppel. and Partnership
41 By Estoppel NOTES: This type of partnership is not a real partnership. It is a way for the court to prevent injustice because someone has relied on the words or actions of another party and has acted accordingly. and Partnership
42 Types of Partners There are five types of partners: 1. general 2. secret 3. silent 4. dormant 5. limited and Partnership
43 Types of Partners NOTES: Each of these partners is a co-owner of the business and has some liability for the debts of the firm. and Partnership
44 27.2 Section 27.1 Types of Partners Type of Partner Participation in the Business Relationship to the Public Degree of Liability General Active Known Unlimited Secret Active Unknown Unlimited Silent Not active Known Unlimited Dormant Not active Unknown Unlimited Limited Not active Known Limited and Partnership
45 Partnership Property NOTES: It is important to distinguish between property that belongs to the partnership and property that belongs to individual partners. and Partnership
46 Partnership Property is property contributed directly to the partnership when the partnership is created is property that is bought with partnership funds and Partnership
47 Partnership Property In addition, the court may ask certain questions to determine whether or not certain property belongs to the partnership. and Partnership
48 Property Rights of the Partners Certain rights arise regarding property that belongs to the partnership. These include the right to use the property the right to manage the firm the right to share in the profits and Partnership
49 Right to Use Property NOTES: Partners are co-owners of all the real and personal property included in the partnership. This co-ownership is called tenancy in partnership by the UPA. and Partnership
50 Right to Use Property As a result, the partners can use the property for partnership business; however, there are limitations. For example, a partner cannot, on his or her own, transfer ownership of the property. and Partnership
51 Right to Manage the Firm NOTES: Unless a partner s rights are limited in the partnership agreement, each partner has an equal voice in managing the partnership s business. and Partnership
52 Right to Share in the Profits NOTES: Unless there is an agreement to the contrary, partners share equally in the profits, regardless of their initial capital contribution or the time devoted by each partner to the business. and Partnership
53 Duties to the Partners NOTES: Partners must trust one another. Each partner is an agent of the other partner and has duties comparable to those of an agent. and Partnership
54 Duties to the Partners 1. To always act in good faith and in the best interests of the firm. and Partnership
55 Duties to the Partners 2. To always use their best skill and judgment in looking after the firm s affairs. and Partnership
56 Duties to the Partners 3. To be loyal to the firm and put the firm s interests first. and Partnership
57 Liability of the Partners NOTES: Partners have unlimited liability for all of the debts of the partnership incurred while they are partners, even to the extent of their personal assets. and Partnership
58 Liability of the Partners Partners are liable to other members of the firm for their share of the firm s debts. Partners share losses in the same proportion that they share profits. and Partnership
59 Liability of the Partners NOTES: Partners are jointly liable with their partners on contracts entered into by any member of the firm acting within the actual or apparent scope of the firm s business. and Partnership
60 Liability of the Partners Joint liability means that in the event of a lawsuit, all the partners must be sued together. Partners are jointly and severally (separately) liable for torts committed within the scope of the firm s business. and Partnership
61 Dissolving a Partnership A dissolution is a legal detachment. The dissolution of a partnership is a change in the relationship of the partners that occurs when any partner stops being associated with the business. and Partnership
62 Effects of Dissolution NOTES: Dissolution does not necessarily bring the business to an end. Other partners may want to continue in business together. and Partnership
63 Effects of Dissolution If so, new financial arrangements need to be made. a new agreement must be drawn up. and Partnership
64 Effects of Dissolution public notice is usually given to relieve retiring partners from liability for any new debts. and Partnership
65 Distribution of Assets NOTES: Upon dissolution, an accounting of the firm s financial affairs is necessary to determine how the firm s assets will be distributed or divided. and Partnership
66 Distribution of Assets Liabilities are paid in this order. 1. Money owed to creditors other than partners 2. Money lent by partners to the firm and Partnership
67 Distribution of Assets 3. The original money paid into the partnership by each partner 4. The surplus, if any, owed to the partners and Partnership
68 Distribution of Assets If the business is insolvent: Assets are sold to pay the creditors. Partners are individually liable for any unpaid balance that the sale of the assets will not cover. and Partnership
