Essays on Limited Liability

Charlotte Supplements is a small-scale organization operating in Charlotte North Carolina (NC) selling over 6,000 products. The portfolio of the company includes supplements for vitamins, minerals, herbs, and sports edibles. Due to its scale, the company does not interact with the audience digitally regarding product information such as prices. Moreover, the company operates for a limited span each week (CS, 2017). The purpose of this paper is to propose a business model and a competitive strategy for overcoming this small-scale but a potential competition. The paper will explain the core concept of strategy briefly prior to the proposition. ...

Argumentative Essay

Military innovation contributes to the success of states in war. However, it has been shown in the literature that the U.S. and Britain failed to significantly innovate or revolutionize their military in the interwar period. This paper argues that this failure is primarily rooted in two major factors: anti-militarism attitudes, and a military culture that disregards the usefulness of past military experiences to future wars. During the interwar period, few refuted the importance of mechanized, powered means of transportation and tanks. The debate revolved around whether this technology could be integrated into traditional processes or strategies or whether more ...

Introduction

There are several options open to Acme Fireworks. As a sole proprietorship, the owner is able to hire employees. The biggest benefit of a sole proprietorship is the easiness of dealing with taxes and the easiness of running the business. There are some drawbacks to being a sole proprietorship, such as the fact that the owner is personally liable for any legal situation that arises through various contracts or business deals (Dishman, 2010). The owner of Acme Fireworks should strongly consider upgrading his sole proprietorship because the business contracts appear like they may be permanent; regardless, as Acme is ...

Business, Company and Conveyancing Law

Part B Q. 1 Salomon v Salomon & Co. Ltd. (1897) is a landmark case on the incorporation, features, and nature of companies. The case is important in the formation of businesses in some respects. Firstly, the significance of the case with regards to the formation of companies is that it introduced the principle of a company being a separate, autonomous, distinct or independent entity from the owners or even the promoters of the enterprise. This is important in that it shields the owners from any liability that may be incurred on behalf of the company about its creditors. Further, ...

Organizational Chart

There are three types of decision making which are taking place at the different level of organization. At strategic level of decision, an overall picture of accounting information is needed which basically involves financial report such as balance sheets and income statement (Dichev, 2008). At functional level organization-level decisions that carry day to day, operations are taken. At functional level accounting data input and maintenance take place.

Q2. Users and Purpose of Accounting

Solution: Accounting refers to the recording of the transaction which includes the detailed examining of all the budgeting proceedings (Riahi-Belkaoui, 2004). The basic function of accounting is to provide all the information ...

Mission Statement

Strategic planning in an organization is an important management function. It seeks to define the evolution of an organization in order to make its structure and management more suitable to the market needs which ultimately help it achieve its objectives (Hill and Jones, 2008). Mission statements play a key role in the success of such strategic plans as it helps to communicate the purpose of the organization to employees and other stakeholders. An organization’s purpose as defined in the mission statement consists of the target market and the contribution a product will make to the society. By communicating ...

Acme Fireworks

A number of factors are to be considered when it comes to taking the decision of the most favorable business structure for a specific commercial venture. Given the situation of Acme Fireworks, the pros and cons that need to be weighed before deciding on the business structure include the offering of highest protection, the highest investment return, and the most favorable rates of taxes. When there is a need for liability consideration, along with needs of employment and huge contracts, the recommendation to Acme Corporation owner would be to amend his status from the present sole proprietorship to a ...

Business Organization

Business Organization The businesses are organized in diverse ways whereby, the form chosen influences the owners’ liability and the company treatment of the tax. The most common types of the business in the global are the proprietorship, partnerships, corporations, and limited liability companies. These forms of the business have different structures, the number of members and amount of capital. According to U. S Small Business Administration (n.d), the partnership is the best form of the firm. It is the form of the business where two partners agree to participate in business. Each party is expected to contribute money, skills, ...

Business Law

Business Law The most important aspect when launching a new business is to determine the type of business structure to be able to make the business a successful venture in view of the legal and tax implications that are part of the selected business structure. The six types of business structure shared on U.S. Small Business Administration (2016) website are as follows:

The most basic form of business type and is owned by one person, form a legal standpoint the business has no separate legal identity and the owner can be sued in their own name and the owner ...

US 311: Business Law I

You are the manager of Acme Fireworks, a fireworks retailer who sells fireworks, puts on ground display fireworks, and large aerial display fireworks. The company started in the owner’s garage two years ago and now has 15 employees that you manage. The company started as a sole proprietorship, and the owner has never changed the entity. The owner has informed you that the company has received inquiries from several large businesses wondering if the company could create several fireworks displays on a regular basis. The owner told the inquirers that the company could fill such display orders, and ...

Issues

This case concerns the analysis of the validity of the offer and its acceptance under the terms and rules of the contract law made in different forms by virtue of the advertisements in the newspaper.

Contractual relations are comprised out of two primary pillars as the offer and acceptance. In fact, the one party to the contractual relations should provide the other one with the offer. In case the second party accepts this offer this implies that these people have entered into the legal and binding relations. Given the merits of the case, one may see that Philip plays ...

