Explain the roles of limited liability partnerships and corporations

Liaising with the bereaved 1. The role of the Coroner is dealt with elsewhere in this section. The role of HSE 2.

Explain the roles of limited liability partnerships and corporations

List of business entities Forms of business ownership vary by jurisdictionbut several common entities exist: A sole proprietorshipalso known as a sole trader, is owned by one person and operates for their benefit.

The owner operates the business alone and may hire employees. A sole proprietor has unlimited liability for all obligations incurred by the business, whether from operating costs or judgments against the business.

All assets of the business belong to a sole proprietor, including, for example, computer infrastructure, any inventorymanufacturing equipment, or retail fixturesas well as any real property owned by the sole proprietor.

A partnership is a business owned by two or more people.

Explain the roles of limited liability partnerships and corporations

In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. The three most prevalent types of for-profit partnerships are: The owners of a corporation have limited liability and the business has a separate legal personality from its owners.

Corporations can be either government-owned or privately owned. They can organize either for profit or as nonprofit organizations. A privately owned, for-profit corporation is owned by its shareholderswho elect a board of directors to direct the corporation and hire its managerial staff.

A privately owned, for-profit corporation can be either privately held by a small group of individuals, or publicly heldwith publicly traded shares listed on a stock exchange. Often referred to as a "co-op", a cooperative is a limited-liability business that can organize as for-profit or not-for-profit.

A cooperative differs from a corporation in that it has members, not shareholders, and they share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives.

Cooperatives are fundamental to the ideology of economic democracy. Limited liability companies LLClimited liability partnerships, and other specific types of business organization protect their owners or shareholders from business failure by doing business under a separate legal entity with certain legal protections.

In contrast, unincorporated businesses or persons working on their own are usually not as protected. A franchise is a system in which entrepreneurs purchase the rights to open and run a business from a larger corporation. One out of twelve retail businesses in the United States are franchised and 8 million people are employed in a franchised business.

Commonly used where companies are formed for noncommercial purposes, such as clubs or charities. The members guarantee the payment of certain usually nominal amounts if the company goes into insolvent liquidationbut otherwise, they have no economic rights in relation to the company.

This type of company is common in England. A company limited by guarantee may be with or without having share capital. A company limited by shares: The most common form of the company used for business ventures. Specifically, a limited company is a "company in which the liability of each shareholder is limited to the amount individually invested" with corporations being "the most common example of a limited company.

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A company limited by shares may be a privately held company A company limited by guarantee with a share capital: A hybrid entity, usually used where the company is formed for noncommercial purposes, but the activities of the company are partly funded by investors who expect a return.

This type of company may no longer be formed in the UK, although provisions still exist in law for them to exist. Like a corporation, it has limited liability for members of the company, and like a partnership it has "flow-through taxation to the members" and must be "dissolved upon the death or bankruptcy of a member".

A hybrid entity, a company where the liability of members or shareholders for the debts if any of the company are not limited.

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In this case doctrine of a veil of incorporation does not apply. Less common types of companies are: Companies formed by letters patent: Most corporations by letters patent are corporations sole and not companies as the term is commonly understood today.

Before the passing of modern companies legislation, these were the only types of companies. Now they are relatively rare, except for very old companies that still survive of which there are still many, particularly many British banksor modern societies that fulfill a quasi-regulatory function for example, the Bank of England is a corporation formed by a modern charter.

Relatively rare today, certain companies have been formed by a private statute passed in the relevant jurisdiction. Note that "Ltd after the company's name signifies limited company, and PLC public limited company indicates that its shares are widely held.

Equalizing effects of the tax and transfer system?

In a company limited or unlimited by shares formed or incorporated with a share capitalthis will be the shareholders. In a company limited by guarantee, this will be the guarantors.

Some offshore jurisdictions have created special forms of offshore company in a bid to attract business for their jurisdictions.The Tax Department of Farrell Fritz has created this blog to provide meaningful information and to elicit discussion regarding those Federal and New York tax issues which are of particular concern to closely-held business organizations and their owners.

The purpose of the subject is to explain the roles of limited liability corporations (LLC) and partnerships (LLP), and discuss under what circumstances one would choose to use an LLC or LLP to establish his or her own business.

Sep 17,  · Partnerships are more flexible than corporations, but the owners are open to legal liability, making them more difficult to sell.

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Corporations can protect their members and employees from legal liability and can typically raise money more easily, but they have less flexibility and more governmental paperwork.

Explain the roles of limited liability partnerships and corporations. If you were establishing your own business, under what circumstances would you choose one from the.

Explain the roles of limited liability partnerships and corporations

Not only is the Institute meeting a felt need by students but it has also achieved recognition by employers, many of whom sponsor their employees as students; and by the colleges, where the Institute’s examinations have been incorporated into business studies training programmes as a first step towards a more advanced qualification.

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Limited Liability Corporation and Partnership - Sample Essays