Partnership and Limited Liability Partnership Organization Essay Example for Free

Partnership and Limited Liability Partnership Organization Essay Introduction This is a report that shows a comparison between both Partnership and Limited Liability Partnership organization and to advise Mr. Tan on the business organization that is more likely to fit his needs for setting up a new consulting business. For this particular project, our group assumed that Mr. Tan used to be an accountant working for a big accounting firm and is now looking to set up a small accounting consultancy business. 1Process Required to Setup Business Organization Below are the processes to setting up a partnership and a limited liability partnership business organization respectively: 1.1Partnership Firstly, the partners have to fill with the Registrar an application for approval and reservation of partnership name. After the application is being approved, a partnership is required to be registered online via BizFile with ACRA through a professional business registration firm if both of the partners are not local citizen. The partnership must have at least two partners for registration. Following are the information needed: 1) Proposed name of the Partnership 2) Particulars of the partners/managers (foreign passport or Singapore ID) 3) Residential address of the partners/managers 4) Consent to Act as Manager and Statement of Non Disqualification to Act as Manager 5) If partner is a company: Registration details of the company 6) Singaporean or PR must pay Medisave 7) Declaration of compliance ACRA will then send an email of notification confirming the registration. A  business profile containing the registration details can be obtained as a softcopy via email from ACRA upon successful registration. Softcopies are usually sufficient to all purposes in Singapore. (enterAsia Information Services Pte Ltd, 2010) 1.2Limited Liability Partnership Firstly, the partners have to fill with the Registrar an application for approval and reservation of LLP name. After the application is being approved, an LLP is required to be registered online via BizFile with ACRA through a professional business registration. Following are the information needed: 1) Proposed name of the Limited Liability Partnership 2) Particulars of the LLP partners/managers (foreign passport or Singapore ID) 3) Residential address of the LLP partners/managers 4) Consent to Act as Manager and Statement of Non Disqualification to Act as Manager 5) If partner is a company: Registration details of the company 6) Declaration of compliance ACRA will then send an email of notification confirming the Singapore LLP registration. A business profile containing the registration details can be obtained as a softcopy via email from ACRA upon successful registration of the LLP. Softcopies are usually sufficient to all purposes in Singapore. (enterAsia Information Services Pte Ltd, 2010) 2Legal Characteristics of Each of the Business Organizations 2.1The Characteristics of Partnership (ASSAR, 2011) Two or more persons: Partnership involves business by a group of persons. There must be at least two persons to bring partnership into existence. Although there is no maximum number required in the Partnership Act, the Companies Act has placed a maximum limit 20 people in a business. A company must be registered if there are more than 20 people in the business. Contractual Relation: A partnership is a contractual relationship arising out of an agreement among the partners, a person does not become a partner out of his status as is the case in joint family. Persons entering in partnership must be competent to enter into a contract as it is essential, and the agreement among partners may be oral or in writing. A written agreement or deed is preferred because it helps in resolving some disputes among partners later on. Lawful Business: A partnership agreement only exists in a lawful business. Sharing of profits: An agreement among partners must include the sharing of profits and losses. A charitable trust cannot be called partnership because there is no sharing of profits. Profit sharing is only a superficial evidence of partnership but not a conclusive proof. The employees of a business may also share profits but they are not the partners. No Separate Legal Existence: A partnership firm is not a legal entity of its own. This means that the firm and the partners are one and the same. A firm is only a name to the collective name of partners and no firm can exist without partners. The rights and liabilities of the partners are the rights and liabilities of the firm. Management of the firm vests in partners who are its owners also. Unlimited Liability: Every individual partner is liable jointly and severally for the obligations of the partnership firm. Therefore, if assets of the business are not