(1) Forms of business organisations Essays - Free Essays

(1) Forms of business organisations Essays - Free Essays (1) Forms of business organisations Sole Trader: Business owned by one person (generally quite small) but sole trader can have employees Counts as self-employed Individual pays income tax No need to make financial information publicly available Sole trader has UNLIMITED LIABILITY No need to keep formal accounting records No legal procedure required to end the business Business seizes when the owner dies Partnership "A group of sloe traders" Company counts as a legal person JOINT and SEVERAL LIABILITY: all partners are equally liable to all debts. Creditors will sue whoever has the most money ie whoever is most likely to pay Profits don't have to be shared evenly Can share the load/responsibilities with partners Partnerships pay income tax 3 sorts of partnerships: Traditional Partnership: defined by the Partnership Act 1890. Two or more people working together. Not a formal company but may have a trading name. Relatively small number of partners. Unlimited liability. Each partner is equally responsible for debts regardless of profit sharing ratio Limited Partnership: guided by the Limited Partnerships act 1907. Composed of a number of sleeping partners who have limited liability. You still need one general active partner with limited liability Limited Liability Partnership (LLP): governed by the Limited Liability Partnerships Act 2000. Has many features of a company but it is still a partnership. Partnership does NOT end when one of the partners dies. Limited Liability. Used mainly by professional firms eg accountants, lawyers, architects, etc. The Company Incorporated following procedures in the Companies Act 2006 Consequences of incorporation: Separate legal personality. We sign legal documents as a company, we are sued as a company, we enter in to contracts as a company (a legal entity) Shareholders have limited liability (normally the amount you invested at the start ie the nominal value of the shares) May have to sign a personal guarantee (you act as a guarantor by providing personal collateral against the debt) if you're a small company Company may be legally liable The company is owned by shareholders, run by directors/managers Public v Private Companies: Public limited= PLC, Private Limited=Ltd Specified in the memorandum PLC still has limited liability Must have at least 50000 authorised capital, 25% of which is paid up If you want to be quoted on the stock exchange you have to be a PLC. But not all PLC's are quoted on the stock exchange PLC has different reporting standards Any other company is Private(Ltd) Limited v Unlimited Companies Unlimited companies are rare Limited companies can be set up for under 200 Limited to the sum invested or what they have agreed to invest (shareholders are not personally liable) Advantages and Disadvantages ADVANTAGES DISADVANTAGES Sole Trader complete control freedom to make decisions easy to set up simple record keeping Unlimited Liability Partnership someone to share load/responsibilities with more funding to work with more expertise Unlimited Liability Limited Company Limited Liability Administratively much more complicated (2) Partnerships General Partnership: an unincorporated business where all partners have unlimited liability. You have joint and several liability Key Legislation: Partnerships Act 1890 (PA 1890) Definition (S1): The relation which subsists between persons carrying on a business in common with a view of profit' The relation which subsists - partnership is a relationship (between people) NOT a legal entity therefore it does not have a separate legal personality Between persons - a company can be a partner in a partnership, but you need at least one partner with unlimited liability Carrying on a business - (S45) covers everything (every trade, occupation or business) In common - carrying out business together With a view of profit - non-profit organisations eg charities can't be partners. Can have a partnership that fails making profit (doesn't have to have made a profit, just needs to try making a profit) Partnership starts when you start carrying on business, not when deed of partnership is signed Different Sorts of partners: Salaried Partner: receives a salary instead a share of the profits (May or may not have limited liability depending on their agreement. Decided by the courts judgement) Equity Partner: general partner who receives a share of the profits (and losses) Sleeping Partner: partner who invests in the business but doesn't actively manage the business. Court decides whether or not the sleeping partner has unlimited liability Khan v Miah (2001): 3 individuals decided to open a restaurant: bought furniture, equipment, advertised but there was a fallout before restaurant opened and partnership was dissolved - was a partnership formed? (important because if yes, then joint liability for purchases). HELD yes there was a partnership because although they hadn't started trading,

The Story of an Hour Irony and Symbolism Essay Example

The Story of an Hour Irony and Symbolism Essay Example The Story of an Hour Irony and Symbolism Paper The Story of an Hour Irony and Symbolism Paper In Kate Chopins short story The Story of an Hour, the narrator portrays issues of love, freedom, and independence on a physical and mental level. This story was written based on the 19th century woman. The time when a woman had minimum rights, and barely had a role in society. Even in a loving relationship, a woman was still unequal to a man; she did not have the freedom she desired. Chopin uses irony, symbolism and reverse theory to express Louise Mallards thoughts as she grieved her husbands death and embraced her newly found freedom. Throughout the text, Chopin uses two types of irony; situational and dramatic. This story is mainly based on ironic issues, meaning that the readers are portrayed one picture and the opposite thats not expected is what eventually happens. When Mrs. Mallard received the news about her husbands death, she faced a series of mixed emotions, which were kind of conflicting. She briefly grieves her husband, and at the same time is bombarded with thoughts of the free life that awaited her with this occurrence. She wept at once, with sudden, wild abandonment, in her sisters arms alone. She would have no one follow her {paragraph 3}. The dramatic irony comes to play when Josephine, Mrs. Mallards sister is worried that her sister has locked herself in her room tearing up, when shes really in the room thinking about how wonderful her lifes going to be. Josephine was kneeling before the closed door with her lips to the keyhole, imploring for admission. Louise, open the door! I beg; open the door†you will make yourself ill. What are you doing, Louise? For heavens sake open the {paragraph 17}. Another instance of dramatic irony is at the end of the story right before Mrs. Mallard dies. The author presents a situation where Louise Mallard dies of being overjoyed at the sight of her husband. In reality the rony is that she dies of the shock and distress in seeing her husband standing before her. When the doctors came they said she had died of heart disease†of Joy that kills {paragraph 23}. Symbolism the particular idea or quality that is expressed by a symbol (Merriam- Webster). In this story the author uses symbols to represent her ideas in expressing Mrs. Mallards feelings. There are three major uses of symbolism in this story. The first example of symbolism is Louise Mallard being afflicted with heart trouble. The heart trouble signifies her discontent with her marriage and the sadness at her absence of freedom. The second occurrence of symbolism is the opened window. The opened window represents freedom, as Mrs. Mallard lets out the old air in the room and lets go of her old life she welcomes the fresh air and a new life. The new life she is now about to experience now that she is finally free from her unhappy relationship. She could see in the open square before her house the tops of trees that were all aquiver with the new spring life. The delicious breath of rain was in the air {paragraph 5}. There was a feverish triumph in her eyes, and she carried herself unwittingly like a goddess of Victory {paragraph 20}. Chopin also uses the statement above from paragraph 20 to show symbolism. The symbols in this paragraph are feverish triumph and goddess of victory. This represents Louise triumph and being victorious over her restricted marriage. There would be no powerful will bending to impose a private will upon a fellow-creature {paragraph 14}. The idea of reverse theory is used to bring a little twist into the story. Reverse theory is actually used throughout the story but is not revealed until the end. Throughout the story, the author makes the audience believe that Mr. Mallard died in a tragic railroad accident. At the end of the story it is revealed that Mrs. Mallard was the one that actually died at the shock of seeing her husband. When she saw that her husband did not die, her thoughts and vision of a new life were shattered, and thats when the story became tragic in reality and ended with the passing of Louise Mallard. The theme of Chopins story is very unified, starting and ending the story emphasizing on Mrs. Mallards heart issue, which portrayed a mental and physical significance to her life. Ironically, the last hour of Mrs. Mallards life was victorious for her and she had a chance to envision part of the freedom that she always wanted.