Importance of Entrepreneurial Activity to the UK Economy

Introduction Constantly growing and developing economic relations, both between countries and between participants within a country, are prerequisites for the creation of new forms of business. Entrepreneurship is an important, but not the only factor in economic and social development of many countries (Waschik, Fisher and Prentice, 2010). However, uncontrolled, no adjustable (wild) business (without the supervision of the state) is just as harmful as the administrative-command system. Entrepreneurship is essential for the development of a competitive environment, in order the final consumer of products has the right to choose, but does not content with goods offered to him/her ...

JONES &TREVOR MARKETING INC. V. JONATHAN L. LOWRY, ET. AL. In Jones & Trevor Marketing, Inc. v. Jonathan L., Lowry, et. al., 2012 UT 39; 284 P.3d 630 (2012), Jones & Trevor Marketing entered into a contract with Jonathan Lowery and Nathan Kinsella. The contractual relationship did not flourish and Lowery and Kinsella sought to cancel the contract. In response. Jones & Trevor Marketing filed suit. During the pending lawsuit, the defendants dissolved the company and Jones & Trevor sought instead to hold Lowery and Kinsella personally liable by piercing the corporate veil under the alter ego theory. Jones & Trevor Marketing alleged that ...

Introduction & Brief Description of Business

Entrepreneurship allows for the opening of new businesses bringing about jobs for the people in a community and revenue that benefits not only the business but also taxes for the city and the state. Entrepreneurs usually take advantage of processes to enable their success in business to include lean experimentation that allows for the resolution of risks speedily and with minimum resources thereby allowing for testing of a business model; the enactment of investing which permits the entrepreneur to confront risks in order of importance thereby having the ability to use only the resources that are needed to meet ...

Describe the organizational forms a company might have as it evolves from a start-up to a major corporation. List the advantages and disadvantages of each form Business undergo through various forms that include sole proprietorship, partnership, and a corporation. A proprietorship is owned by one person and has three key advantages that include easy and inexpensive formation, subject to few regulations, and its income is taxed at the owner’s personal income tax rate instead of the corporate tax rate. However, the proprietorship suffer from certain drawbacks that include unlimited liability to the owner, the life of the business ...

A partnership is a written agreement that shows the duties of each partner and how income will be distributed. There are many reasons for forming a partnership. One is additional capital. You may not want to go thru the hassle and regulations of incorporating, so you find someone(s) with needs matching your own. Another is access to credit markets. Forming a partnership shows you are serious about the business where operating as a sole proprietor could be interpreted as just a hobby. A third is the lack of skills needed to be successful. Each partner adds something of ...

VIRGINIA PARTNERS, LTD VS DAY

The liability of persons in partnership is guided by the type of partnership they are in. There are basically two types of partnerships; the limited partnership and the limited liability partnership. In limited partnership the partners are personally liable for business excesses, debts and losses and as such are paid by dividing them among themselves. The limited partnership has partners divided further into general and limited partners. General partners are personally liable for all partnership debts. Limited partners on the other hand have limited liability up to the original investment in the business. From the case study Virginia Partners ...

The name of the business will be “Mr. Sheeda.” It is a fictitious comic character that, and the name is of this character. This name has been used to form unique associations with the business name. The name has its origin from one of the workers working at a Desi Restaurant. Mr. Sheeda is a unique name and is not used by any other business corporation operating in New York State. It will be checked from the “Division of Corporations, State Records, and UCC.” This division is a subset of Department of States of the State New York. It ...

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Introduction

A sole proprietorship is an organization that has one owner who deals with the companies needs like paying for the income tax. Also, it does not get support from the government and also the simplest to form. Moreover, the sole proprietorship has different benefits and disadvantages just to mention a few the formation of the business is not hard and one is his or her boss. However, the disadvantage is that one pays tax personally. Also, Welch cannot be held responsible for the unpaid debt because they are limited liability partners because according to the ...

Business Start Up

Business Start Up I would like to start up a business for software development. The company will have software developers to create applications for mobile and software for computers to target different companies. With the two products of computer software and mobile applications, the market is broadened. The top consumer targets include real estate companies, play stores for mobile, banks and financial institutions, and other startup companies that require website building and maintenance. Good business plans capture different aspects of entrepreneurship. A good business plan should present the planner as a classic capitalist who presents facts on how they ...

Agency is a legal relationship presupposing that a person represents another person and has a right to act for him/her. The person acting on behalf of the other is the agent. Principal is a person who the agent acts for.

The agency can be created:

Duties of an agent to the principal: Duties of e principal are stated in the contract and include: A principal is bound by the contract if the agent has the actual authority or the apparent authority. Actual authority can be express (based on the written or oral words) or implied (interpreted from words or conduct of the principal) Apparent ...

Question and Answer

(2). The best business from for this circumstance would be a limited partnership. In a limited partnership is a partnership with at least one limited partner. In this case the limited partners would be my nine friends that contributed the U.S. $6 million for the purchase of the team. I would be the general partner. As general partner I would be liable for the obligations of the team but also, as agreed upon, I would also be the sole general manager of the business with the authority to make all business and baseball decisions. The limited partners would have ...

Introduction

The decision as to the form of business structure that one chooses depends on quite a number of things. There are different legal requirements in New Zealand for running different forms of business structures. For instance, there is a minimum number of people of people required to start a private limited company. There are also tax implications in whichever form of business structure that an investor chooses. For instance, for partnerships, only partners are taxed on their share of partnership profits earned (Collier, 2003). On the other hand, limited liability companies are taxed at a corporate tax rate on ...