Limited liability company

CONTRACT LIABILITIES AND WAYS TO AVOID THEM Potential Torts and Contract Liabilities And Different Ways to Avoid Them Abstract People who do business as a sole proprietor or in a partnership are liable for the torts committed by them and for torts committed by the business and its agents. The best way to avoid tort liability is to set establish their business as a corporation or a limited liability company. A corporation or limited liability company will act

We hold that a franchisor may be subject to vicarious liability for the tortuous conduct of its franchisee only if the franchisor had control or a right of control over the daily operation of the specific aspect of the franchisee’s business that is alleged to *135 have caused the harm. Because Arby’s did not

one has several options in the type of business structure to use. The different types of business structures are the sole proprietorship structure, the partnership structure, the corporation structure, the S corporation structure, and the limited liability company structure. Each structure has advantages and disadvantages and possible tax consequences. The sole proprietorship structure is individually owned and operated. The sole proprietorship structure is the least regulated and is the

LIT 1 Task 1 PART A Sole Proprietorship Sole Proprietorship is a business owned by one person, as distinguished from a partnership or Corporation. Sole proprietorship is a company, which is not registered with the state as a limited liability company or corporation. Some advantages of a sole proprietorship are that they have flexibility in operations. The sole proprietorship business is undertaken on a small scale. If any change is required in the operations, it is easy and quick to bring the

differentiate based on liability, tax implications, and what type of business is being evaluated when determining what structure to use. This paper will cover the advantages and disadvantages within the four types of business structures; Limited Liability Corporations, Corporations, Partnerships, and Sole Proprietorships. Corporations A corporation is a standalone entity. There are two types of corporations, general or S Corp. Advantages of corporations consist of limited liability, capital through

owners * One Man’s Control - The controlling power in a sole proprietorship always will be the owner. However, the owner is free to consult to whomever he/she likes. * Unlimited Liability - The liability of the sole proprietor is unlimited. This implies that, in case of loss the

of control and responsibility. The three common business structures are Sole trader, Partnerships and Companies. Limited company is the structure would be the most suitable business structure under which they should run their business. This is explained below. The couple should operate as a limited companies structure as opposed to a sole trader or joined partnership. Choosing a limited company may be difficult to setup compared to the other two

The Concept of Limited Liability and the Christian Worldview. “Morality cannot be legislated, but behavior can be regulated. Judicial decrees may not change the heart, but they can restrain the heartless” (Martin Luther King, Jr., Strength to Love, 1963). These words of Martin Luther King, Jr. speaks volume to the society that we find ourselves. It is very rare to come across business owners like Frank who wants to do what is right; first of all, by God and secondly by the laws of the country.

Limited partnership Description A Limited Partnership is made out of one or more broad partners and one or more constrained partners. The general partners deal with the business and share completely in its profits and misfortunes. Constrained partners partake in the profits of the business, yet their misfortunes are restricted to the degree of their venture. Constrained partners are normally not included in the everyday operations of the business. Two Advantages Being a limited partner limits liability;

Businesses are started every day, and each one is different in its own special way, but no matter what type of business it is, a sole proprietorship, a general or limited partnership, a C or S corporation, or a limited liability it will still be affected in some way by seven basic characteristics. The characteristics of business; liability, income tax, longevity or continuity, control, profit retention, location, and convenience or burden. In this paper a description of each business type and how