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Title:Workwear Ltd. Unit:legal aspects and government influences - Essay Example

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Name Institution INTRODUCTION Before we can come to any conclusion about which business best fits in this criterion, let us first look at some of the disadvantages and advantages of a partnership business and a limited company. From the analysis, we will be in a position to know how to advise the afflicted…
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Title:Workwear Ltd. Unit:legal aspects and government influences
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"Title:Workwear Ltd. Unit:legal aspects and government influences"

Download file to see previous pages The business partners share all the profits and the losses. All the liabilities and decisions are made together. Partners can have different skills and this may help the business partners to develop their business. In terms of capital, all the partners are supposed to contribute towards the business. It therefore follows that the more the capital, the greater the business and its potential of growing which will ensure that the partners enjoy better profits. Partnership can ensure flexibility in a way that it is easy to form manage and run. Their regulations are not as strict as those in companies. The partners decide on what to be done as there are no stake holders. If all partners can come to an agreement, then, it is most flexible when it comes to management. The partners share responsibilities in the business. When sharing responsibilities, everyone is able to make the best out of their abilities. They can decide to split their business responsibilities according to their best suiting abilities. For instance, if a partner is good in mathematics then he might be given the responsibilities of the accounting department. During the process of decision making, the partners can help each other on different ideas therefore come up with the best fitting solution to the business problem. DISADVANAGES OF A PARTNERSHIP BUSINESS It is unfortunate that families and friends may come together to form a partnership business and end up at loggerheads. This is a common occurrence in any partnership business. This fall outs can happen on personal or business basis. Disagreements are bound to occur between partners. Partners may differ on how to run a business. A conflict may arise from responsibilities and the best interests of the business. These disagreements harm the partners as well as the business itself. All partners should be an agreement on all the decisions made in the company. This rule should be honored even if either of the partners is in disagreement with a particular decision. This reduces the freedom of members to change uncomfortable rules in the business. Partners are all vulnerable to a lot of liability. This goes hand in hand with saying that all losses and risks are responsibilities of all the partners. Taxation can affect a business negatively as they are supposed to pay their taxes like in the sole proprietorship. They register with the HM Revenue customs as self employed. The better the performance, the higher the taxation rates on individual levels. LIMITED COMPANIES According to (Adrian, A company ware house, 2010), “is a company whose liability is limited.”When it has been set up, all the entrepreneurs are to keep their assets and capital plus their interests from the business. This will therefore enhance their ability to conquer business risks without tampering with their personal possessions as it allows the stake holder to pay for an occurred risk up to the amount they have put into the company. A limited company can direct another company. Limited companies can be classified into three types. They are PLC’s, Private limited companies and public limited companies. ADVANTAGES OF A LIMITED COMPANY Limited liability ensures stake holders of their financial security. As long as they can pay their debts to the maximum of what they invested, their private property cannot be tampered with. A limited company is a separate entity from its owner. The company will continue its existence ...Download file to see next pagesRead More
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