69 The Revised Uniform Partnership Act Since the UPA was written in 1914, it has undergone extensive revision. This new variation of the act is referred to as the Revised Uniform Partnership Act (RUPA). and Partnership
70 Registered Limited Liability Partnerships A registered limited liability partnership (RLLP) is a new type of partnership designed to eliminate a major disadvantage of the general partnership joint and several liability. and Partnership
71 NOTES: Partners of an RLLP can escape joint and several liability for the torts, wrongful acts, negligence, or misconduct of other partners by registering with the appropriate state office. Registered Limited Liability Partnerships and Partnership
72 Limited Partnership According to RUPA, a limited partnership is a partnership formed by two or more persons... having one or more general partners and one or more limited partners. and Partnership
73 Limited Partnership NOTES: Limited partnerships are often used in real estate ventures and tax shelter investments. End of Section 27.2 and Partnership
Partnership Form of Organization
Partnership Form of Organization A partnership is an association of two or more persons to carry on as co-owners of a business for profit. Partnerships are sometimes used in small retail, service, or manufacturing
More informationStructuring Your Business
Structuring Your Business Overview of Guide This guide is designed to provide basic information on some of the legal and practical issues to consider when setting up a business and applies only to New
More informationA Guide to LLCs. Forming a Limited Liability Company
A Guide to LLCs Forming a Limited Liability Company Advantages of Forming an LLC Real Estate Investments and LLCs Operating and Maintaining an LLC Comparing LLCs to Other Business Structures Table of Contents
More informationFRISSE & BREWSTER LAW OFFICES
FRISSE & BREWSTER LAW OFFICES ADVANTAGES AND DISADVANTAGES OF VARIOUS BUSINESS ENTITIES SOLE PROPRIETORSHIP A sole proprietorship is simple to establish and operate; little ongoing documentation is needed.
More informationThe sole proprietor is free to make any decision he or she wishes to concerning the business. The major disadvantage is
Chapter 11 Corporate Governance & Business Organizations An entrepreneur is one who initiates and assumes the financial risks of a new enterprise and undertakes to provide or control its management. One
More informationMX394 Choosing an Organizational Structure for Your Aquaculture Busin...
1 of 5 4/30/2010 2:07 PM University of Missouri Extension MX394, Reviewed October 1993 Choosing an Organizational Structure for Your Aquaculture Business Susan T. Kohler SIUC Office of Economic and Regional
More informationMajor Business Entities Explained
Major Business Entities Explained Many entrepreneurs start their businesses as a sole proprietor because it is easy and inexpensive. This is never a good idea but in reality it does happen. As the business
More informationPARTNERSHIPS ACT LAWS OF KENYA. No. 16 of 2012
LAWS OF KENYA PARTNERSHIPS ACT No. 16 of 2012 Revised Edition 2012 Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org [Rev. 2012] No. 16 of
More informationCHOOSING THE FORM OF BUSINESS ORGANIZATION
CHOOSING THE FORM OF BUSINESS ORGANIZATION TAX AND NON-TAX CONSIDERATIONS INTRODUCTION One of the fundamental initial decisions a new business owner faces is choosing the form of organization for the business.
More informationChapter 2 Partnerships
Chapter 2 Partnerships 1. General partnerships Because partnerships are normally comprised of more than one decision-maker, rules were developed by the courts to provide a framework for the relationship
More informationSix Forms of Doing Business
Excerpted from FastTrac NewVenture When identifying an appropriate legal form of business, most often entrepreneurs consider these factors control, taxes, liability, transferability of ownership, longevity
More informationTHE DISTRICT OF COLUMBIA REVISED UNIFORM PARTNERSHIP ACT AND LIMITED LIABILITY PARTNERSHIPS
THE DISTRICT OF COLUMBIA REVISED UNIFORM PARTNERSHIP ACT AND LIMITED LIABILITY PARTNERSHIPS [PUBLISHED IN MARCH/APRIL 1998 ISSUE OF WASHINGTON LAWYER MAGAZINE] [Vol. 12 No. 4] By Nicholas G. Karambelas,
More informationStarting a Small Business
Starting a Small Business Starting and managing a business takes motivation, desire and talent. It also takes research and planning. Like a chess game, success in small business starts with decisive and
More informationThe ABCs of Entity Choice By Thomas A. Brumgardt
Legal Basics Part 4 in a series The ABCs of Entity Choice By Thomas A. Brumgardt Every lawyer needs to know the basics of advising clients on choice of entity. Even if you do not regularly practice in
More informationA Guide to Incorporating Your Business
A Guide to Incorporating Your Business Forming a C or S Corporation Advantages of Incorporating Operating and Maintaining a Corporation Comparing C Corps., S Corps. and LLCs Table of Contents INTRODUCTION....................................................
