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Partnership Essay Topics & Paper Examples

Case Memo: Howard Wolowitzz & Rajesh Koothrappalii

THE PARTIES: 1.Howard Wolowitzz: eighty-seven years old, was an excellent engineer. He was a retired soldier who had served with the Canadian Army. He worked in Ontario later, and became a realtor and a developer of lands. 2.Rajesh Koothrappalii: fifty-five years old, was a chartered accountant. He has abundant experiences and background knowledge about the hotel businesses. ABSTRACT: Howard Wolowitzz and Rajesh Koothrappalii first met in 2000. From then on, Wolowitzz and Koothrappali decided to begin investing in the hotel businesses to make profits under the suggestion of Koothrappalii as Koothrappalii was very familiar with the hotel industry. Through several investments on the similar projects, Howard Wolowitzz fundamentally believed that he and Rajesh Koothrappalii had been into a “partnership” when…

Partnership and Norms

Partner selection and dating is an imperative basis in an individual’s accomplishment of one of his psychosocial needs. Selecting a partner and the process of dating is crucial in determining the quality and nature of future relationships and marital decisions. According to Maslow’s hierarchy of needs, as represented by a pyramid which indicates the basic needs of man and its importance in self-actualization, the third most significant need of man is the need to belong and be loved by others (Huitt, 2004). An individual’s need to become an accepted and valuable part of society, and the need to affiliate with people of the opposite sex, is an innate characteristic of man. Therefore, selecting a partner becomes an important decision that…

Partnership Distributions

The capital used to carry out the operations of the partnership usually comes from the individual partner’s contributions. There contributions represent capital (their interest in the partnership). Under the general tax provisions, contributions by partners to a business can be at a gain or loss, which is not recognized. The same treatment is accorded to distributions received by the partners from the partnership. The distributions received by partners from the partnership can result into their interest reducing (liquidating distribution) or remain the same as it was before the distribution (current distribution). The liquidating distributions can reduce completely a partner’s interest after one or several such distributions. It is important to note that the distributions that substantially decrease a partner’s interest…

Importance of Partnerships

The term partnership entails the joining of two entities or corporations of people or organizations with the unique intention of achieving much better results of the intended goals through combination of effort and other related resources. Indeed the general perception of partnership has evolved as a very central theme in the field of policy making since other fields such as social care, health matters, environment, urban generals, fighting and combating crime and terrorism, performing criminal activities and biotechnology continues to embrace partnership (Ling 2002, pp. 615-642). Partnership is also highlighted in the modernization of the various social services in Europe and in other parts of the world (Miller & Ahmad 2000). Various issues relate to the concept of partnership. The…

Legal, Social, and Economic Environments of Business

There are several categories that a small business can fall into. Within these businesses there are legal, social and economic environments that effect how the business is run and whether the business is a success or failure. From the cost to run to how the tax return is filed; all three have their advantages and disadvantages. All three also can produce a lucrative income for the right person or people. It is imperative to the business for the owner(s) to choose which path is the best way to go while taking in consideration the pros and cons of each type. Legal, Social, and Economic Environments of Business The idea of a three pronged cord came to me when I noticed…

Characteristic of partnership

Identify and explain any FOUR (4) characteristics of a partnership. A partnership means a business is founded by two or more individuals, for example like small businesses which including retail or services business. There are certain characteristic for partnership, the first characteristic is partnership is limited life. Partnership may only established in certain year based on the partnership agreement. Partnership is easy to be terminate if one of the partner is death, bankruptcy or do not carry out certain responsibility if there is no such agreement is made. When a partner is being withdraws or added, the business should make a new partnership agreement if they wish to continue operate in partnership. This partnership’s business can be continue if with…

Working Partnership

3.1 Explain why it is important to work in partnership with others. It is important that you work in partnership with all of the people surrounding the individuals that you are supporting, in order to ensure the best possible support and care are provided. This will include Carers, Families, Advocates and other people who are sometimes called “Significant Others”. In order to work well in partnership, there has to be good communication therefore you will need to have good communication skills. Other people may be able to provide useful information to support you in your work, and you may be able to find useful information to support them in being part of the individual’s life. An example might be if…

Business Entities, Laws, and Regulations Paper

There are different scenarios with three different forms of entities that require taking control, taxation, and possible liability issues into account. These considerations will not only serve to ensure compliance is met but also so that each establishment is protected. In the first scenario Lou and Jose plan to open a restaurant/sports bar, the issue is that they have not accumulated of the money, but Miriam, a prosperous investor is willing to contribute the funds although she doesn’t have time to be physically involved in the business. In the second scenario Frank happens to be a wealthy investor who has a strategy to open up a chain of exterminating businesses throughout the United States. The third scenario is Akiva and…

Law for Manager

The partnership act 1890 governs the relationship of the persons and the outside world. And in respect of dissolution; if there is no partnership agreement, the partnership act set out the rights and duties of the partners. Such rights and duties (by act or agreement) may be varies by the consent of all partners. (S 19). ‘The relation which subsists between persons carrying on a business in common with a view to profit. ’ Under S24 (5) ‘in common’ means every partner has a say in the firm. The members are only liable for their subscription unless the partnership agreement says otherwise. Saywell V Rope [1979] the wives are not in the partnership as no evidence suggested. ‘Person’ includes a…

Work In Partnership

1.1 Identify the features of effective partnership working. A partnership is an arrangement between two or more groups, organizations or individuals to work together to achieve common aims. Features of this are that; All the parties involved have some sort of personal stake in the partnership; All the partners are working towards a common aim; The partners have a similar ethos or system of beliefs; The partners work together over a reasonable period of time; There is agreement amongst the partners that a partnership is necessary; There is an understanding of the value of what each partner can contribute; There is respect and trust between the different partners. 1.2 Explain the importance of partnership working with colleagues, professionals and others….

