Describe the differences between a sole proprietorship, a partnership, and a corporation as business entities, including their advantages and disadvantages from a legal perspective.
Q: Pursuant to Ind. Code § 23-1-21-2(b)(2)(A), the incorporators can, if they decide to do so, specify…
A: Note: The solution is provided in a generalized way.Articles of incorporation are a significant…
Q: Corporate structures include all of the following except
A: Corporate structure describes how several divisions or business units are set up within a firm. A…
Q: Revised Uniform Partnership Act
A: A partnership is a type of company in which two or more parties form a contractual arrangement.The…
Q: outline four advantages of incorporation and what is incorporation
A: Corporate Law encompasses the legal framework regulating the creation, functioning, and dissolution…
Q: Partnerships and most LLCs are known as pass-through entities. What does this mean for their…
A: Limited liability companies (LLCs) are going through substances naturally. Except if the proprietors…
Q: Compare and contrast the (1) limited liability company (LLC) and (2) corporation forms of business…
A: A Limited Liability Company (LLC) combines the limited liability protection of a corporation and the…
Q: a apportions partners' responsibility for partnership debt equally
A: The fundamental legal framework that oversees joint business operations is partnership law. It…
Q: Why can't a business choose to for an LLC, but they can form an LLP?
A: Every business is different in terms of tax situations, many regulations have notable changes from…
Q: What is the funding and management of Sole Proprietorship; Partnerships; Corporations and Limited…
A: A corporate entity is an association that makes usage of economic capitals or input to offer goods…
Q: A business firm whose shares are held by a single person may be a sole proprietorship, but it cannot…
A: A corporation can be defined as a legal entity which is separate and distinct from its shareholders…
Q: describing the obligations of corporate directors to a business corporation. include a discussion of…
A: Corporate directors oversee the affairs of the corporation in order to protect the interest of the…
Q: Compare and contrast a general partnership to a sole proprietorship.
A: The objective of this question is to understand the differences and similarities between a general…
Describe the differences between a sole proprietorship, a
Step by step
Solved in 3 steps
- Discuss the various duties, responsibilities, and liabilities of the Principal-Agent (employer-employee) relationship.SECTION D Read the following extract and then answer the question belowA client is interested in setting up a business and does not know which form of business to use. He has been told that he can form a sole proprietorship, or partnership, or a limited liability company. He comes seeking for business advises on the advantages and disadvantages of a registered company. Make a comparison between a sole proprietorship, partnership, and a limited liability company.How does limited liability impact the decision-making process and risk management strategies of a company?
- Define public limited liability business with appropriate examples. Briefly explain three main characteristics of a public limited liability business?The process by which two or more corporations combine in such a way that one of the original corporations continue to exist and and the other one ceases to exist is called a: X merger. parent-subsidiary takeover. consolidation. joint venture.Explain how the income of corporations is double taxed and what a corporation can do to minimize their tax burden?
- Wiener Haus #82 has been underperforming for a few years. The franchisee (owner of Haus #82) is frustrated and files a claim against the franchisor for breach. The franchisee claims that the agreement he signed contained a statement at the start of the agreement detailing that the business model the franchisor developed was "proven effective and profitable." On these facts, does the franchisee have a winning breach of contract claim against the franchisor? O No, the contract formed was a voidable contract. Thus, the franchisor is void of responsibility if the business model does not produce profit for the franchisee. O Yes, the franchisee relied on these statements when deciding to contract and thus the franchisor should be responsible when the business model fails to work for the franchisee. O No, courts have generally held that the type of language relied upon by the franchisee is "prefatory" and does not create a duty on the part of the franchisor. O Yes, the money paid to the…Identify five reasons why a partnership may be dissolved.Suppose a partnership is set up and operated without a formal partnership agreement. What problems might arise? Explain
- What business form would be most appropriate for Tim’s and why? Explain the benefits and drawbacks of the business form you chose. Explain which general state and federal laws (see resources below) might impact registration of Tim’s business, due to the fact that it is a restaurant business.How exactly a limited partner can lose the limited partner status and become a general partner with unlimited liability? Can you think of any relevant case law? (accorning to canadian law)Compare the liability of the owners of partnerships, sole proprietorship, and corporations. Please explain