More informationDAVID THOMAS LTD GUIDE TO COMPANY INSOLVENCY
DAVID THOMAS LTD GUIDE TO COMPANY INSOLVENCY Ver 1 Feb 2015 Phone : 09-215-6893 07-576-8832 021-124-6689 Email: david@david-thomas.co.nz Introduction Welcome to our guide to liquidations. This guide is
More informationBusiness Organization\Tax Structure
Business Organization\Tax Structure One of the first decisions a new business owner faces is choosing a structure for the business. Businesses range in size and complexity, from someone who is self-employed
More informationChapter summary ch 5 legal aspects of business (business structures and relationships)
Miles and Dowler, A Guide to Business Law 21st edition Study Aid Chapter summaries Chapter summary ch 5 legal aspects of business (business structures and relationships) The major types of business structure
More informationGeneral Partnership Agreement**
General Partnership Agreement**, residing at (name of partner) and., residing at, hereinafter referred to as the Partners agree as follows: (address) (name of partner) (address) 1. Type of Business. The
More informationTypes of Business Ownership
Types of Business Ownership Sole Proprietorship A sole proprietorship is the easiest and simplest form of business ownership. It is owned by one person. There is no distinction between the person and the
More informationENDURING POWER OF ATTORNEY - My role as Attorney -
What is an Attorney ENDURING POWER OF ATTORNEY - My role as Attorney - When a person makes an Enduring Power of Attorney, he or she appoints another person to manage finances and other assets. The person
More informationCHOOSING A BUSINESS ENTITY: PRACTICAL CONSIDERATIONS
CHOOSING A BUSINESS ENTITY: PRACTICAL CONSIDERATIONS Dean P. Cazenave KEAN, MILLER, HAWTHORNE, D ARMOND, MCCOWAN & JARMAN, L.L.P. One American Place Baton Rouge, Louisiana 70825 I. THE CHOICES The decision
More informationOrganizational Types and Considerations for a Small Business
Table of Contents Welcome... 3 What Do You Know? Organizational Types and Considerations for a Small Business... 4 Pre-Test... 5 Factors for Choosing an Organizational Type... 7 Discussion Point #1: Organizational
More informationTYPES OF BUSINESS ORGANIZATIONS IN JAMAICA AND THE BENEFITS OF EACH
TYPES OF BUSINESS ORGANIZATIONS IN JAMAICA AND THE BENEFITS OF EACH Presented by: Shellie Leon Deputy Executive Director and Director of Operations Companies Office of Jamaica 1 What is Business Organization?
More informationHow To Write A Partnership In Wyo.
The Choice is Yours Sole Proprietorship General Partnership Limited Partnership Corporation Close Corporation Limited Liability Company Close Limited Liability Supplement Statutory Trust Limited Liability
More informationTHE LEGAL ASPECTS OF GOING INTO BUSINESS
THE LEGAL ASPECTS OF GOING INTO BUSINESS Copyright 1997 Board of Regents, University of Wisconsin System Mark Stover, Vicki Lobermeier, Kathy Bartelt, Editors Small Business Development Center This publication
More informationFARM LEGAL SERIES June 2015 Choosing the Right Business Entity
Agricultural Business Management FARM LEGAL SERIES June 2015 Choosing the Right Business Entity Phillip L. Kunkel, S. Scott Wick Attorneys, Gray Plant Mooty INTRODUCTION There are many types of business
More informationLIMITED LIABILITY COMPANY (LLC) (COLORADO)
LIMITED LIABILITY COMPANY (LLC) (COLORADO) A LLC is normally utilized by investors and businesses to obtain the tax advantages of a partnership, limited partnership, or sole proprietorship, but enjoy more
More informationCHOICE OF BUSINESS ENTITY