sufficient to meet the liabilities of creditors then private property of partners can be used to meet them. The creditors can claim their dues from anyone or all the partners. If these liabilities are met by one partner then he is entitled to receive rateable contributions from other partners. Restriction on Transfer of Shares: No partner can transfer his shares to an outsider without the unanimous consent of all other partners. It is based on the principle that a partner being an agent of the firm cannot delegate his authority unilaterally to outsiders. Utmost Good Faith: The very basis of partnership business is good faith and mutual trust. Each and every partner should act honestly and fairly in the conduct of business. A firm cannot be run if there is suspicion among partners. Partners must have faith in each other for running the business smoothly. 2.2The Characteristics of Limited Liability Partnership (LLP) A limited liability partnership is a business structures that operates similar to a partnership organizational structure. The difference is the limited personal liability afforded to each member of the company. Each partner is responsible for their own actions while conducting business. LLPs are tailored for professionals, such as doctors, lawyers and accountants. (Howell, 2012) Every Partner Equal: Each partner is an equal member in a LLP company. They decide together on various company issues, such as the name of the business, where it is located and how it is going to be operated. Partners also share equally in the profits and losses of the business. The number of people in LLP must not exceed 20. Limited Liability Protection: Each partner in this type of company is protected against the actions of the other partners which results in a lawsuit. For example, if one partner is subject of a malpractice claim and loses in court and have to pay damages, the other partners are not held financially responsible. However, partners in a LLP are liable for the obligations of the company such as loans used to purchase equipment and utility expenses. Pass Through Taxation of Profits: A limited liability partnership company is taxed similar to a business formed under the partnership and sole proprietorship organizational structures by a process called pass-through taxation. The company profits are not taxed at the company level but instead  are passed through to the partners to be reported on their individual tax returns. This prevents the double taxation that occurs in corporations where profits are taxed at the company and shareholder levels. 3Advantages and Disadvantages of Partnership and LLP 3.1Partnership Advantages of Partnership 1. Capital: Due to the nature of the business, the partners would contribute their share of capital to start up the business. Hence, the more partners there are, the higher the amount they could put into the business. This would give the partners better flexibility and greater potential for growth. It also means more potential profit, which would be equally shared between the partners. 2. Flexibility: It is generally easier to form, manage and run a Partnership. There are fewer restrictions in a partnership than in companies, in terms of the laws governing the formation. As the partners have the only say in the way the business is run without the interference of shareholders, they are far more flexible in terms of management, as long as all the partners can agree. 3. Shared Responsibility: Partners would be able to share the responsibility of the running of the business. This would allow the partners to make the most of their abilities and potential. Instead of dividing the management and taking equal shares of each business tasks, they would be able to divide the work according to their skills. Thus, if one partner is good with figures, they could deal with the book keeping and accounts, while the other partners might have different niche areas and specialize in different tasks. 4. Decision Making: Partners share the decision making and can help each other out when needed. With more partners means more brainstorming could be in place and the information they came out with could be picked out for  business ideas and for the solving of problems that the business may encounter. (Adrain, 2010) Disadvantages of Partnership 1. Disagreements: One of the most common disadvantages of partnership is the possibility of disagreements between the partners. People often have mixed ideas on how the business should be run, the task arrangements and are picky about what the best interests of the business are. All these might lead to arguments which might not only endanger the business, but also the relationship of those involved. That is why it is always preferred to draft a deed of partnership during the formation period to ensure that all partners are aware of what are in place in case of disputes and prepare for the procedures if a partnership is dissolved. 