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Explain to William and Oliver what steps they need to take to successfully incorporate their company and the rules concerning company names.
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- 5. Which of the following distinguishes a partnership from a corporation? A) A partnership is formed by two or more owners. B) There is a relative ease in financing the operations and investments of the company due to owners pooling their resources. C) Multiplicity of owners is beneficial for brainstorming. D) The liability of the firm generally extends to its owners. 6. Which of the following best describes agency cost? A) Costs involved with any effort to minimize the conflict between the principal's interest and the 2/3. B) Cost incurred by an agent to facilitate the creation of an agency relationship with theirprincipal. C) Cost incurred by a principal to establish an agency. D) Agency costs are irrelevant costs that are not measurable nor recognized in the face of the Financial Statement and is therefore not a cost to a company. in the long-term. 7. Which of the following is a valid reason why Financial Managers should put emphasis on long-term growth rather than short-term profit…What are the legal obligations and responsibilities of business owners and directors, including fiduciary duties, corporate governance, and compliance with company laws?1. Explain the all the forms of and the advantages and disadvantages of each form of business. Define each form of business, sole proprietor, partnership, LLC, LP, and Corp. Next for each form of business explain the advantage and disadvantage of that particular form of business, comparing that form to the other types discussed. 2. Explain which form you would want to use for your business. o Explain why.
- What is the nature of liability of limited partners as to limited partnership debts or obligations? A. They are liable up to the extent of their capital contribution only B. They are liable pro-rata up to the extent of their separate assets after the partnership assets are exhausted C. They are liable pro-rata up to the extent of their capital contribution only D. They are liable equally up to the extent of their separate assets after the partnership assets are exhaustedDescribe the differences between a sole proprietorship, a partnership, and a corporation as business entities, including their advantages and disadvantages from a legal perspective.What are the legal requirements and considerations for forming a business entity, such as a corporation or a partnership?
- Contrast the sole proprietor and partnership forms of business detailing the advantages and disadvantages of each.Pursuant to Ind. Code § 23-1-21-2(b)(2)(A), the incorporators can, if they decide to do so, specify the purpose or purposes for which the corporation is organized and attach this to the articles of incorporation. You should consider why to do this or not do it and provide your reasoning:Discuss the legal requirements and considerations involved in forming a partnership. What are the rights and responsibilities of partners, and how are profits and losses allocated?
- Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees in accounting from an Ivy League institution. Instead of seeking employment, the friends decided to create their own accounting business. At their initial meeting, the friends could not decide whether to form a partnership or a limited liability company. You were approached as a company law student for advice on the type of business that would be appropriate for the friends. A) Assume the friends opted to create a partnership, and has asked for your assistance in creating a Partnership deed; create a partnership deed that includes at least six terms that the friends may use to guide the functioning of their firm. The terms should be detailed enough to be legally binding and should be original.A general partnership would be the best choice of legal entity for a business such as a manufacturing company. True FalseCompare and contrast the similarities and differences between sole proprietorships, corporations, and partnerships. Include the advantages and disadvantages of each