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Partnerships and Companies

            Partnership is defined in the Partnership Act 1908 as carrying on business in common with view to a profit'. A partnership may involve 2-25 people, or up to 50 in special circumstances who will typically bring a mix of capital and/or skill to the business.
             A limited liability company is a very common form of business organisation and the essential aspect of a company is that it is a separate legal entity from those who may own shares or be involved in the running of the company. This means that the company is a separate person' independent of its members. It can enter into contracts, own property, sue or be sued and be convicted of some criminal offences. .
             To determine the best structure for Italian Store' we will need now to compare the features of each one.
             Partnership Limited Liability Company.
             Because a partnership is not a separate legal entity, the partners are personally liable for all the debts and liabilities of the partnership and therefore their personal assets are at risk in relation to business liabilities. The liability of the shareholders for the obligations or debts of the company are limited to the amount unpaid on the shares. The company is responsible for its own debts but this advantage may be lost if the people in the company give personal guarantees to secure the company's indebtness.
             Partners have an equal share of the assets. Company owns the assets.
             The establishment and costs of operating a partnership will be easier and less costly because it is a less formal business structure with fewer reporting requirements and no registration requirements. Higher legal and accounting costs because of the formality of the structure. There is a statutory requirement that certain information be registered and available to the public.
             Partnerships only have the borrowing power of individuals and partners will have the same limitations as sole traders in the use of trading stock and/or future assets as security for borrowing.


Essays Related to Partnerships and Companies

1. The Social Partnership

(Boyd, 2002) pointed quoted a point from (The Copenhagen Centre for Partnership Studies,2002) stating that Social Partners and Social Partnership can be defined as: Social Partnership can be defined as a tri or multi-partite arrangement involving employers, trade unions, public authorities (the state and/or local/regional authorities) and/or others (e.g. voluntary sector). ... (The Copenhagen Centre for Partnership Studies, 2002). ... Methodology The purpose of this study is to examine the Different ways to which Social Partnership is interpreted and utilised as well as seeking to evaluate wh...

  • Word Count: 5360
  • Approx Pages: 21
  • Has Bibliography
  • Grade Level: Undergraduate

2. The Case of Limited Partnership

Company. ... Company and concluded that the evidence of receipt of profits from the partnership, along with the management of partnership business and signature on legal documents as owner, was adequate evidence of the trustee's partnership status. ... American National Insurance Company responds that Mr. ... On 1976, the partnerships modify the original contract by doing that Green and Murphy become General partners of the company by modification. ... Limited Liabilities Companies Some view LLC as an extension of the partnership for federal tax treatments. ...

  • Word Count: 2059
  • Approx Pages: 8
  • Has Bibliography
  • Grade Level: High School

3. Partnerships in business

A partnership, in most cases, is a business with two or more people carrying out the day-to-day activities involved in the business; the law does not set a limit on how many people can be involved in a partnership. ... In a general partnership, each partner is jointly liable for the debts of the partnership. ... The main advantage of the partnership, then, lies in the working relationship between the partners rather than in the legal structure of the company. ... To remain a limited partner, one must take no part in the management of the firm or act on behalf of the company; they will becom...

  • Word Count: 738
  • Approx Pages: 3
  • Grade Level: Undergraduate

4. Business Partnerships and Alliances

One reason an organization may seek to form an alliance with another, is to overcome a company weakness (Gibbs & Humphries, 2009). ... Each company is different, with a set of strengths and weaknesses unlike any other organization. Therefore, each company should determine what it is seeking to gain through the partnership, because no organization can do it all on their own (Mitchell, 2004). ... Shared risks involve determining the level of risks that each company has in the partnership (Mitchell, 2004). ... Successful Business Partnerships Successful business partnerships should have three t...

  • Word Count: 872
  • Approx Pages: 3
  • Has Bibliography

5. Starbucks Coffee company

Starbucks Coffee Corporation is a nationwide coffee company based in Seattle, Washington. ... Starbucks has also created partnerships with Pepsi Co, Inc., together they developed a bottled Starbuck's frappuccino. In a 50/50 partnership, Dreyers" Grand Ice Cream, Inc. will distribute five flavors of Starbuck's coffee ice cream. ... The company satisfies customers and gives back to the community and the environment. ... Other partnerships will bring new products for Starbucks, such as jazz CDs, and tandem units with bagel bakeries. ...

  • Word Count: 1365
  • Approx Pages: 5

6. Types of Business Units

There is another form of partnership called Limited Partnership where the registration is required at the Companies House. ... Like the sole trader, the common form of partnership has no separated legal identity so it doesn't need to be registered at the Companies House. 2. ... Limited companies have to file their accounts with Companies House for public access. 3. ... Forming a Limited Partnership does mean registration with Companies House, which take a long time period and it is a complicated method. 3. If a member of a partnership wants to leave a partnership, the partnership will ha...

  • Word Count: 765
  • Approx Pages: 3
  • Grade Level: High School

7. Enron

In 2001 Enron Corporation, energy and commodities trading company, became the largest company ever to file for Chapter 11 bankruptcy protection. ... InterNorth, a gas pipeline company out of Omaha, Nebraska, and Houston Natural Gas of Texas joined together to form the largest natural gas company in the United States. ... Enron also had a 1.2 billion reduction in shareholder equity due to partnerships set up and run by Andrew Fastow, chief financial officer. With the sudden downturn many groups became suspicious, one important group was the Securities and Exchange Commission, which was concerne...

  • Word Count: 713
  • Approx Pages: 3

8. When The Healthcare Parachute Fails To Open

Our insurance company's server was down, which meant she"d have to pay full price for my prescription. ... Insurance companies have to pay claims based on these increased costs, so they raise premiums. ... Most companies still pay the premium, or most of it, on their worker, but few companies still pay the premium for dependent coverage. ... In Texas an agency, the TexCare Partnership, was established to address the issue of uninsured children. ... First, the TexCare Partnership only exists in the state of Texas, hence the name. ...

  • Word Count: 1056
  • Approx Pages: 4
  • Has Bibliography

9. Setting up a new business

Setting up a new Business Ownership The type of ownership for the business will be a partnership. ... A partnership can involve between two and twenty partners allowing for further expansion and more financial backing if needed. The partnership would be owned in a ratio of 60:40, me owning 60%. ... A partnership brings additional expertise from all the partners. A formal partnership agreement would have to be drawn up to settle any disputes. ...

  • Word Count: 2165
  • Approx Pages: 9
  • Grade Level: High School

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