Limited partnership

Anyone who is intended to enter the business world,should know that there are 5 types of business organisations that he or she needs to take under consideration. Those legal structures are: sole trader,partnership,partnership with limited liability(LLP),private limited company (LtD) and public limited company (PLC). This project will explain in detail the structure of those organisations,list the documents required to set up every single one of them and will also mention about financial accounts needed

Advantages of partnerships: More capital can be raised because more people (partners) are investing in the business. Roles and responsibilities are divided between the partners, which makes it not one-man job. Risks and loses are shared between the partners. There is no obligation to make the financial records publicly available unless the partnership has LLP status (Limited Liability Partnership). Disadvantages of partnerships: Partners are jointly liable to all the businesses’ losses and debts

undertake any work and where and when they will work. They are normally closer to their customers and offer a more personalised attitude and improved customers service. A sole trader no need complete many of the forms and accounting information that limited companies need to prepare. Annual accounts can help prepare the annual self-assessment tax return where you announce your annual profits and tax liability. Sole Trader Disadvantages The disadvantage is the owner of the business, are solely liable

Did you start a corporation or LLC in Florida and receive suspicious notices? You can disregard them. Every new corporation or LLC in Florida has administrative and regulatory requirements that must be fulfilled every year. Any small business attorney, accountant, consultant can tell you what is a “must-have” and what is not. For example, every Florida corporation or LLC must have a registered agent. A registered agent is simply a person appointed by the business owner who is available during normal

would be a small bed and breakfast owned and run by a husband and wife. As a partnership, all partners have a percentage of desicion making rights relevent to their stake in the business, with profits being distributed as an income to all partners, the percentage each partner recieves is set out in the partnership agreement. The business is owned by the partners, each has a stake, which will also be set out in the partnership agreement, relevent to the investment they have made. This is a simple way

and services where there is less demand. Firms are distinguished by their form of ownership. There are three types of businesses; sole trader, partnership and limited companies (public and

Business the AA Name: Jamal Kelly Institution: Redbridge College Business Organization A business is an organization that undertakes the exchange of goods or services for monetary gain. An economic system refers to the manner in which a nation or state is organized in the exchange of goods and services, production and allocation of resources. The economy is made up of three sectors; the private sector, public sector and voluntary sector. The private sector is made up of private

LLP is combination of limited liability Company (private ltd. company) and partnership firm and it has advantage of both of these. Due to its flexible nature LLP is preferred by small, medium business organization, service sectors and professional. It is one of the easiest business structure to manage and incorporate in long run. In 2008 LLP was introduced to invite foreign or angel investors to invest in Indian companies and make partnership. In 2011 Government issued a noticed through which FDI

for time off. Partnership Partnership are businesses who are owned by two or more people. A contract called a deed of partnership normally comes up. This shows what type of partnership it is, how much capital each party has put in, and how much profits and losses will be shared. A partnership can also have sleeping partners, which they invest in the business but does not have day to day in running the business. Examples of partnership is dentists, doctors and lawyers. Partnership is unlimited liability

(Quickmba, n.d.). Also, you will notice that in the table the similarities are extended from one structure to the other, while differences are kept in separate cells. | Sole Proprietor | General Partnership | LLP | LTD | PLC | Ownership | Owned by individual | Owned by partners in line with their partnership agreement | Owned by shareholders in line with their shares | | | Formed by 2 - 20 partners; | Must have designated members | Up to 50 shareholders | From 7 shareholders, no max. | Taxation