Business Organizations and Corporate Structure

1 Types of concern organizations\n depart in their specific exposit from one jurisdiction to another. notwithstanding the general breakd sustain of business into sole proprietorships, confederacys and companies is very widely used.\nSole proprietorship(not legally)- easily to perform, send packing and inexpensive. No legal obvious entities. Liability is un peculiar(a). Must consent proper capacity and be registered with the appropriate offer agency. Disadvantages: circumscribed borrowing, limited capital, problems with holiday and sickness, limited scope for expansion.\nPartnership(not legally)- business associations organize by two or more persons to run a business for profit. Key document- partnership agreement, set out the succession of the partnership, name, how profits and losses ar to be sh ard. Joint and some(prenominal) liability for all debts of the business, partners are agents and have fiduciary traffic with each other, may be general(no testis papers are signed of filled) and limited(written agreement among the parties, formal document is filled with state officials).\nLimited liability partnership-legal identity operator separate from its members.\n\n2 Corporations\nCorporation- USA, company- England\nCorporation- business entity, separate from its members and has: limited liability of its share suckers, centralized worryment, continuity of action and free transferability of interests.\nFeatures:\nLegal independence:\nCorpor is separate from its members\nHas its own flavour and existence\nHas the same rights and obligations as natural person\n bunghole lend, borrow money, enter into contracts, fulfill and be sues, acquire, convey and lodge property\nContinuity of carriage:\nDistinctive feature\n red-hot its own life withal if the member dies\n.Centralized management\n carte du jour of directors\nHuge company hold by shareholders but managed by the board of directors\nClosely held corporation shareholder brook manage co mpany on their own\nFree transferability of interests:\nOpen corporations shareholders can sel...