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Lit1 Corporations Essay

2102 words - 9 pages

 
 
  LIT1
 –
 Task
 1
 (Part
 A)
 
 
  Sole
 Proprietorship:
  • Single Ownership - The single individual always owns sole proprietorship form of the business. The individual owns all assets and properties of the business and bears the risk of losing or gaining from the business.
  • No Sharing of Profit – The business is owned by an individual, therefore, all of the gains are directly available for the owner to access immediately. There is no friction between owners
  • One
 Man’s
 Control
 -­‐
 The
 controlling
 power
 in
 a
 sole
 proprietorship
 always
  will
 be
 the
 owner.
 However,
 the ...view middle of the document...

 
  General
 Partnership:
  • Formation
 –
 This
 type
 of
 business
 is
 formed
 when
 two
 or
 more
 individuals
  enter
 into
 business
 together.
 
  • Taxation
 -­‐
 No
 local
 or
 state
 filings
 (other
 than
 appropriate
 tax
 returns)
 are
  required
 to
 create
 this
 type
 of
 partnership.
 The
 setup
 is
 like
 a
 sole
  proprietorship,
 a
 partnership
 has
 only
 one
 level
 of
 taxation.
 
  • Risk
 -­‐
 The
 distinguishing
 feature
 of
 a
 partnership
 is
 the
 unlimited
 liability
 of
  the
 partners.
 Each
 partner
 is
 personally
 liable
 for
 all
 of
 the
 debts
 of
 the
  partnership.
 

• • • •

Dissolving
 Business
 –
 This
 type
 of
 business
 is
 easy
 to
 close
 in
 case
 the
  business
 fails.
 However,
 the
 distribution
 of
 assets
 is
 complicated.
  Profit
 Retention
 -­‐
 The
 company
 profits
 are
 split
 among
 owners
  Location
 –
 Both
 partners
 would
 need
 to
 agree
 upon
 the
 business
 location
 as
  they
 have
 equal
 voting
 rights
 according
 to
 the
 UPA.
  Longevity
 -­‐
 The
 company
 could
 continue
 without
 one
 partner
 but
 it
 should
  be
 stated
 in
 the
 partnership
 agreement
 on
 how
 the
 business
 plans
 to
  handle
 such
 events.
 
 


 
  Limited
 Partnership:
  • Statute
 -­‐
 A
 limited
 partnership
 may
 be
 created
 only
 in
 accordance
 with
 a
  statute.
 If
 the
 statute
 is
 not
 followed,
 unlimited
 liability
 may
 be
 imposed
 on
  all
 the
 partners.
  • Partnership
 –
 A
 limited
 partnership
 has
 two
 types
 of
 partners:
 general
  partners
 and
 limited
 partners.
 It
 must
 have
 one
 or
 more
 of
 each
 type.
  • General
 Partner
 -­‐
 have
 actual
 authority
 as
 agents
 of
 the
 firm
 to
 bind
 all
 the
  other
 partners
 in
 contracts
 with
 third
 parties
 that
 are
 in
 the
 ordinary
  course
 of
 the
 partnership's
 business
  • Taxation
 -­‐
 A
 limited
 partnership
 pays
 no
 federal
 income
 taxes.
 Generally
 it’s
  a
 pass
 through
 taxation.
 There
 are
 limitations
 of
 
 claiming
 losses
 beyond
  $25,000
 per
 year.
  • Fiduciary
 Responsibility
 -­‐
 General
 partners,
 as
 agents,
...

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