Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees in accounting from an Ivy League institution. Instead of seeking employment, the friends decided to create their own accounting business. At their initial meeting, the friends could not decide whether to form a partnership or a limited liability company. You were approached as a company law student for advice on the type of business that would be appropriate for the friends. (a) What kind of business would you suggest to the friends? Justify your recommendation. Your reasoning should not be more than 500 words and should cover the following points: the requirement for the registration of the business in Jamaica, the advantages and disadvantages of the business type and information on the dissolution of the business. (b) Assume the friends opted to create a partnership, and has asked for your assistance in creating a Partnership deed; create a partnership deed that includes at least six terms that the friends may use to guide the functioning of their firm. The terms should be detailed enough to be legally binding and should be original. (c) Explain three (3) fiduciary duties that Sebastian, Wyatt, and Mathew will have for the company that they want to start. Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees inaccounting from an Ivy League institution. Instead of seeking employment, the friends decidedto create their own accounting business.At their initial meeting, the friends could not decide whether to fom a partnership or a limitedliability company. You were approached as a company law student for advice on the type ofbusiness that would be appropriate for the friends.(a) What kind of business would you suggest to the friends? Justify your recommendation. Yourreasoning should not be more than 500 words and should cover the following points: therequirement for the registration of the business in Jamaica, the advantages and disadvantages ofthe business type and information on the dissolution of the business.(b) Assume the friends opted to create a partnership, and has asked for your assistance increating a Partnership deed; create a partnership deed that includes at least six terms that thefriends may use to guide the functioning of their firm. The tems should be detailed enough to belegally binding and should be original.(c) Explain three (3) fiduciary duties that Sebastian, Wyatt, and Mathew will have for thecompany that they want to start.

The legal identity of a Limited Liability Partnership (LLP) is distinct from that of its…

Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees in accounting from an Ivy League institution. Instead of seeking employment, the friends decided to create their own accounting business. At their initial meeting, the friends could not decide whether to fom a partnership or a limited liability company. You were approached as a company law student for advice on the type of business that would be appropriate for the friends. (a) What kind of business would you suggest to the friends? Justify your recommendation. Your reasoning should not be more than 500 words and should cover the following points: the requirement for the registration of the business in Jamaica, the advantages and disadvantages of the business type and information on the dissolution of the business. (b) Assume the friends opted to create a partnership, and has asked for your assistance in creating a Partnership deed; create a partnership deed that includes at least six terms that the friends may use to guide the functioning of their firm. The tems should be detailed enough to be legally binding and should be original. (c) Explain three (3) fiduciary duties that Sebastian, Wyatt, and Mathew will have for the company that they want to start.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees in accounting from an Ivy League institution. Instead of seeking employment, the friends decided to create their own accounting business.

At their initial meeting, the friends could not decide whether to form a partnership or a limited liability company. You were approached as a company law student for advice on the type of business that would be appropriate for the friends.

(a) What kind of business would you suggest to the friends? Justify your recommendation. Your reasoning should not be more than 500 words and should cover the following points: the requirement for the registration of the business in Jamaica, the advantages and disadvantages of the business type and information on the dissolution of the business.

(b) Assume the friends opted to create a partnership, and has asked for your assistance in creating a Partnership deed; create a partnership deed that includes at least six terms that the friends may use to guide the functioning of their firm. The terms should be detailed enough to be legally binding and should be original.

(c) Explain three (3) fiduciary duties that Sebastian, Wyatt, and Mathew will have for the company that they want to start.

Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees in
accounting from an Ivy League institution. Instead of seeking employment, the friends decided
to create their own accounting business.
At their initial meeting, the friends could not decide whether to fom a partnership or a limited
liability company. You were approached as a company law student for advice on the type of
business that would be appropriate for the friends.
(a) What kind of business would you suggest to the friends? Justify your recommendation. Your
reasoning should not be more than 500 words and should cover the following points: the
requirement for the registration of the business in Jamaica, the advantages and disadvantages of
the business type and information on the dissolution of the business.
(b) Assume the friends opted to create a partnership, and has asked for your assistance in
creating a Partnership deed; create a partnership deed that includes at least six terms that the
friends may use to guide the functioning of their firm. The tems should be detailed enough to be
legally binding and should be original.
(c) Explain three (3) fiduciary duties that Sebastian, Wyatt, and Mathew will have for the
company that they want to start.

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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