Partnership

Q-1Define Partnership and explain the features of Partnership? Ans. A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business. A partnership must file an annual information return to report the income, deductions, gains, losses, etc., from its operations, but it does not pay income tax. Instead, it “passes through” any profits or losses to its partners. Each partner includes his or her share of the partnership’s income or loss on his or her tax return. Partners are not employees and should not be issued a Form W-2. The partnership must…

Understanding Partnership Working

There are many advantages to partnership working. The main advantage being, that when all partnerships work together it enables the service user to have a better quality of life and sustain authority and freedom over their own lives. Good Partnership working between individuals and health and social care providers will encourage compliance with care as well as promote a positive outlook with a service which people participate in rather than simply receive. Each Health and Social Care provider will have their own expertise in their own line of work. They will also have their own unique relationship with the individual, here are just some for example? The Carer that provide the service user with support with personal care, social visits,…

Orchid Partners: Executive Summary

Orchid Partners is a Venture Capital firm being founded by give general partners Todd Krasnow, Susan Pravda, David Friend, Bill Nelson and Jeff Flowers – who have known each other for many years in various professional and personal capacities. All four partners are driven and committed to this venture and bring the strength of prior experience in venture capital industry, entrepreneurship, operations (hands-on running of businesses), raising capital to fund ventures, familiarity with the deal making process on either side of the table, as well experience in multiple industries. Moreover, their strengths are complementary such that they overcome individual weaknesses – eg. Friend prefers to be a visionary and rainmaker, while Krasnow has operational expertise and Susan holds the fund together….

Shelter Partnership

I. CASE FACTS i. Shelter Partnership, Inc. is a nonprofit organization collaboratively solving homelessness in Los Angeles County through policy analysis, program design, resource development, and advocacy in support of agencies and local governments that serve the homeless. Shelter Partnership was founded in 1985. ii. The organization provided program development to obtain employment, housing and education, and conducted research in understanding homelessness better. iii. The direct material assistance was provided to homeless shelters through the Shelter Resource Bank which solicited donations of new/excess inventory from manufacturers/retailers and distributed these goods to the homeless shelters in LA. II. STATEMENT OF THE PROBLEM How should Shelter Partnership appropriately account for the rental cost of the warehouse (where Shelter Resource Bank is operating)…

Reconstitution and Dissolution of a partnership

ABSTRACT: The paper aims to study using secondary research resources. That what are concepts of Partnership reconstitution and dissolution according to the partnership act 1932. Under what circumstances a partnership firm is entitled to these two concepts respectively, what are the rights, duties and liabilities of each of the partners involved under each case. And according to what modes can the accounts be settled among the partners upon the winding up of the business. INTRODUCTION “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all (THE PARTNERSHIP ACT 1932) Partnership’ does not mean a body or association; it means a relationship between…

Business Ownership

There are three different forms of business ownership, the Sole Proprietorship, the Partnership, and the Corporation. Each of these businesses have major advantages and disadvantages. The sole proprietorship is a business which is owned and managed by one individual. Some of its advantages are, the ease of formation, its management control, and its distribution of profits. Some of the disadvantages are, its unlimited liability, the lack of continuity, the capital requirements. Let’s begin with the advantages. A sole proprietorship is very easy to create. Anyone who wants their own business simply needs to get the necessary licenses from, for example, the state, the county, and/or their local government. After he or she obtain these licenses, he/she can begin operating their…

Business Forms Worksheet

There are seven forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company (including the single member LLC), S Corporation, Franchise, and Corporation. 1. Research and provide three advantages and three disadvantages for each business form. 2. Provide a 100- to 200-word summary in which you provide an example business that you would start for each form. What is legally necessary to file in order to form that business? Discuss at least one of the advantages and one of the disadvantages of that form. Sole Proprietorship Advantages 1. Minimal legal costs to forming a sole proprietorship. 2. A sole proprietor has complete control and decision-making power over the business. 3. Few formal business requirements. Disadvantages 1. All responsibilities…

Articles Of Partnership

That no transfer will reduce the ownership of Filipinos citizens to less than the required percentage of capital shall be recorded in the paper books of the partnership. ARTICLE VII. That the profits and losses shall be divided pro-rata among the partners. ARTICLE VIII. That should there be any additional contribution made by a limited partner, such must be agreed upon by all the partners in writing and duly recorded at least two (2) days after signing of same agreement. Such contribution shall amend Article VI of the Articles of Partnership and in no case shall such amendment be done less than one (1) year after the original recording of said partnership by the Securities and Exchange Commission. ARTICLE IX….