CHOICE OF BUSINESS ENTITY Presented by James M. Jimenez, Esq. Pacific Business Law Group A Professional Corporation 1601 Cloverfield Boulevard Suite 200 South Tower Santa Monica, California 90401 July
More informationAN INTRODUCTION TO VIRGINIA LIMITED LIABILITY COMPANIES
AN INTRODUCTION TO VIRGINIA LIMITED LIABILITY COMPANIES Eric C. Perkins, Esq. Perkins Law, PLLC 4870 Sadler Road, Suite 300 Glen Allen, Virginia 23060 (804) 205-5162 www.ericperkinslaw.com Introduction
More informationAct 2 Partnerships Act 2010
ACTS SUPPLEMENT No. 2 26th February, 2010. ACTS SUPPLEMENT to The Uganda Gazette Extraordinary No. 13 Volume CIII dated 26th February, 2010. Printed by UPPC, Entebbe, by Order of the Government. Act 2
More informationIncorporating Your Business
A Guide To Incorporating Your Business How to Form a Corporation or LLC Reduce Your Taxes Protect Your Assets Minimize Your Liability Improve Financial Flexibility By Attorney Brian P.Y. Liu Founder of
More informationSAALFELD GRIGGS DENTAL INDUSTRY TEAM WHITE PAPER: CHOICE OF ENTITY FOR DENTISTS
SAALFELD GRIGGS DENTAL INDUSTRY TEAM WHITE PAPER: CHOICE OF ENTITY FOR DENTISTS BY Th AMY GEERHART & DAVID MYERS I. Introduction Dentists may operate their practices through several forms of entities,
More informationplain talk about life insurance The right life insurance can have an enormous effect on your life and the lives of those you love.
plain talk about life insurance The right life insurance can have an enormous effect on your life and the lives of those you love. Thinking about life insurance? You re not alone. Canadians generally agree
More informationThe Advantages and Disadvantages of Forming a Florida Limited Liability Company (LLC) Versus a Florida Corporation. by Karen J.
The Advantages and Disadvantages of Forming a Florida Limited Liability Company (LLC) Versus a Florida Corporation by Karen J. Orlin This Note outlines advantages and disadvantages of forming a new business
More informationCOMPREHENSIVE GUIDE TO CHOOSING A NEW BUSINESS STRUCTURE
COMPREHENSIVE GUIDE TO CHOOSING A NEW BUSINESS STRUCTURE 1. Corporations and LLCs: The most common entities 2. Comparing corporations and LLCs 3. Things to consider when forming a business entity 4. Which
More informationBASIC LEGAL CONSIDERATIONS WHEN STARTING YOUR OWN BUSINESS
BASIC LEGAL CONSIDERATIONS WHEN STARTING YOUR OWN BUSINESS By: Susan A. Keller, Esq. Edwards & Angell, LLP Starting your own business can be very exciting, for it allows you the opportunity to shape a
More informationThe Business Organization: Choosing an Entity
The Business Organization: Choosing an Entity The subject matter is divided into two sections: 1. Section A shows direct comparison of different types of organizational structures. 2. Section B details
More informationCOMPARISON OF ASPECTS OF CORPORATE LAWS OF NEW YORK, DELAWARE, NEVADA, MARYLAND, AND ALABAMA
Statutes Fees Who May Incorporate Formation Shareholders Name Filing COMPARISON OF ASPECTS OF CORPORATE LAWS OF NEW YORK, DELAWARE, NEVADA, MARYLAND, AND ALABAMA Purpose Reservation Characteristics Business
More informationSole Proprietorship. Forming a Sole Proprietorship. Sole Proprietor Taxes
Sole Proprietorship A sole proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and run by one individual with no distinction between
More informationCOLORADO LIMITED LIABILITY COMPANY CHECKLIST
COLORADO LIMITED LIABILITY COMPANY CHECKLIST ARTICLES OF ORGANIZATION Name of Entity: A business name must be distinguishable from any other active business name in Colorado the Secretary of State s records.
