The Importance Of Legal Status For Setting Up A New Company

Our business is a partnership type of business because it’s owned by two people. Through our partnership, we will increase the level of our business, making decisions and implementation of changes can be fast, and we cover each other for holidays and

Company limited by guarantee are organisations which are registered with a company house and are found more within organisations that are of a larger size and have their own buildings, employ their own staff and have significant contracts or other responsibilities. These companies have a legal right of their own, which means that any agreements or contracts made with that certain company are held within the name of the company, however this limits financial liability.

Beginning a new business venture sounds like a easy task. All you need is a great idea, opportunity to select your team so you can begin to make some moves and find a few investors to invest in to this dream you have. Before you know it you are making a profit and moving onto a new location. Sounds easy but there is much more that goes into starting a new business than most people may know. To accomplish this, the business has to satisfy several objectives that exclusively add to the business. This paper will narrate some of the particulars of previous works from week two, three, and four with information such as the business and

responsible for business debt, and has one or more limited partnership who are only liable to

* Limited Liability - Unlike partnerships and sole proprietorships, corporate shareholders are not liable for any of the corporation's debts.

There are numerous legal procedures to be followed when attempting to set up a new business in any foreign country. It should firstly be decided if the business will be run offshore or by a domestic entity. Considerations should be made in terms of beneficial outcomes from a contractual, taxation, operational and employment

2. Explain at least two (2) reasons why a business owner might opt to become a partnership over a corporation. Provide support for your rationale. According to Eric Feigenbaum of Demand Media, gives

Limited Company – Organisations set up to run your business. They must adhere to legislation such as The Companies Act 2006. This act sets out duties the appointed director holds. For example, to ‘act within your power as a company director’. These businesses need to be registered with Companies House and must submit any important

A shareholder in a limited company is not personally responsible for any of the debts of Tesco, other than for the value of his investment in Tesco. Although a shareholder's liability for Tesco's actions is limited, the shareholder may still be liable for its own acts. For example, the directors of small companies, who are frequently also shareholders, are often required to give personal guarantees of the company's debts to those lending to the company. They will then be liable for those debts in the event that the company cannot pay, although the other shareholders will not be so liable.

A partnership is a business that has 2 or more people working in it like Starbucks is a business that is in a partnership. The advantages are you have more capita available to you and the company you have combined skills with other workers simple to set up you have tax advantages the disadvantages are unlimited liability you have to share your profit with the other owners you can have conflicts with owners or workers that do not agree partnership ends to death and possible

A corporation is a legal entity designed to shield its owners from liability claims brought against it, as long as they maintain a separation from the entity (Legal-Dictionary.com, 2015). The co-mingling of Drizins’ personal funds into

c) Corporation has some disadvantages such as double taxation, more regulation and difficult to start than forming sole proprietorship and partnership.

During this 21st century, we find that almost every nation has companies set up and these institutions play a major role in the nation’s economy. We can find that new companies are being incorporated almost in a daily basis under the Companies Commission of Malaysia, in accordance with Companies Act 1965(The Act). However, we realised that the concept of separate legal entity derived its mere foundation from Salamon v. Salamon & Co Ltd which dates back to several centuries.

A partnership is a business organization where the partners own the business together and are

Unlike partnership, a company is distinct from the members and is capable of enjoying rights and duties in its own capacity, which is not the same as those of its members. As Lord Macnaughten in Solomon v Solomon & Co Ltd case quotes “the company is at law a different person altogether from the subscribers and the company in law is not the agent of the subscriber or trustee for them. Nor are the subscribers as members liable, in any shape or form, except to the extent and in manner provided by the