Types of business organization
Types of business organization BSP1004
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This 4 page Study Guide was uploaded by moonlightkitty on Friday October 9, 2015. The Study Guide belongs to BSP1004 at National University of Singapore taught by in Spring 2015. Since its upload, it has received 62 views. For similar materials see Business Law in Business at National University of Singapore.
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Date Created: 10/09/15
9 gt 9 9 E E E 9 g E m L Q C 4 L L C CD 8 ro m c c E L E C C O l a 4 4 O m L 390 C 39 E E U Q 4 0 CU L D D L 4 U D E D 393 Descriptio Ownership Biz org which allows Can invite investors Owned by group of Separate legal entity n Business owners to run the biz don t have a say in the individuals may be sued or be sued organisation owned by one person can have more than one person involved in the business org as a partnership and yet enjoy status of a separate legal entity Governed by LLP Act Must register Partnership if not First Schedule will applyX510 Must keep acting records company similar to a partnership which allows for partners with limited liability Governed by LP Act Governed by Partnership Act 2 or more persons carrying on a business in common with a view of pro t called a rm in its own name owns property in its name iabiity separate from its owners perpetual successionowner dies company continues Need to be familiar with Company Act Formalitie s Registration required Must register Partnership agreement if not First Schedule will apply 10 Must keep accounting records to explain nancial position of LLP although need not submit annual returns only submit annual declaration of solvency 24 During registration must indicate who is limited partner Must keep accounting records to explain nancial position of LP Responsibility of general partners Must register Preferably have a Partnership agreement pro t and loss distribution mngemnt of assets Must incorporate Require a Mamp A Must appoint Dir Company Secretary and Auditors Must conduct annual company meetings Must le annual returns with audited accounts Pte Exempt Company need not audit account however must still le annual returns Must maintain registers register of members charges Members One owner 2 members min Min 2 220partners Shareholders may be Owners rs determined by natural personcorporate Can be natural partnership agreement personcorporate bodies Min all property brought into lsharehodersharehode the stock of partnership r can also become becomes partnership director sounds like sole property proprietorship Relationship determined by MampA and possibly shareholders agreementable to restrict transfer of share to within original shareholders Managem Managed by sole Min 1 manager Limited partner shall nt Equal right to manage Directorcan be that sole ent owner Must be natural person participate in shareholderat least one 18 years of age management of LPif he Partners are agents of the must be ordinary resident Ordinarily resident in participates he ll become rm and of each other of Singapore Min singaore a general partner instead Decision made by one 18years Cannot be Must not be disquali ed of a limited parner partner can affect the disquali edeg to act as manager rest bankruptcy bankruptcyS33 gt eg a partner sought Un t manager because contract from a supplier of insolvenet LLPS34 binding towards other 36537 partners also Finance May obtain loans May obtain loans May obtain loans Obtain loans Greater access to May form May add partners May add partners Add partners fundsease and amount partnerships gtcompanies can give some form of securitycharges Issue new shares to get more investors Public listing Pro t Pro ts will all go to To be shared in GP have unlimited Shared equally for pro t Shareholders does not distributio the owner accordance wih liability and limited and liability have share of the pro t n partnership agreement partners have limited Unless partnership states as pro ts earned belong Liability Unlimited liability liabilityusually to otherwise to the company Partners have limited contribution in Shareholders earn money liability accordance with Note through dividend partnership agreement Liabiity of partners Unimited liability Limited liability company Joint amp Several Company unlimited liabilitycan sue one or liability Shareholders sue all limited liability Partner s right to demand contribution Owners have limited liability No one can sue the shareholders if company fails Dissolutio Deregister Deregister Deregister Voluntary Voluntary winding up n Contnue to be liable Separate legal entity Continue to be liable for Agree to de Company declare for personal debts Death Bankruptcy and may be dissolved similar to a company By creditor of partner Bankruptcy of partner does not affect position as partner but cannot act as Manager debts May be dissolved similar to partnership But will not be dissolved on death bankruptcy or mental incapacity of limited partner registerexpiration of partnership Involuntary Death of partner Bankruptcy of partner Application to court to dissolve partnershipseen as the other partner don t want to dissolve partnership already bankruptcy Involuntary winding up Only available in company Receivership Judicial Management attempt to have mutual agreement to resolve partner suffering from mental disorder partner guilty of misconduct partner persistently breaches the partnership agreement If AB and C enters into a partnership A leaves partnership BampC can reach a new partnership Liabilities incurred before leaving partnership still holds for that person Take note of section numbers Why partnership not LLP lack of knowledge attitudes more comfortable with traditional concepts Voting by poll amount of shares you have Voting by hand one per person
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