More informationDETERMINING THE BUSINESS ENTITY BEST FOR YOUR BUSINESS
DETERMINING THE BUSINESS ENTITY BEST FOR YOUR BUSINESS 2015 Keith J. Kanouse One Boca Place, Suite 324 Atrium 2255 Glades Road Boca Raton, Florida 33431 Telephone: (561) 451-8090 Fax: (561) 451-8089 E-mail:
More informationForming a Limited Company and becoming a Director
Forming a Limited Company and becoming a Director Forming a Limited Company Regardless of whether this is your first business or you ve been doing it for years, one of the choices you are likely to face
More informationPARTNERSHIP LAW. (2011 Revision)
Supplement No. 10 published with Gazette No. 23 of 7th November, 2011. PARTNERSHIP LAW (2011 Revision) Law 26 of 1983 consolidated with Laws 4 of 1984, 23 of 1986, 15 of 1987, 5 of 1990, 10 of 1994, 27
More informationLimited Liability Company Frequently Asked Questions
Limited Liability Company Frequently Asked Questions Here are some answers to questions we receive frequently from the public about Limited Liability Companies (LLC). We provide this for informational
More informationProvince of Alberta PARTNERSHIP ACT. Revised Statutes of Alberta 2000 Chapter P-3. Current as of October 1, 2011. Office Consolidation
Province of Alberta PARTNERSHIP ACT Revised Statutes of Alberta 2000 Current as of October 1, 2011 Office Consolidation Published by Alberta Queen s Printer Alberta Queen s Printer 7 th Floor, Park Plaza
More informationBusiness Organization\Tax Structure
Business Organization\Tax Structure Kansas Secretary of State s Office Business Services Division First Floor, Memorial Hall 120 S.W. 10th Avenue Topeka, KS 66612-1594 Phone: (785) 296-4564 Fax: (785)
More informationComparison of Limited Partnerships in the BVI, the Cayman Islands, Guernsey and Jersey
Comparison of Limited Partnerships in the BVI, the Cayman Islands, Guernsey and Jersey This table has been prepared to provide a comparison of the laws of the British Virgin Islands (BVI), the Cayman Islands,
More informationREPOSSESSION TIME LINE
This communication is made available by Colorado Legal Services, Inc., (CLS), as a public service and is issued to inform not to advise. No person should attempt to interpret or apply any law without the
More informationBSM Connection elearning Course
BSM Connection elearning Course Basics of Medical Practice Finance: Part 1 2009, BSM Consulting All rights reserved. Table of Contents OVERVIEW... 1 FORMS OF DOING BUSINESS... 1 BUSINESS FORMATS AT A GLANCE...
More informationState of Michigan Entrepreneur s Guide Department of Consumer and Industry Services Corporation, Securities and Land Development Bureau
State of Michigan Entrepreneur s Guide Department of Consumer and Industry Services Corporation, Securities and Land Development Bureau CONTENTS INTRODUCTION...4 CORPORATION, SECURITIES AND LAND DEVELOPMENT
More informationLimited Liability Company (LLC)
Vertex Wealth Management LLC Michael Aluotto President Private Wealth Manager 1325 Franklin Ave., Ste. 335 Garden City, NY 11530 516-294-8200 mjaluotto@1stallied.com Limited Liability Company (LLC) Page
More information3 FORMS OF BUSINESS ORGANISATION
3 FORMS OF BUSINESS ORGANISATION Introduction Legal Forms of Business - Sole Proprietorship - Partnership - Company - Not-for-Profit Organisation Factors Influencing Organisation Structure - Set-up Time/Cost
More informationWhat is the advantages and disadvantages of limited liability company in China Friday, 25 March 2011 13:48
Each state has different rules governing the formation of a limited liability company. For instance, in North Dakota, a foreign LLC is not allowed for banking or farming. Some states will want a publication
More informationIncorporating Your Business
CorpNet s Guide to: Incorporating Your Business TM www.corpnet.com Congratulations! You have decided to start your own business. That is a courageous step and one that can lead to rewards that no job can
More informationMEMORANDUM ON LIMITED LIABILITY COMPANIES IN THE UNITED STATES
MEMORANDUM ON LIMITED LIABILITY COMPANIES IN THE UNITED STATES This memorandum describes certain general characteristics of limited liability companies in the U.S. which we have found to be of interest
More informationBULLETIN. In Maryland, 82.7 percent of. Using a Business Organization Structure to Limit Your Farm s Liability EB-422
EXTENSION BULLETIN EB-422 Using a Business Organization Structure to Limit Your Farm s Liability Business structures can help limit your liability and set your farming operation up to continue through
More informationNEBRASKA MICROENTERPRISE HANDBOOK
NEBRASKA MICROENTERPRISE HANDBOOK Community Economic Development Clinic Creighton University School of Law Omaha, Nebraska The CED Clinic is a University Center that receives funding through the U.S. Department
More informationCHOICE OF BUSINESS ENTITY BUSINESS, LEGAL AND TAX IMPLICATIONS A PRIMER
CHOICE OF BUSINESS ENTITY BUSINESS, LEGAL AND TAX IMPLICATIONS A PRIMER 2013 Whiteford, Taylor & Preston L.L.P. CHOICE OF BUSINESS ENTITY - BUSINESS, LEGAL AND TAX IMPLICATIONS A PRIMER Thomas P. Kimmitt,
More informationFamily Business Succession Planning
Firm Name Team Name (if one) CPA Planner Name, Credentials Title Street Address City, NY 13160 Phone number xext # Alternate phone # address@email.com website URL Family Business Succession Planning Presentations
More informationCFPB s Advice to the Consumer
OVERVIEW CFPB s Advice to the Consumer The Consumer Financial Protection Bureau answers more than 80 commonly asked questions Now Updated Through March 2016 PROFESSIONALS FORUM Copyright insidearm LLC.