2. Agreement: As the partnership is jointly run, it is crucial that all the partners agree with decisions that are being made. This means that in some situations there is less freedom with regards to the management of the business. This is especially so compared to sole traders, where the sole trader need not seek agreement from anyone but himself. 3. Liability: Ordinary Partnerships are subject to unlimited liability, which means that each of the partners shares the liability and financial risks of the business equally. This might put of the idea of partnership for some people, as they might not want to take the risk. 4. Profit sharing: As partners share the profits equally, it can lead to inconsistency where one or more partners are not contributing a fair share of effort into the running or management of the business, but still reaping equal rewards. 3.2Limited Liability Partnership Advantages of Limited Liability Partnership (Janus Corporate Solutions, 2008) 1. Separate Legal Identity: A limited liability partnership has a separate legal identity. They can own properties, at the same time they can  enter into contracts, and sue or be sued in its’ own name. 2. Limited personal liability: The partners of the limited liability partnership will not be held personally liable for any business debts incurred by the limited liability partnership or the wrongful acts of their partners. A partner may, however, be held personally liable for claims from losses resulting from his own misconducts or omission. 3. Perpetual succession: Any changes in the limited liability partnership (e.g. resignation or death of its partners) do not affect its existence, rights or liabilities. 4. Ease of compliance: Compliance requirements are more complex than sole proprietorship but simpler than a private limited company. Disadvantages of Limited Liability Partnership (Janus Corporate Solutions, 2008) 1. Formation of limited liability partnership requires a minimum number of 2 partners at all times. 2. Individual partners can commit the partnership to formal business agreements without the consent of their partners. 3. Limited liability partnership lacks the ease of ownership transfer and investment that a company structure provides. 4. There are no corporate tax benefits: Tax exemptions are available to private limited companies but are not available to limited liability partnerships. A limited liability partnership is treated as tax transparent which means that limited liability partnerships are not taxed as an entity. Instead each partner is taxed on their share of the profits as per the personal income tax rates. 4Analysis on Choosing the Business Organization Since Mr. Tan is setting up a business for accountancy consulting, he should  opt for a Limited Liability Partnership organization instead of a Partnership. Mr. Tan is currently new to the business world, and might not have found a partner he could fully trust yet; therefore it is also to his advantage if his partner were to act wrongfully or if there is a change in partners, since in LLPs, partners are not liable for losses to outsiders arising from acts of another partner as compared to an unlimited liability if he were to go into a Partnership. In addition, the LLP is also not subject to full financial reporting and disclosure requirements, such as those on capital contributions and changes to capital (ACRA, 2005). This is an advantage to Mr. Tan’s business. Since the business is small, minor changes to capital will not have to be subjected to full reporting and disclosure. Furthermore, as mentioned earlier, LLPs are tailored for accountants. With that, our group is certain that Limited Liability Partnership Organization will meet the needs of Mr. Tan’s new consultancy business. Bibliography ACRA. (2005, May). Retrieved February 5, 2012, from ACRA Legal Digest Issue 8: http://www.acra.gov.sg/NR/rdonlyres/4B52C6B6-E89B-4DC3-A72C-A9C4BC62AAAB/10278/ACRA_LDI_08.pdf Adrain. (2010). The company warehouse. Retrieved 2012, from The company warehouse: http://blog.thecompanywarehouse.co.uk/2010/03/01/advantages-and-disadvantages-of-partnership/ ASSAR, R. (2011). Publish Your Articles. Retrieved February 2012, 6, from PublishYourArticles.org: http://www.publishyourarticles.org/knowledge-hub/business-studies/what-are-th e-characteristics-of-partnership.html enterAsia Information Services Pte Ltd. (2010). entersingaporebusiness. Retrieved Feb 05, 2012, from LTD Singapore: Setting up a limited liability partnership (LLP) in Singapore: http://www.entersingaporebusiness.info/limited-liability-partnership.php enterAsia Information Services Pte Ltd. (2010). How to set up a partnership in Singapore. Retrieved Feb 05, 2012, from entersingaporebusiness: http://www.entersingaporebusiness.info/partnership.php Howell, R. (2012). Hearst Communications Inc. Retrieved February 6, 2012, from Hearst Communications Inc.: http://smallbusiness.chron.com/characteristics-limited-liability-partnership-3729.html Janus Corporate Solutions. (2008). Singapore Limited Liability (LLP) Registration. Retrieved February 4, 2012, from guidemesingapore: http://www.guidemesingapore.com/incorporation/other/singapore-llp-registration-guide

