Partnerships and Limited Companies

Partnerships and Limited Companies The Partnership Act 1890 defines a partnership as the relation which subsists between people carrying on a business in common with a view of profit. (Alan Griffiths Stuart Wall) states This is a form of business relationship which is usually entered into by individuals who wish to take advantage of the combined capital, managerial skills and experience of two or more people.(p133) Definition of limited companies Limited companies are companies whose ownership is in the hands of shareholders who appoint directors to report at meetings, these meeting are often annual. The directors and managers are responsible for the day to day running of the business and then report back to the shareholders. There are two types of limited companies, Private Limited Companies (Ltd) and Public Limited Companies (Plc). These must issue a Memorandum of Association defining its relationship with the outside world and Articles of Association defining its internal government. Advantages of partnerships An advantage of a partnership compared to a limited company is that you can set up a partnership with any starting capital. With limited companies at least  £50,000 is needed. Globally, a partnership means less bureaucracy and a more flexible structure. For example, it is not required to hold formal board meetings annually or generally. This shows that this type of business is easier to run. Partners cant be expelled and can stop new incoming partners according to Partnership Act 1890, (Section25). This is in link with the changes in composition of the partners that imply a new firm to be created and the old firm can be dissolved if there are any changes. It also implies that incoming partners will not be liable for what occurred before they join, and outgoing partners for what occurred after they leave. There are no requirements to publish full financial details, so there is more privacy for partners. Finances only need be declared for tax and VAT. Another key advantage is that co sts, risks and responsibility is shared between the partners, keeping the control of the company to a minimum. Disadvantages of partnerships The main disadvantage of a partnership is the unlimited liability of the debts. All partners are liable together for the debts and other liabilities of the firm. The liability applies to their private assets of the partners. (Business law, p88) There is no full insurance over on offer for professional liability claims. A partner is still liable after his death for the debts incurred by the firm while he was a partner and after his retirement if he did not notice his retirement in the London Gazette (business law, p88). The solution to this disadvantage is to be a limited partner and so the liability of the partner is limited for the debts of the firm (limited Partnership Act 1907). However one partner must be a general partner meaning this partner would be fully liable for the firms debts. If one partner does a wrongful act or an omission in the course of the business, the firm is liable for the wrongful act or the omission of the partner (Partnership Act 1890, section 10). Moreover there is no separate entity. According to the book Law for Business a partnership is not a legal person, though it may sue or may be sued in the firms name. Thus the partners own the property of the firm. (p624) Finally a partnership is not convenient for huge structure businesses, as disagreement between partners can cause difficulties in decision making. Advantages of Limited companies A limited Company exists as a legal entity in itself, separate from its owners and managers. Liability for debts is limited to the amount of issued share capital. Capon (2004 p16) Advantages of limited companies are that if Arkwright was to go for a Private Limited Company (ltd), then he would only need one director. If he were to go for a public limited company (plc) then the minimum would be two. An advantage of a limited company is the limited liability this would create. This shows that personal possessions of the owners are protected as they cannot lose more than they have invested. If Arkwright was to choose a private limited company, Arkwright would benefit from having a relaxed time limit in which he has to submit annual accounts to the Registrar of Companies. Another advantage of starting up a private limited company is that there is not a set amount of capital that the company has to start up with; it can be created on what Arkwright decides on. If Arkwright were to desire a private limited company, then there isnt a set of rules in the Companies Legislation that private limited companies are to comply with. There is however, for a public limited company. Lastly, a rather significant advantage of a public limited company is that, there is no limit in age in which Arkwright has to retire by. He can still be a director beyond the age of 70 and for as long after that as he wants. Disadvantages of Limited companies Ltds: A disadvantage of being a LTD is that you cannot sell shares on the London Stock Exchange to the general public, thus losing a large proportion of possible buyers. Shares can only be sold to relatives; which makes it harder for investors to get their money back if they want to sell shares. There is often only a limited amount of capital that can be raised from friends and family. Another disadvantage is that unless the founding member is the majority share holder they may loose control over the business. A. Griffiths and S. Wall. (2008 p135) PLC: There are many legal formalities that must be addressed before a PLC can start up, for example a solicitor must be paid to set the company up making it more expensive then a partnership or sole trader. The company must pay an auditor to check accounts independently to ensure the accounts are all in order to be viewed by the public and shareholders. All activities are closely monitored by company law, to ensure that company is making public every account it should. As the company must publish the accounts the company loses some privacy to competitors. Due to this there may be competition that offers a takeover bid, buying all the shares available on sale, and there is nothing the managers can do to stop this. One final main point is that the companies can become very large and bureaucratic. Poor communication often arises leading to inefficiency. The divorce of control and ownership causes problems with share holders and managers, as their goals/aims for the company may be quite different. CONCLUSION Each form of company has its strengths and weaknesses but according to its activity, its structures, etc each firm should find the form that suits best for its business. To our particular case, Arkwright should opt for a LLP, REASONS : References A. Griffiths S. Wall, Economics for Business and Management. Second Edition, (2008) K.Denis, Law for Business, published by Pearson education UK, (2006) D.Keenan, R.Sarah, Business Law, 8th edition, Pearson education UK, (2007) Limited Partnership Act 1907 Partnership Act 1890 section 10 and 30 Bibliography

