Ebook The legal environment of business (11th edition): Part 2
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội dung chi tiết: Ebook The legal environment of business (11th edition): Part 2
Ebook The legal environment of business (11th edition): Part 2
U5ine$5Three chums from school, who have all worked as employees at different companies for the past five years, decide to join together to start thei Ebook The legal environment of business (11th edition): Part 2ir own firm, a partnership developing real estate. They consult a lawyer in drawing up the paperwork for the new partnership, knowing that legal form is important for any venture. They also know that good intentions at the beginning of an operation often disappear later when issues arise: and this i Ebook The legal environment of business (11th edition): Part 2s what happens to them. The business does not do well, and the chums turn on each other. One partner does not do much work. Another partner charges peEbook The legal environment of business (11th edition): Part 2
rsonal expenses to the partnership. They cannot agree on how to split the income. Could they have headed these problems off by forming the right kind U5ine$5Three chums from school, who have all worked as employees at different companies for the past five years, decide to join together to start thei Ebook The legal environment of business (11th edition): Part 2hat they would like to be their own boss some day. It is a great goal, but there is no magic key. You are often on your own, since you cannot afford a team of lawyers, accountants, and other experts to guide you. This chapter examines the relative merits of different forms of organizations.There are Ebook The legal environment of business (11th edition): Part 2 over 30 million businesses in the United States. Sole proprietorships— often small businesses, such as consultants, dry cleaners, and restaurants—accEbook The legal environment of business (11th edition): Part 2
ount for the majority as Exhibit 13.1 shows. The data are not perfect as some proprietorships do not file tax returns, but the numbers give a sense ofU5ine$5Three chums from school, who have all worked as employees at different companies for the past five years, decide to join together to start thei Ebook The legal environment of business (11th edition): Part 2torships, partnerships, corporations, and limited liability companies. Every state has laws concerning some aspects of corporation and partnership formation, operation, and dissolution, but organizations are primarily created by actions and contracts. The statutory requirements regarding business fo Ebook The legal environment of business (11th edition): Part 2rmation are not burdensome, but each form has advantages and disadvantages. This chapter considers factors that may influence a business's choice of oEbook The legal environment of business (11th edition): Part 2
rganization. Finally, we look at franchises, a popular business form that continues to grow'.366CHAPTER 13-----—....Exhibit 13.1 BUSINESS ESTABLISHMENU5ine$5Three chums from school, who have all worked as employees at different companies for the past five years, decide to join together to start thei Ebook The legal environment of business (11th edition): Part 2arm22 million1.327821.4ProprietorshipsPartnerships3 million410066716.5Corporations5.9 million26 1001.9337.4Souưr: U.S. Census Buicau: Statistical AbstractSole ProprietorshipsA person doing business for himself or herself is a sole proprietor; the business organization is a sole proprietorship. The s Ebook The legal environment of business (11th edition): Part 2ole proprietorship is the oldest and simplest form of business organization. .As a proprietor, a person may simply begin to do business without formalEbook The legal environment of business (11th edition): Part 2
ity in enterprises that do not require a government license or permit, although most states require business names to be registered if a fictitious buU5ine$5Three chums from school, who have all worked as employees at different companies for the past five years, decide to join together to start thei Ebook The legal environment of business (11th edition): Part 2operty and is responsible for the control, liabilities, and management of the business.In a sole proprietorship, legally and practically, (he owner is the business; capital must come from the owner's own resources or be borrowed. Perhaps the two greatest disadvantages of the sole proprietorship are: Ebook The legal environment of business (11th edition): Part 2 the fact that limited alternatives exist for raising capital, and the owner is personally liable for all the business debts. liecause the profits ofEbook The legal environment of business (11th edition): Part 2