Milton Rogovin :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  When I took this class I came in with no knowledge of photography. To me pictures were just a piece of film from the past. I never appreciated photography until I entered this class and viewed the pictures from the book and visited the New York Historical Society with photographs from Milton Rogovin. His exhibition truly surprised me. When I heard about this trip I thought it was going to be another museum visit. The second I entered his exhibition I see a huge wall with two people dancing the trance. That picture really started my trip positively. As I started to look around I noticed that all of his pictures were of people. Every picture had sadness to it. These photographs really touched me. They each have their own story to tell. In the beginning I was wondering why Rogovin took photographs like that but until later I realized what his point was. These people were all from lower classes. No one ever pays attention to poor people and these photographs really ma de these people feel like they were worth something. Rogovin said that these were â€Å"the neglected people and places of Buffalo, NY.† When I saw these pictures it seemed so real and natural. Rogovin did not have to do much to make these photographs mean something because automatically I felt something for these people just by looking at their faces. There were pictures of mothers with children, fathers with sons, friends with friends. Rogovin loved to see people grow through his pictures. He loved the way life could change so drastically in such a little time. He had a lot of photos that consisted of more than two sets. They all started off with the people being young and ending with them grown up. It was like a story of their life in just a couple of photographs. His work is amazing and it really did bring light to these people. It was very difficult to choose one photograph since I admired all of them and they all were touching pictures. But the one that really touched m e was photo #16.   Ã‚  Ã‚  Ã‚  Ã‚  This set consisted of four photos. It was a mother with her daughter and it ranged from years 1972-2001. I first looked at this picture without reading the story or listening to the summary. I wanted to compare my view to what was actually happening.

Faith of Children by Proxy Essay

In response to the query as to how an infant can be capable of making an act of faith, which is regarded as being necessary for baptism; Catholics refer to faith of infants born into Christian home, as guaranteed by faith of their parents and sponsors. The parents of such infants have the bounding duty to bring them up as Christians. When such children have grown in the faith their baptism is now given ‘confirmation’. In Mark 2: 1-5, an example of faith by proxy, sufficient for salvation of another is often cited by Catholics. ‘And after some days, He again entered into Capernaum. And it was heard that He was in the house. And so many gathered that there was no room left, not even at the door. And He spoke the word to them. And they came to Him, bringing a paralytic, who was being carried by four men. And when they were not able to present him to Him because of the crowd, they uncovered the roof where He was. And opening it, they lowered down the stretcher on which the paralytic was lying. Then, when Jesus had seen their faith, he said to the paralytic, â€Å"Son, your sins are forgiven you. †Ã¢â‚¬â„¢ {Mark 2:1-5} In this passage, the Lord Jesus offered salvation and remission of sins to a paralytic man, based on the faith of those who brought him to Jesus, not necessarily on the faith of the sick man himself; because he was obviously incapable of professing his own faith. Therefore in like manner, Catholics who take their infants to Jesus for baptism are substituting their faith for that for the faith of their children. Another example of faith of one person guaranteeing salvation for another is found in the book of Matthew: ‘And when he had entered into Capernaum, a centurion approached, petitioning him, and saying, â€Å"Lord, my servant lies at home paralyzed and badly tormented. † And Jesus said to him, â€Å"I will come and heal him. †And responding, the centurion said: â€Å"Lord, I am not worthy that you should enter under my roof, but only say the word and my servant shall be healed†¦Ã¢â‚¬ ¦Ã¢â‚¬  And, hearing this, Jesus wondered. And he said to those following