LAW 531 Week 1 Knowledge Check

Which of the following is true of a corporation? Corporation owners are only taxed once on earnings. A corporation terminates upon the death of an owner. A corporation is a separate legal entity. Corporation shareholders are subject to unlimited personal liability. Correct 2 There are two general partners, each of whom contributes $5,000 in capital to a limited partnership. There are two limited partners, each of whom contributes $20,000. The total amount of capital contributed is $50,000. The limited partnership agreement does not stipulate how profits and losses are to be allocated. Assume that the limited partnership makes $300,000 in profits. Under the Revised Uniform Limited Partnership Act (RULPA), how much would each partner receive? Each general partner would receive…

Business Structure Advice

Owner- Congratulations for taking the first step in starting your own business. I am confident that I can provide you the necessary information that you need in order to help you make the best decisions for you and your new business venture. Developing a detailed business plan is key in starting a successful business. When forming a business you will first need to decide on the business structure. In your email you stated that you were on whether or not you wanted partners. You have the following options for business structures: sole proprietorship or partnership. A sole proprietorship is the basic type of business structure. It would consist as you being the owner only to run and operate the business….

Entity Selection

Facts: After 20+ years of working for other firms, Penelope (enrolled agent, age 41), Mark (CPA, age 43), and John (CVA, age 65) want to leave the firms they are currently employed by and become their own bosses. Penelope specializes in taxes, Mark is the auditor, and John is a business valuation expert. There are so many options available as to how they can structure the new business. The appropriate business entity for any individual(s) will depend on their particular facts and circumstances. You are a valued colleague and friend of this threesome, and they have come to you seeking advice as to how to structure their new business. They have the knowledge to figure it out themselves but are…

Limited Liability Partnership (LLP)

Fred and Ginger are general partners in a business. They decide to purchase a building for the partnership. Ginger will put up the money for the building, and Fred will complete the remodeling. While inspecting the building, Fred is informed that the building is packed full of asbestos. He fails to tell Ginger of the presence of the substance. They buy the building and go into business. During the remodeling of the building, people from the neighborhood begin complaining about the dust from the building. Some of them even threaten to sue. Who is liable? Both Ginger and Fred are liable, regardless of the circumstances, by virtue of the fact that they are partners. Which type of business formation is…

Sole Proprietorships

1.Understand the importance of sole proprietorships in our economy. 2.Explore the advantages presented by doing business as a sole proprietorship. 3.Assess the disadvantages and dangers of doing business as a sole proprietorship. Key Terms And Definitions Angel Investors Affluent individuals (or groups of individuals) who provide capital to start-up and early-stage businesses. Entrepreneur A person who organizes a business and carries the risk of loss and reward of profit with it. Initial Public Offering (IPO) The first time a corporation sells its shares to members of the public. Private Placement A nonpublic offering in which a business sells securities to a few chosen and qualified investors to raise capital. Sole Proprietor A type of business where there is no legal…

Corporation and all other organizational forms

1-1. What is the most important difference between a corporation and all other organizational forms? Owners of a corporation are not liable for obligations the corporation enters into because a corporation is defined as a legal entity separate from its owners. 1-2. What does the phrase limited liability mean in a corporate context? Limited liability means that owners/investors are solely liable for the amounts they invested in the company; and owners/investors are not responsible for any debts, delinquent funds, or collections incurred by the company. 1-3. Which organizational forms give their owners limited liability? Corporations give owners limited liability and limited partnerships give limited liability to the limited partners, not the general partners. 1-4. What are the main advantages and…

Benguet Corporation

1. Statement of the problem The Benguet Corporation refused to submit concentrate samples to the Philippine Associated Smelters and Refining Corporation (PASAR). The Benguet Corporation faces shortage in producing their products and complying its contract to Mitsubishi Metal Corporation and complying the LOI. 2. Analysis of the case Strengths The Benguet Corporation is the major producer of copper concentrates. It was the oldest mining company, the largest gold and chromite producer and one of the largest copper producers in the Philippines. Smelted Weaknesses Benguet Corporation production was expected to decline steadily which results a negative impact to Mitsubishi Metal Corporation. The Letter of Instruction (LOI) ensures the Philippine Associated Smelting and Refining Corporation (PASAR) an adequate supply of copper concentrates from…

Role of a partner in a partnership firm

1.INTRODUCTION Statement of problem According to Section 11 of The Indian Contract Act 1872 a minor cannot be a partner in a partnership firm but as per section 30 of The Indian Partnership ACT 1932 he may be admitted to the benefits of partnership and so he has a share in the profits but doesn’t have to incur any loss suffered by the firm which increases the liability of the other partners. Review of Literature Defining Partnership The first codification of law of partnership in the modern form was made in the Indian Contract Act 1872( Chapter XI).This chapter consisted of 28 sections in all(sections 239 to 266) which were mainly based on English precedents. With the rapid development of commerce…