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Corporation and Business Structures Assignment

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Added on  2020-11-12

Corporation and Business Structures Assignment

   Added on 2020-11-12

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CORPORATION ANDBUSINESS STRUCTURES
Corporation and Business Structures Assignment_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11. Explanation on the nature, characteristics, advantages and disadvantages of partnership,trusts and companies available to Oliver and Emma..............................................................12. Summary of rights, duties and liabilities which are associated with partnership, trust andcompanies available to Oliver and Emma..............................................................................53. Recommendations for selecting the best business structure.............................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
Corporation and Business Structures Assignment_2
INTRODUCTIONStructure of corporation is more complex than the business structure. Corporation isknown for an independent legal entity which is separate from its owners and which is compliedwith more regulations and tax requirements. Business structure is known for the category oforganisation. It is the type of framework which is recognised in jurisdiction for conductingbusiness activities. This project involves a research using a case study of Oliver and Emma. Inthis report, explanation is provided on nature, characteristics, advantages and disadvantages ofpartnership, trust and companies. Further, rights, duties and liabilities which associated withpartnership, trust and companies are to be discussed. Lastly, recommendation is to be providedon selection of best business structure.MAIN BODY1. Explanation on the nature, characteristics, advantages and disadvantages of partnership, trustsand companies available to Oliver and EmmaAccording to the case study related of Oliver and Emma, both wants to start a business.To start a business and to select appropriate business structure, explanation of nature,characteristics, and advantages and disadvantages of trust, partnership and companies are asfollows-Nature and characteristics of partnership:Partnership is the type of business structure, where two or more individuals cometogether in dealing with business which is lawful and have agreed share of profit and loss.Business operations and management performed either by all partner or by anyone which act forall partner1. Partnership is the type of relation between individuals who come together and havedecided to invest their money, skill and resources with the motive of generating profit. Agreement of partnership may be oral or written but to avoid any misunderstanding andconflicts it must be a written agreement. Partnership has limited life which is established forlimited number of years. However, its characteristics are as follows- 1Fernández-Monroy M, Martín-Santana JD, Galván-Sánchez I. Building successfulfranchise partnerships: the importance of communication and trust. Management Decision. 2018May 14;56(5):1051-64.1
Corporation and Business Structures Assignment_3
Membership: To begin the partnership firm, at least two persons are required andmaximum numbers would be 100. Members who are entering in this agreement must have legalcompetency in operating business operations.Unlimited liability: Partners of the partnership have unlimited liability. But they areindividually and collectively liable for debt and obligation of firm.Sharing of profit and loss: When entering under partnership firm, members are liablefor sharing profits and loss in agreed ratio 2. If there is no agreement between partners, thenprofit and loss of business will share equally among them. Mutual agency: There is a mutual agency between the partners by which all of them oranyone can act on behalf of others for developing effective business operations.Voluntary Registration: There is no mandatory rule for registration of partnership butits registration provides much more benefit in conducting effective business operation.2Choi Y, Chang S, Choi J, Seong Y. THE PARTNERSHIP NETWORK SCOPES OFSOCIAL ENTERPRISES AND THEIR SOCIAL VALUE CREATION. International Journalof Entrepreneurship. 2018 Jan 1;22(1).2Illustration 1: Characteristics of partnership(Source: Partnership, 2018)
Corporation and Business Structures Assignment_4

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