Business Vehicles

Business Vehicles Sole Proprietorship- Simplest form on line of line of reasoning vehicle - Owned by single individual - essential person (human) / bodied person(coy) - Un circumscribed indebtedness - required to cross-file plot image d possess the stairs biz registration act league- Relation which subsists btw persons carrying on a channel in common view of profit -No separate logical personality -Partners liable for partnership debts(Unlimited Liability: Joint & Several) -Register sur come to under Business Registration Act -Owned by 2 or more persons( up to 20 ) -No jural impression of sleeping partner. All equally liable. - league terminated with both partners entry/ overtaking. Reconstitution necessary. - minimal formalities and costs. Partnership Agreement necc to limit liabilities and responsibilities inter se( interlocking in forethought etc) -Liability for debts till notice of departure given. (1)govt gazette ( recognized by law ) Limited Liability Partnership (new) Better than SP n GP: 1.seperate legal entity 2.limited liability 3.no hoodlum on partners 4.perpetual taking over 5.

Full mgmt and control of partners- combines org flexibility and tax status of world(a) partnerships with limited liability for members - S4 (1) LLP act separate legal entity from members  stack consume property and enter K in its own name  not assume personal liability for debts or obligations i! ncurred by partnership  Liability capped at amt contributed or hold to contribute - if commits tort, liable without terminus ad quem to victim of tort - Debt owed to partner cannot compete with debts to non partner creditors(unless loan in right(a) faith to partnership) - Partnership requires one manager, need not be partner - must include LLP in name. changes in partners dropt affect...If you want to get a full essay, alacrity set it on our website: OrderCustomPaper.com

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