him: â€Å"Amen I say to you, I have not found so great a faith in Israel†. And Jesus said to the centurion, â€Å"Go, and just as you have believed, so let it be done for you. † And the servant was healed at that very hour. { Matthew 8: 5-13} Salvation for Whole Household Examples abound in the Holy Scriptures where the faith of the head of a household led to salvation of the whole household, children included. In Acts11, we read about a man being saved along with his entire household after Simon Peter had preached the gospel to them. ‘†¦. And he described for us how he had seen an Angel in his house, standing and saying to him: ‘Send to Joppa and summon Simon, who is surnamed Peter. And he shall speak to you words, by which you shall be saved with your whole house. ’ And when I had begun to speak, the Holy Spirit fell upon them, just as upon us also, in the beginning. ’ {Acts 11:13-15} Therefore, Catholics take the informed Biblical view that since a whole household can be saved by the profession of faith of the head of the house and consequently all members of the household are baptized including little children, the Bible supports the Catholic practice of baptism of infants. Authority from Church Accepted Tradition The second major source of authority for the Catholic practice of baptizing infants is the accepted practice dating back to the very beginning of Christianity, the Apostolic Church. Right from the earliest days of the Christian Church, infant baptism has been an accepted practice. One Church authority, Origen wrote in the third century AD: â€Å"Baptism is given for the remission of sins; and according to the usage of the Church, Baptism is given even to infants. And, indeed, if there were nothing in infants that required the remission of sins and nothing in them pertinent to forgiveness, the grace of Baptism would be superfluous. † (Origen, Homily on Leviticus 8:3 — AD 244) The Roman Catholic Church which succeeded the early Apostolic Church reaffirmed the correctness of the practice of baptism for infants and has continued the practice to this day. WORKS CITED Origen, Homily on Leviticus 8:3 — AD 244 The Sacred Bible: The Acts of the Apostles http://www.catholicdoors.com/

A Rose for Emily and a Cask of Amontillado - 1131 Words

2 In the short story â€Å"A Rose for Emily,† by William Faulkner (79-84), Emily Grierson has no concept of time. She is living in the past and refuses to accept the death of her father. She lives in an isolated fantasy where she convinces herself that her father is still alive. Emily has no intentions of accepting reality. She refuses to acknowledge the death of her father and also the death of her lover, Homer. Her character could be perceived as psychotic because she has lost contact with reality and murdered her lover. Edgar Allan Poe’s short story â€Å"The Cask of Amontillado† (144-149), has many similar themes. The concept of time is prominent because Montresor is telling his story fifty years after it occurred. He is also living with death†¦show more content†¦Taking advantage of him being a superior wine connoisseur, he tempts him into a death trap by saying he received a pipe of Amontillado. Montresor is very sly and uses reverse psychology to lu re him into the catacombs where he buries him alive. Montresor must now live with the fact that he committed a murder for the rest of his life. Both Emily and Montresor must live with death. Both of these characters would seem abnormal to society because they have committed crimes and do not feel guilty for their actions. Both Emily Grierson and Montresor are mentally ill. They are dangerous and unbalanced characters for a couple of reasons. â€Å"A Rose for Emily,† is written in first person collective so we never get inside Emily’s brain. We cannot hear her thoughts so our perception of her is based on how other people describe her. â€Å"The Cask of Amontillado,† is written in first person where Montresor is the narrator. This is equally as dangerous because he leaves out many important details. In the beginning of the story, he speaks of the many injuries he has put up with but he never gives the reader any clues as to what these injuries are. He also says t hat an insult from Fortunato is what makes him seek revenge. It is difficult for the reader to understand Montresor’s motives 5 when we are not aware of this insult. Montresor could be blowing a joke out of proportion and killing Fortunato for noShow MoreRelatedThe Cask Of Amontillado, And A Rose For Emily1643 Words   |  7 Pagesprotagonist to overcome. Very rarely do authors revolve their entire stories around this idea, often because it is difficult to make a crowd pleasing and optimistic piece of fiction surrounding such a downer subject. Sonny’s Blues, The Cask of Amontillado, and A Rose for Emily all use the theme of ensnarement by internal or external forces