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Legal Aspects and Government Influences: Workwear Ltd. Unit - Assignment Example

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The author of the paper look at some of the disadvantages and advantages of partnership business and a limited company. The author states that the partners share responsibilities in the business. When sharing responsibilities, everyone is able to make the best of their abilities. …
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Legal Aspects and Government Influences: Workwear Ltd. Unit
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Download file to see previous pages The 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 stakeholders. If all partners can come to an agreement, then, it is most flexible when it comes to management. 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 to the business. It, therefore, follows that the more the capital, the greater the business and it's potential of growth which will ensure that the partners enjoy better profits. A 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 stakeholders. If all partners can come to an agreement, then, it is most flexible when it comes to management. 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. 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 out can happen on a 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. According to (Adrian, A company warehouse, 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 stakeholder 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. Limited liability ensures stakeholders 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.       ...Download file to see next pagesRead More
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