Wales, Henry Windsor and Catherine Wales, William's wife, as a partnership. REQUIRED: a. What are some of the key differences between a partnership and a company, as a vehicle for operating a business? b. What type of company is AusFarm Limited? Distinguish Public and Private Company. Provide 3 advantages that a Pub Company have over a private company. Give Reasons for your answer.
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- 1.What are the main advantages of proprietorships, partnerships, and limited liability companies? 2.What are the disadvantages of a partnership over a limited liability company form of organization for a profit-making business?1.Discuss the advantages and disadvantages of creating a partnership and say why the company format was chosen instead. 2.Discuss whether or not the creation of a partnership could hamper their ability to borrow to fund their operations. 3.Discuss he advantages and disadvantages of forming a company. 4.Discuss whether they should form a public or private company and whether the company should be unlimited or limited. If you suggest that the company should be unlimited, should the company be limited by shares or by guarantee. Give reasons for the type of company chosen. 5.Discuss how the creation of a company may impact the ability of MM, AA, BB and SS to borrow money to fund their operations. 6.Describe and discuss two (2) corporate governance theories that may assist MM, AA, BB and SS in running their business. 7.Discuss how MM, AA, BB and SS may approach the appointment of Directors to their company and whether or not any or all of them should become Directors given their…4. Forms of business organizations Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics would apply to a partnership? Check all that apply. O Subject to unlimited personal liability O Taxed at individual level O Chartered by a state and is its own legal entity separate and distinct from its owners and managers O Income is allocated on a pro rata basis O Legal arrangement between two or more people O Can easily raise large amounts of capital You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, classify it as a sole proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership. Business Scenario Type of Business Andrew founded and…
- Based on the advantages and disadvantages of each of the following forms of businesses, give an example of a business that would be best suited to that particular form. Be sure to explain why that is the best option for the particular business. (1) Sole proprietorship (2) Limited partnership (3) Corporation (4) Limited Liability CompanyWhat type of Partnership as a business formation would be best suited for a "Silent Partner" (someone who contributes capital to a company but does not participate whatsoever in day to day operations) O General Partnership O C Corp O Limited Partnership O S CorpChris Gray, Bryson Alef, and Nick Pirollo are founding partners of their company, Scholly. Assume that Chris, Bryson, and Nick decide to expand their business with the help of general partners. Required 1. What details should Chris, Bryson, Nick, and their future partners specify in the general partnership agreements? 2. What advantages should Chris, Bryson, Nick, and their future partners be aware of with respect to organizing as a general partnership? 3. What disadvantages should Chris, Bryson, Nick, and their future partners be aware of with respect to organizing as a general partnership?
- A company is being created and the owners are trying to decide whether to form a general partnership, a limited liability partnership, or a limited liability company. What are the advantages and disadvantages of each of these legal forms?1. Limited Partners are involved in the day-to-day management of thebusiness. T/F 2. A Corporation can continue in existence if the owner leaves thecompany. T/FIs a mutiple question: Question : Accounting for the day-to-day activities for a Partnership or Limited Liability Corporation (LLC) is generally: Group of answer choices 1. the same as the accounting for a sole proprietorship only 2. the same as the accounting for any other form of business 3. is not the same as the accounting for any other form of business 4. the same as the accounting for a corporation only
- Which of the following is a reason to use a partnership as the legal form of a business? A. Partnerships avoid the difficulty of raising capital. B. Partnerships avoid the issue of mutual agency. C. Partnerships avoid the issue of double-taxation faced by corporations. D. Partnerships avoid the issue of unlimited liability.Question # 1: Which of the following statements is CORRECT? a. One of the disadvantages of incorporating a business is that the owners then become subject to liabilities in the event the firm goes bankrupt. b. Sole proprietorships are subject to more regulations than corporations. c. In any type of partnership, every partner has the same rights, privileges, and liability exposure as every other partner. d. Sole proprietorships and partnerships generally have a tax advantage over many corporations. e. Corporations of all types are subject to the corporate income tax.Which of the following is a distinguishing feature of a limited liability partnership? Question 10 options: a) It is intended to address the concerns of professionals who are not permitted to form corporations. b) It is a form of business that is not yet available in Canada. c) Its partners are shareholders. d) The liability of some of the partners is limited to their capital contribution.