Data Flow Diagram Explain

4. 3 DATA FLOW DIAGRAM A data flow diagram is a graphical technique that depicts information flow and transforms that are applied as data move from input to output. The DFD is also known as Data Flow Graph or Bubble Chart. The DFD is used to represent increasing information flow and functional details. Also DFD can be stated as the starting point of the design phase that functionally decomposes the requirements specifications down to the lowest level of detail.A Level 0 also called a fundamental system model or a context level DFD that represent the entire software elements as a single bubble with input and output data indicated by incoming and outgoing arrows, respectively. Additional process and information flow parts are represented in the next level, i. e. , level 1 DFD. Each of the processes represented at level 1 are sub functions of overall system depicted in the context model. Any processes that are complex in level 1 will be further represented into sub functions in the next level, i. e. , level 2.Data flow diagram is a means of representing a system at any level of detail with a graphic network of symbols showing data flows, data stores, data processes and data sources. The purpose of data flow diagram is to provide a semantic bridge between users and system developers. The diagram is the basis of structured system analysis. A DFD describes what data flows rather than how they are processed, so it does not depend on hardware, software, data structure or file organization. 4. 3. 1 Components of Data Flow Diagram There are four symbols that are used in the drawing of Data Flow Diagrams: Entities External entities represent the sources of data that enter the system or the recipients of data that leave the system. * Process Processes represent activities in which data is manipulated by being stored or retrieved or transformed in some way. A circle represents it. The process will show the data transformation or change. * Databases Databases represent stora ge of data within the system. * Data Flow A data flow shows the flow of information from its source to its destination. A line represents a data flow, with arrowheads showing the direction of flow.

Media Analysis in Malaysia (Newspapers) - 4128 Words

Essay: MEDIA ANALYSIS IN MALAYSIA (NEWSPAPERS) INTRODUCTION Newspapers are essential in everyone’s daily life as it is the main source of news since the olden days before the television was invented. Without the newspapers, where does the news come from? Particularly in Malaysia, there are several languages used in the country. The main languages used however are English, Bahasa and Mandarin. Each of these different languages have specially dedicated newspapers to the particular language. For the Malaysian English Newspaper, one of the best known newspapers is Malaysia is The Star. The Star was first published as a regional newspaper in George Town, Penang in 1971. During that time, it is also the first kind of tabloid to be†¦show more content†¦However, during the year 1984, the Minister of Home Affairs came up with the Printing and Publications Act to invalidate any publications licensees that reckoned as threatening to the state. By the end of the year 1900s, Malaysia had fourteen newspapers, Singapore issued e ight, Penang issued three, the confederated states had two and Kelantan had one. As for the other broadsheets in Malaysia, there are the Al-Iman, Neracha (Islamic reform journals), Utusan Melaya and Lembaga Melaya (1906-1931). The Utusan Melaya and Lembaga Melaya were edited by a man named Mohd Eunos b. Abdullah; also known as the father of Malay Journalism. PROGRESS TO DATE As a medium of mass communication and also as an industry, the changing relationship between newspapers and readers is part of this upheaval. This is because newspapers are poised at the edge of a significant change in their operation and role. The first newspaper in Malaysia was the Prince of Wales Island Gazette, published in Penang in 1805 and begun by the British. When Malayan was under the hands of the British in 1968, the government developed restrictive policies toward the press. 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Native Americans a Marginalized Population - 2911 Words

Native Americans: A Marginalized Population Vicki Carter The University of Michigan-Flint Native Americans: A Marginalized Population Over the course of time in our country, many groups in our society have experienced being set apart from sustainable communities. Among them are the immigrants, the homeless, the African Americans, those with physical or mental disabilities and the Native Americans. According to McIntosh (1988), â€Å"Whites are taught to think of their lives as morally neutral, normative, and average, and also ideal, so that we work to benefit others, this is seen as work which will allow ‘them’ to be more like ‘us’ â€Å" (p. 1). Unquestionably, this was the case back in the nineteenth century when the â€Å"White† people thought it†¦show more content†¦Although, every marginalized population has the potential to be denied access to opportunities, there are some groups likely to experience deprivation solely based on color. 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