Comprehensive Problem 83 (Ch. 15) a. Identify significant tax and nontax issues or concerns that may differ across entity types. CCS will encounter several tax and nontax issues related to different entity types (LLC, Partnership, Corporation, or Sole Proprietorship). Nontax issues include Responsibility for Liabilities, and Rights, Responsibilities, and Legal Arrangement among Owners.
III. Alternatives available to report the issue discussed above indicating the authoritative basis The Statement of Financial Accounting Standards No.13 defines the following: Related parties in leasing transactions - A parent company and its subsidiaries, an owner company and its joint ventures (corporate or otherwise) and partnerships, and an investor (including a natural person) and its investees (the business entity
An easement can be created by necessity as when property is landlocked or by prescription when the easement is acquired adversely. A license is a revocable privilege to be on the land of another. Liens are interests in real property that can be foreclosed in the event of nonpayment. A person’s interest in real property can be a freehold estate such as a fee simple or a life estate. The determination of whether
Title converted from the Registry System into LTCQ is guaranteed as to these items up to the date of conversion. However, because the administrative conversion process does not require an application to be made by the owner, and therefore does not include a current survey, a notice of application to be served upon interested parties, or a hearing process that would identify and resolve title disputes or adverse claims, the converted land will still be subject to any lease to which subsection 70(2) of the Registry Act applies, the rights of any person who would be entitled to the land or any part of it through adverse possession, prescription, misdescription or boundaries settled by convention. Do you need to upgrade your LTCQ title? The registered owner of administratively converted LTCQ lands can upgrade title to what is referred to as Land Titles Absolute Plus (LTA+). This is done through an application to amend the parcel.
The law of apparent agency refers to a commercial law that deals with contracts. This law involves a person called an agent. The agent is typically authorized to act on the behalf of the other. This will then help aid the relationship with a third party. This apparent agency can differ from other agency principles depending on who the legal representation is for, for example someone could have the representation form a guardian.
If you want the business to have a name other then your given name you can file a request for that. * Autonomy – You are able to go it alone and decide for yourself, you are free to choose what direction and action you take. * Tax – You are taxed as a single source. Any profit made is considered personal income, so there is no separate tax reporting, sole
Armstrong is obligated to transfer and deliver conforming goods to GCI. Conforming goods requires that the goods must conform exactly to the agreed upon description provided by the buyer to the seller. This action is referred to as tender of delivery and the UCC obligates the seller to have or tender the specific goods requested. By substituting the third part of the press Armstrong has not yet breached the contract but has not provided perfect tender. Armstrong’s failures to meet their obligation gives GCI three options: they may reject the entire shipment of goods, accept the shipment of goods as is, or accept any number of commercial units and reject the rest of the goods, (Melvin 2011, pg.
The lien applies to all of the property owned by the PRP and not just the portion of the site affected by the cleanup. However, the lien is subject to the rights of bona fide purchasers and previously perfected interests in the property so it does not act as a “superlien”. The lien becomes effective when EPA incurs response costs or notifies the property owner of its potential liability whichever is later, whichever date is later. Although the lien was enacted as part of the 1986 Superfund Amendments and Reauthorization Act (SARA) to CERCLA, it applies to costs incurred prior to the passage of SARA. The lien continues until the PRP resolves its liability or it becomes unenforceable though operation of the CERCLA statute of
Business Legal Forms Part I Business Type | Personal Liability Exposure | Tinker’s Home Security Service (sole proprietorship) | As a sole proprietor, I would be fully liable in the suit. The plaintiff could come after the business and my personal assets. | Tinker & Tailor’s Home Security Service (general partnership) | In a general partnership all partners would be liable, even if they did not personally cause the issue. Like a proprietorship, this includes personal assets, also. | Tinker & Tailor’s Home Security Service (LP) | In a limited partnership only the general partner is fully liable.
Running head: Business Law Rachel Lavender Western Governors University 2/21/11 PART A Sole Proprietorship A sole proprietorship is how most business entities begin. This type of business is owned and operated by one person. The main advantage of this type of business is that the owner does not need to get the approval of a partner or board in order to make decisions. A significant disadvantage is that, in a sole proprietorship, there is no separation from the business and personal assets, therefore, there is unlimited personal liability to the owner’s personal assets. · Liability-There is no difference between personal and business assets.