More informationICAP. Introduction to accounting
ICAP P Introduction to accounting First edition published by Emile Woolf International Bracknell Enterprise & Innovation Hub Ocean House, 12th Floor, The Ring Bracknell, Berkshire, RG12 1A United Kingdom
More informationLegal Needs for Emerging Growth Companies Presented to UF Small Business Mentoring Program June 9, 2015 by Maxwell L. Minch Gray Robinson P.A.
Legal Needs for Emerging Growth Companies Presented to UF Small Business Mentoring Program June 9, 2015 by Maxwell L. Minch Gray Robinson P.A. About Me Former Navy submariner (nuclear electronics technician)
More informationCHOOSING THE RIGHT BUSINESS STRUCTURE
CHOOSING THE RIGHT BUSINESS STRUCTURE One type of business structure is not necessarily better than another, therefore, it is important to evaluate your needs now and into the future, and consider the
More informationESTATE PLANNING QUESTIONNAIRE
ESTATE PLANNING QUESTIONNAIRE Please complete this form to the best of your ability and bring it with you to our initial meeting. Your cooperation in this regard will make your appointment more productive
More informationJump Start Micro- Enterprise Credential Key Financial Concepts Student Handout (Updated: July 2016) Types of Ownership
Jump Start Micro- Enterprise Credential (Updated: July 2016) Sole Proprietorship (or Partnership) Corporation Limited Liability Corporation (LLC) Types of Ownership An individual (or group of individuals)
More informationVisa Credit Card Agreement
Visa Credit Card Agreement 1. INTRODUCTION. This VISA Credit Card Agreement (Agreement) and the Account Disclosures accompanying this Agreement will govern your Platinum VISA or Platinum VISA with Rewards
More informationStructuring Your New Business By Business Filings Incorporated
Structuring Your New Business By Business Filings Incorporated There are five common business structures entrepreneurs often consider as they start their businesses: sole proprietorship, general partnership,
More informationBuy-Sell Agreements are as Important as Wills for Family Farms by Darrell Dunteman and Danny Klinefelter
Buy-Sell Agreements are as Important as Wills for Family Farms by Darrell Dunteman and Danny Klinefelter Most business owners are concerned about what will happen to the business and their heirs at their
More informationJANUARY 2010. subject Administrative Measures for the Establishment of Partnership Enterprises within China by Foreign Enterprises or Individuals
C HINA L EGAL R EPORT* JANUARY 2010 * CHINA LEGAL Report is a monthly collection of Chinese law related news gathered from various media and news services, edited by WENFEI ATTORNEYS- AT-LAW LTD. distributed
More informationGUIDE TO SELECTING YOUR SMALL BUSINESS LEGAL STRUCTURE
GUIDE TO SELECTING YOUR SMALL BUSINESS LEGAL STRUCTURE To make your business #CPAPOWERED, call today and let s get started. 2015 American Institute of CPAs. All rights reserved. 15607-312 One important
More informationGUIDE TO SELECTING YOUR SMALL BUSINESS LEGAL STRUCTURE. To make your business #CPAPOWERED, call today and let s get started.
