Legal entities

number of members in LLC. Some LLC also have only one owner, which is called a single member, and it is allowed in most of the states. Most states do not restrict ownership, and so members may include individuals, corporations, other LLCs and foreign entities” (irs.gov, 2014) There are some important factors that Alex, Bill, Carl, Devon and Xavier should know before they move forward to convert their business into Limited Liability Company. Ease and cost of formation In order to establish LLC, an

only one member. A single shareholder holds total shareholding. Who can become a Member? Only a natural person who is a resident of India and also a citizen of India can form a one person company. It means that other legal entities like companies or societies or other corporate entities cannot form a one person company. 2. One Director: The other material point is that a One Person Company may have only one director. But at the same time there is no bar on more number of directors. However, as per

that the sole proprietor will have in order to carry on the business. These can include associations with employees, agents, lenders (such as a bank) and trade creditors. This chapter looks at the structure of the sole proprietorship, its formation, legal status, name registration requirements, funding, management, and dissolution. It also

tax. The agreement was actually bringing the means that the plaintiff company is acting as its parent company’s agent and carried on the business in United Kingdom. The court said that a parent company and its subsidiary company are different legal entities. In order to become an agent of a

2. Organizations in Travel and Tourism business: When referring to the tourism industry, it is essential to understand its difficulty. There does not existing an industry with a ordinary structure functioning as an entity. Rather an congregation of multiple diverse industries and factors influencing each other and usually forming the tourism environment represents it. Thus, Tourism industry is the major sector in which foreign investment is common. In addition, in Maldives it can be alienated into

• Identify and describe the legal categories of a business organization contrasting tax-related advantages and disadvantages. There are three main forms of business organizations that are commonly known globally; they include; Sole Proprietorship, Partnership as well as Corporation. Looking at the Sole proprietorship, it is conventionally known as a business run by one person who is also the owner. This means that the owner has 100% control over the business. This form of business organization is

services like doctors, lawyers are generally organized as proprietary concerns. So in this case, he may choose sole proprietorship to practice in law. Characteristics of sole proprietorship: (i) No Separate Legal Entity: legally, the sole trader and his business are not separate entities. In other words, all the assets and liabilities of the businesses are the personal assets and liabilities of the

Introduction BOTT Ltd are Private Limited company that specialise in vehicle conversions which is based in Bude. They have other workshops in Scotland and Ashby. There is also, BOTT Hungary and BOTT Germany. These are all subsidiaries to BOTT group, which is an international corporation. BOTT Group is also German owned. BOTT UK sell worldwide, however they mainly sell to the UK and Europe. BOTT UK describe their products as ‘’providing affordable and effective solutions’’ – As described on their

To the Financial Board of the Positive Bank, You recently denied my clients a loan for their music production business on the grounds that ‘any reliable businessman would know that the only business form that can raise enough money to pay back a bank loan is a company’ and that as my clients chose a partnership as a business form on our recommendation the loan was ‘rejected’. This letter of appeal will firstly describe the advantages and disadvantages of the three business forms that are applicable

In fact, the use of general partnerships has diminished across the entire legal industry. As for corporations, typically, corporate status is not sought by small businesses like ours. Usually corporations are much larger. In addition, they require numerous formalities during creation and are not as flexible as the other types of entities. Further, corporations are “double taxed.” What this means is the corporation itself has to pay taxes, yet so do the