Types of business entity

compensation. Every state has set a minimum number of employees that an employer has to have before the employer is required to have workers comp. The number may be one employee, but is usually 2 to 4 employees. Therefore, if you work in a very small business, your employer may not be required to have workers compensation.…

Company is an artificial person, it doesn't physically exist. Therefore, a company can only run its own affairs through human agents. The board of directors as a human agent plays a critical role in the management of a company. And directors themselves are obligated to various duties and responsibilities which come from three areas: the common law, statute law (The Corporations Act 2001) and a company's constitution. This article will analysis relevant director's duties which Adoni might have…

Now that the critical first step to creating a successful nonprofit organization is done, one can now incorporate their nonprofit. Incorporating a business means to constitute a company or organization as a legal corporation. A corporation is a legal entity that is legally a person who is separated from its owners (Investopedia.com). To incorporate a nonprofit organization is as easy as going online or calling by phone. A common website used to incorporate an organization is through,…

required to file an informational report with the IRS of the profits passed to the general partners. A1c: The Limited Partnership is a business form in which investors known as limited partners agree to share in the profits of a partnership without having a voice in partnership management. · Liability: General partners are seen as legally the same entity as the partnership. They are jointly and severally unlimitedly liable to their creditors. Creditor may go after the assets of…

658 N.E.2d 1058, citing Crosby v. Beam (1989), 47 Ohio St.3d 105, 107, 548 N.E.2d 217. A corporation is a separate legal entity from its shareholders, even when there is but one shareholder. An attorney 's representation of a corporation does not make that attorney counsel to the corporate officers and directors as individuals. Because the corporation is a separate entity from its directors and officers, causes of action belonging to the corporation may not be litigated by the officers for…

Case Activities 3 Discharge in Bankruptcy In this case, Joseph Harman, the president of Carter Oaks Crossing was loaned $400,000 by Caroline McAfee. Harman signed a promissory note that specified the company would repay the amount of the loan with interest in installments in which the installments would begin in 1999 and end in 2006. Harman signed a personal guaranty with the promissory note. Carter Oaks Crossing eventually defaulted on the note causing McAfee to sue Harman for payment under…

determines and improves generally accepted accounting principles (GAAP) for U.S. state and local government entities. However, GASB is not a government entity, it is an operating component of the Financial Accounting Foundation (FAF), a private sector not-for-profit entity (GASB, "Facts About GASB "). The accounting and financial reporting standards established by GASB are essential for government entities operate differently than for profit businesses. The Financial Accounting Standards Board…

Ltd for the steel cables. At the same time, Alex took a loan of $500,000 from Eastpac Bank Ltd. on behalf of Smart Engineering Pty Ltd. for the purpose of expanding the business of the company into…

company’s assets and half of salary previous paid to Mr. Hooper. The decision reached was in Mr. Yoder’s favor and was reaffirmed upon appeal (Hooper v. Yoder, 1987). The case was heavily influenced by the Uniform Partnership Act, which governs the business dealings of partnerships. This case in particular highlights the legal cadence of dissolving and forming businesses and partnerships as well as places an emphasis on the preferred legal structure for companies where sales and production are…

“Man is an animal that makes bargains (or exchanges): no other animal does this - no dog exchanges bones with another”. (Smith, A. (n.d.) Whether man is an animal or better described as a creature, notwithstanding, it can easily be said, even taken as an axiom that humans are actors in the economy. Even Robinson Crusoe on his little island maybe described as an economic actor in so far as he is motivated to behave based on factors such as scarcity, choice and cost. It has been said that “man…