GUIDE TO SELECTING YOUR SMALL BUSINESS LEGAL STRUCTURE To make your business #CPAPOWERED, call today and let s get started. One important consideration when starting your business is determining the best
More informationCompliance Adviser. Hotline: 1-800 -749-4228
General Questions Question (Affidavit of Heirship): An accountholder died. Their children came in today asking how they can get the funds in their father s account. It is a small amount. They do not have
More informationSUBJECT: ACCOUNTING GRADE 11 CHAPTER: PARTNERSHIPS LESSON: PARTNERSHIPS CONCEPTS LESSON OVERVIEW (KNOWLEDGE AREAS) LESSON. 1. Kinds of partners:
SUBJECT: ACCOUNTING GRADE 11 CHAPTER: PARTNERSHIPS LESSON: PARTNERSHIPS CONCEPTS LESSON OVERVIEW (KNOWLEDGE AREAS) LESSON 1. Introduction 2. Partnership concepts 3. Recording of entries for partnerships
More informationTHE PATIENT-CENTERED & DATA-DRIVEN ISSUE
THE PATIENT-CENTERED & DATA-DRIVEN ISSUE Should Your Practice be a Corporation, LLC or? BY JEREMY KIECKER, CPA Having the right entity is important financially and legally Whether you are just starting
More informationCompanies in administration: an overview. slaughter and may DECEMBER 2011
Companies in administration: an overview slaughter and may DECEMBER 2011 Contents 1. Appointment 01 2. Effect of appointment on management and directors powers 02 3. Role of administrator 03 4. Effect
More informationMODULE - II. Forms of Business Organisation
Maximum Marks Hours of Studies 15 35 On the basis of to size, ownership and managerial requirements business units have a defined organizational structure. After studying this module the learners shall
More informationCHOICE OF ENTITY 2010 TENNESSEE AGRITOURISM CULTIVATING FARM REVENUE CONFERENCE
2010 TENNESSEE AGRITOURISM CULTIVATING FARM REVENUE CONFERENCE CHOICE OF ENTITY Presented by Jill Bartee Nolan Batson, Nolan, Pearson, Miller & Joiner, PLC 121 S. Third Street, Clarksville, TN 37040 931-647-1501
More informationNOLO. Nolo s Guide to Limited Liability Companies: Forming an LLC
NOLO Nolo s Guide to Limited Liability Companies: Forming an LLC Table of Contents LLC Basics...3 Limited Personal Liability for LLC Owners...3 Exceptions to LLC Owners Limited Liability...4 LLC Management...4
More informationConventional Wisdom Can Lure Doctors. Into Asset Protection and Tax Traps. Part 1
Conventional Wisdom Can Lure Doctors Into Asset Protection and Tax Traps Part 1 Ken Vanway, Attorney Christopher R. Jarvis, MBA According to the US Census Bureau, the average American family earns less
More informationFORMATION AND OPERATION OF AN LLC IN CALIFORNIA
FORMATION AND OPERATION OF AN LLC IN CALIFORNIA This LLC corpus contains informational documentation provided as a service to help people understand California LLCs. Forms and instructions for many of
More informationThe Limited Liability Company Handbook
The Limited Liability Company Handbook CT Corporation The Legal Professional s First Choice A Comprehensive Look at the LLC for Business Owners and Legal Professionals THE LIMITED LIABILITY COMPANY HANDBOOK
More informationGuidance Booklet Charity Incorporation Made Simple
Guidance Booklet Charity Incorporation Made Simple *berwin leighton paisner Contents What is an incorporated charity? 1 What are the key features of an incorporated charity? 2 What is an unincorporated
More informationA Guide To. Minnesota Small Business Assistance Office. Minnesota Department of Employment and Economic Development
A Guide To STARTING A BUSINESS IN MINNESOTA Minnesota Small Business Assistance Office Economic Development A Guide To Starting a Business in Minnesota is updated annually. Copies are available without
More informationMUSIC RESOURCES TERMS AND CONDITIONS FOR SCHOOLS ( Conditions )
MUSIC RESOURCES TERMS AND CONDITIONS FOR SCHOOLS ( Conditions ) Please ensure all relevant staff have read and understood these Conditions before signing. Please complete, sign and return the Music Resources
More informationADVANTAGES AND DISADVANTAGES OF THE FORMS OF OWNERSHIP
