17. PARTNERSHIP
They will share
in the profits and
losses equally
unless there is an
agreement to the
contrary.
18. PARTNERSHIP
• Agreement between two
or more people
• Can be oral, written or
by implication
• Partner’s are responsible
for debts
• Cost is minimal
• Articles of Partnership
19. PARTNERSHIP
If Joe Roberts
opens the bar with
another person and
nothing is said
about the type of
business entity to
be used, what
happens?
33. PARTNERSHIP
A dissolution
is when a partner
ceases to be
associated with
the venture.
34. PARTNERSHIP
A winding up
involves the
collecting of the
assets and
distribution of
the assets.
35.
36. LIMITED PARTNERSHIP
A limited partnerships
consist of one or more
general partners and
one or more limited
partners.
37. LIMITED PARTNERSHIP
This form of business is
generally used to raise revenue
since the liability of the limited
partners is limited to the
persons’ investment as long as
they have no say in the
operation of the business.
38. LIMITED PARTNERSHIP
Must file a Certificate
of Limited Partnership
with the state which
certificate must state that
the business is a limited
partnership.
39.
40. LIMITED PARTNERSHIP
The business must be
run by the general
partners without the
active participation of
the limited partners.
41.
42. LIMITED PARTNERSHIP
The liability of the
limited partner is
restricted to the
investment but the
general partners have
unlimited liability.
43.
44. LIMITED PARTNERSHIP
A limited partnership
is dissolved the same
way as a general
partnership. However,
the death of a limited
partner does not dissolve
the business.
48. LIMITED LIABILTY PARTNERSHIP
This is a hybrid
between a partnership and
corporation. It is used by
professionals like lawyers
and doctors to avoid
personal liability.
50. LIMITED LIABILTY PARTNERSHIP
It must be registered
with the state as an LLP
and the business must file
a certificate of annual
registration each year.
51. LIMITED LIABILTY PARTNERSHIP
The partners are
not personally liable
for the malpractice
claims against the
other partners.
54. CORPORATION
• Owners get stock in
the corporation
• Owners liability is
usually limited to the
value of the stock.
55.
56. CORPORATION
A corporation is a
separate entity so its
status does not change
with the death or sale
of stock by a
shareholder.
57. Think of Macy’s
Department Store. A
stockholder may die but
the business goes on.
58. CORPORATION
• Shareholders elect the
board of directors
• Directors set policy and
appoint officers
• Officers run business ona
daily basis
59.
60. CORPORATION
• Owners liability is usually
limited to capital
contribution
• Owner can be liable if he or she
guarantees corporate debt
• Pierce corporate veil
• Owners always liable for
payroll taxes of coproation
61. Can the officers of a
corporation ever be
personally liable for
the actions of the
business?
87. There are
international
norms created by
commercial entities
that are applied by the
merchants to
their transactions.
88. Many customs
have been supplemented
by the active participation
of the government
in establishing
international legal
norms.
89. For instance, Congress has
signed a number of laws
for international trade
and treaties have been
enacted that incorporate
general international
legal principles into
U.S. law.
90. The Foreign Sovereign
Immunities Act reinforced
the immunity of foreign
governments in the
U.S. courts but not
when engaged in
commercial activities.
91.
92. These are organizations
and business entities
that play a role in creating
international legal
principles and rules
that govern the
community of nations.