to express radically different concepts, which range from creative expression, to questioning morality, to the idea that one’s freedom in life determines if they canRead MoreThe Cask Of Amontillado, By Edgar Allan Poe And A Rose For Emily1198 Words   |  5 Pagesâ€Å"The Cask of Amontillado† by Edgar Allan Poe and â€Å"A Rose for Emily† by William Faulkner can be brought together under one common of horror. This i s due to the dark nature that is described in both these short stories. They can be compared and contrasted by their use of revenge, betrayal, irony, and societies’ view on how we treat each other as people. â€Å"The Cask of Amontillado† and â€Å"A Rose for Emily† are compatible stories that are easy to compare and contrast each other, and with that the storiesRead MoreAnalysis of the Gothic Fiction Books, The Cask of Amontillado and A Rose for Emily1191 Words   |  5 Pages　　　　　　Analysis of â€Å"The cask of Amontillado† and â€Å"A Rose for Emily† 　　　 　　　In this paper, I choose the Gothic fictions â€Å"The Cask of Amontillado† and â€Å"A Rose for Emily† to compare. I like them as these two works are very exciting with suspense. Next I will compare them on three aspects. 　　　The first is the theme. A Rose for Emily, written by William Faulkner, is a short story about the life and death of Miss Emily Grierson. The reader is told the story in flashback. 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The Cask of Amontillado by Edgar Allan Poes and William Faulkners A Rose for Emily are compelling murder stories, full of dynamic characters, vivid detail, and compelling points of view. These two stories encompass the elements of plot, character, setting and point of view among others. Although the elements of the central theme of murder are different, these stories share other elements that make these stories unique. In the short story â€Å"The cask of Amontillado† by Edgar Allan PoeRead MoreMurder Has Always Been A Fascinating Element In Fiction1102 Words   |  5 PagesThe unbalanced main characters in the two murder stories, The Cask of Amontillado and A Rose for Emily drive the plots of the stories. Montresor and Miss Emily, the murderers in each story, engage the readers, allowing them to have a different perspective on their actions and similar motives of murder. A close examination of the way Montresor, the narrator of The Cask of Amontillado, and Miss Emily, the protagonist of A Rose for Emily, commit the action of murder towards their victims demonstratesRead MoreAlliteration In Leda And The Swan By Ray Bradbury1852 Words   |  8 PagesMontag being â€Å"not happy† displays characterization of the character (Bradbury 9). Conflict: a literary element that involves a struggle between two opposing forces usually a protagonist and an antagonist (Literary Devices). Example: In â€Å"The Cask of Amontillado† Montresor states, â€Å"The thousand injuries of Fortunato I had borne as I best could; but when he ventured upon insult, I vowed revenge.† The â€Å"revenge† Montresor seeks against Fortunato displays a conflict between two characters (Poe 14). Consonance:Read MoreAnalysis Of A Rose For Emily By William Faulkner1407 Words   |  6 Pagesand discuss how the setting contributes to the central meaning of the story. In William Faulkner’s short story, A Rose for Emily, the southern town’s setting is a stark contrast to today’s society, where many elderly people live in poverty, receive little respect, and lose their family homes due to the inability to pay taxes. After the death of her father forty years earlier, Emily Grierson’s social and financial status plunged to the point where she was totally dependent on the good will of othersRead MoreA Good Man Is Hard, And The Cask Of Amontillado By Mary Flannery O Connor1945 Words   |  8 Pagesassigned many great stories to read while in this class. In this paper we will cover and analyze three different short stories and quickly compare and contrast things they have in common. This paper will analyze â€Å"A Rose for Emily†, â€Å"A Good Man is Hard to Find†, and â€Å"The Cask of Amontillado†. We will analyze the different symbolism throughout all the stories such as â€Å"the elusive definition of a good man† which comes from â€Å"A Good Man is Hard to Find†, also themes in the different stories like traditionsRead MoreANALIZ TEXT INTERPRETATION AND ANALYSIS28843 Words   |  116 Pagesthe middle. In still other cases, the chronology of plot may shift backward and forward in time, as for example in William Faulkner’s A Rose for Emily, where the author deliberately sets aside the chronological ordering of events and their cause/effect relationship in order to establish an atmosphere of unreality, build suspense and mystery, and underscore Emily Grierson’s own attempt to deny the passage of time itself. Perhaps the most frequently and conventionally used device of interrupting