Desribes six ways in which a company is different from a partnership.
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- A couple who own their own residential property as joint tenants run into marital trouble and separate. The husband immediately changes his will so that, rather than everything passing to his estranged wife on his death, it now goes to his brother and sister in equal shares. He is killed in a traffic accident before any settlement is reached on the house. a) Explain who is entitled to the husband’s share of the house and why. b) Explain who would be entitled to his share if the couple had owned the house as tenants in common and why. Ignore any family law issues. (Explain the operation of the Australian legal systems and processes relevant to property law including: basic principles, current statute, common law and equitable principles; roles and responsibilities of key organisations; constitutional considerations; separation of powers; basic principles of the law of torts, particularly relating to negligence and negligent misstatement, courts and regulatory bodies).What is the operational or organizational structure of a Limited partnership and how your the partnership addresses tax and liability issues?What is the The Value of Partnerships?
- Discuss the key characteristics of a private limited company and a partnership.What is the process of converting a sole proprietorship into a different business ownership structure?Business structure has different economic, legal and tax consequences. As a result, please explain the tax advantages and disadvantages of running a business as a sole trader, a partnership, and a limited company.
- ANALYZE THESE BUSINESS TYPES: SOLE PROPRIETORSHIP PARTNERSHIP LIMITED LIABILITY COMPANY CORPORATIONYou have been invited to become a member of a partnership. What are five of the considerations you need to assess in making a decision whether to join the partnership and whether to become a general or limited partner?What is the aim of the company’s management?