the business are taxed to the owner personally, a lax return in the business’s name is not required so long as records of income and expenses are keptU5ine$5Three chums from school, who have all worked as employees at different companies for the past five years, decide to join together to start thei Ebook The legal environment of business (11th edition): Part 2 satisfied.PartnershipsA partnership is defined as an association of two or more persons to cany on a business as co-owners for a profit. The partners or, more accurately, general partners, share control over the business's operations and profits. Many attorneys. doctors, accountants, and retail sto Ebook The legal environment of business (11th edition): Part 2res arc organized as partnerships. A “person" who is a partner in a partnership may be another partnership, a corpo-ration, or some other entity.At coEbook The legal environment of business (11th edition): Part 2
mmon law. a partnership was not treated as an independent legal entity. As a consequence, a case could not be bl ought by or against the business. TheU5ine$5Three chums from school, who have all worked as employees at different companies for the past five years, decide to join together to start thei Ebook The legal environment of business (11th edition): Part 2Thus, a partnership may sue or lx- sued and collect judgments in its own name. The federal courts also proride that, in most circumstances, a partnership is treated as a legal entity.368PART 2 Elements of Traditional Business IxiwPartnership law originated in the common law blit is now codified in t Ebook The legal environment of business (11th edition): Part 2he Uniform Partnership Act (ƯPA) and the Revised Uniform Partnership Act (RUPA). This act is offered to the states by the National Conference of CommiEbook The legal environment of business (11th edition): Part 2
ssioners on Uniform State Laws (see www.nccusl.org). The RUPA, which is often just referred to as the UPA. has been adopted in most slates and governsU5ine$5Three chums from school, who have all worked as employees at different companies for the past five years, decide to join together to start thei Ebook The legal environment of business (11th edition): Part 2ilent or where there is no formal agreement among the partners.Forming a PartnershipA partnership can begin with an oral agreement between two or more persons to do business as partners or with an implied agreement that may be inferred from the conduct of the partners as they do business together. I Ebook The legal environment of business (11th edition): Part 2f you and a friend start selling t-shirts together on the Internet, you likely have formed a partnership. Typically, the parties formalize their relatEbook The legal environment of business (11th edition): Part 2
ionship by a written agreement likely to cover the following key points:•Basia—name of the partnership, name of the business, place and date of formatU5ine$5Three chums from school, who have all worked as employees at different companies for the past five years, decide to join together to start thei Ebook The legal environment of business (11th edition): Part 2e due; how additional capital contributions will lx- handled; the allocation of ownership shares: accounting rules: the distribution of profits; and priority rights in payments•Management—voting rights of partners: appointment of managing partners; and, in some cases. a compensation committee•Dissol Ebook The legal environment of business (11th edition): Part 2ution—procedures to be followed if the partnership is terminated; rights of partners to leave the partnership; procedures to be followed if a partnerEbook The legal environment of business (11th edition): Part 2
dies: how partnership shares will lx- valued; limits on transfers of partnership shares: requirement to go to arbitration in case of dispute among parU5ine$5Three chums from school, who have all worked as employees at different companies for the past five years, decide to join together to start thei Ebook The legal environment of business (11th edition): Part 2nership have a name or that it lx- registered, outsiders might not know of its existence or who is involved.Partnerships may be informal, and some come about by oral agreement; but courts prefer to follow documentary evidence of a partnership to make sure the parlies have followed the requirements o Ebook The legal environment of business (11th edition): Part 2f state law, as the Broum case discusses.Case Background Brown was a wholesaleBrown V. Swett and Crawford of TexasCourt of Appeals of Texas. Houston 1Ebook The legal environment of business (11th edition): Part 2
78 s.w.3d 373 i20ữ5finsurance broker, a middleman between retail insurance agents and insurance companies. He worked closely with Galtney for a companU5ine$5Three chums from school, who have all worked as employees at different companies for the past five years, decide to join together to start theiU5ine$5Three chums from school, who have all worked as employees at different companies for the past five years, decide to join together to start theiGọi ngay
Chat zalo
Facebook