ADVANTAGES AND DISADVANTAGES OF THE FORMS OF OWNERSHIP FORM OF OWNERSHIP Sole 1 Owner Partnership Minimum of 2 Partners, Maximum of 20 ADVANTAGES 1. Simple to form i.e. No registration. 2. Can have an
More informationChapter 01 Accounting: The Language of Business
Chapter 01 Accounting: The Language of Business True / False Questions 1. The purpose of accounting is to provide financial information about an economic or social entity. 2. An accounting system is designed
More informationCHAPTER 1 ESTABLISHING A NEW BUSINESS IN THE UNITED STATES
CHAPTER 1 ESTABLISHING A NEW BUSINESS IN THE UNITED STATES 1. CHOICE OF ENTITY A foreign investor may choose from a variety of forms of entities to do business in the United States. Such forms of entities
More informationNon UK Residents UK Limited Liability Partnership
Non UK Residents UK Limited Liability Partnership The international package includes: Company set-up UK Registered Office Address (which includes mail forwarding) UK company bank account with debit and/or
More informationIC 23-18 ARTICLE 18. LIMITED LIABILITY COMPANIES
IC 23-18 ARTICLE 18. LIMITED LIABILITY COMPANIES IC 23-18-1 Chapter 1. Definitions IC 23-18-1-1 Citation of article Sec. 1. This article may be cited as the "Indiana business flexibility act". IC 23-18-1-2
More informationBereaved customers. Helping you deal with a deceased person s account
Bereaved customers Helping you deal with a deceased person s account How this leaflet will help This guide will help if you need to settle the banking affairs of someone who has died. When you are bereaved,
More informationCo-ownership of Real Property
California Real Estate Law Lesson 5: Co-ownership of Real Property Introduction This lesson will discuss: forms of co-ownership tenancy in common joint tenancy community property ownership of business
More informationLabuan Limited Partnerships and Limited Liability Partnerships
Labuan Limited Partnerships and Limited Liability Partnerships 1 laws OF MALAYSIA Act 707 LABUAN LIMITED PARTNERSHIPS AND LIMITED LIABILITY PARTNERSHIPS ACT 2010 2 Laws of Malaysia Act 707 Date of Royal
More informationTHE CPA S CHECKLIST FOR SELECTING THE RIGHT BUSINESS ENTITY FORM
THE CPA S CHECKLIST FOR SELECTING THE RIGHT BUSINESS ENTITY FORM By: Keith A. Wood, Attorney, CPA November 2, 2009 Carruthers & Roth, P.A. 235 N. Edgeworth Street Greensboro, NC 27401 Telephone: (336)
More informationUNIFORM PARTNERSHIP ACT Act 72 of 1917. The People of the State of Michigan enact:
UNIFORM PARTNERSHIP ACT Act 72 of 1917 AN ACT to define partnerships; the relation of partners to persons dealing with the partnership; the relation of partners to one another; to provide for the dissolution
More informationPlanning for Succession of a Business Interest
Planning for Succession of a Business Interest Page 1 of 5, see disclaimer on final page Planning for Succession of a Business Interest Business succession planning--what is it? One of the important decisions
More informationSTArTinG A BuSineSS in MinneSoTA
A Guide To STArTinG A BuSineSS in MinneSoTA Small Business Assistance Office Minnesota Department of employment and economic Development A Guide To S TA r T in G A Bu S in e SS in M in n e S o TA is updated
More informationI. Business Transfer Strategies
In many two-generation farming arrangements, the younger party begins by working for a fixed wage. Eventually, however, he or she will want to become an owner/operator not just an employee. Achieving this
More informationTransferring Your Business Interest with a Buy-Sell Agreement
Besselman & Associates Patricia Ann Besselman CFP James M. Besselman, CLU, ChFC 111 Veterans Blvd. Ste. 360 Metairie, LA 70005 504-831-3506 pbesselman@besselmanandassoc.com Transferring Your Business Interest
More informationDelaware. Business Entities under the General Corporation Law of. www.csb.gov.ge www.declaration.ge www.hr.gov.ge
Business Entities under the General Corporation Law of Delaware www.csb.gov.ge www.declaration.ge www.hr.gov.ge Civil Service Bureau Reform & Development Department 1 The underlying, guiding principle
More information