Acc 556 Case Brief

-A partnership is an organizational form that contains two or more people who are able to be joined together legally in order to share the management duties and make profit from the business.

All the partners can participate in the management of the business and can work for it

A partnership is an arrangement between two or more groups, organizations or individuals who work together to achieve common aims or who have common interests.

Under Arkansas case law pertinent to actual fraud, Is Mr. Sidewinder liable for fraudulent misrepresentation, when (1) the sword which was solicited as authentic turned out to be a replica; (2) the defendant characterized the sword as what he personally believed to be true; (3) the plaintiff was given the opportunity to inspect the sword before the sale was induced; (4) the plaintiff relied on the statements of the seller, believing him to have peculiar knowledge in the field, and purchased the sword before examining it herself; (5) the plaintiff bought the sword for $50,000 when it was only appraised to a value of $1,000?

The issue is whether John can recover the deep discount offered to Charles for the goods sold.

Again in everything there are pros and cons. The pros to a partnership is that obtaining a partner is easy, when there is more than one owner this increases financial stability allowing each partner to contribute funds and potentially increase their borrowing capacity. Depending on the business and its need for additional partners this could increase employee retention because employees will see an opportunity to one day be a partner.

Considering, small amount or lack of sufficient fund with my client, I will like to advise him that sole proprietorship business might not be good and appropriate and thus, I Would like to suggest him to form a partnership business. As we know that Businesses operating as an Sole proprietorship business is beneficial for the full control over the business structures such as in management, decision making etc, but in this scenario It seems that as per the clent funds its not well worth for

Similar to a sole proprietorship, a partnership business structure is simple to create. There are no legal forms to file and agreements between the partners are not required (Kubasek, Browne, Herron, Dhooge, & Barkacs, 2016). A partnership business structure allows two people to combine resources to enhance business profits (Winrow, 2008). With the addition of another owner, capital funds are increased, resulting in additional growth potential. Another advantage to engaging in a partnership is the method of taxation. Income in a partnership flows through as personal income;

Partnership is the relations which exists between partners carrying on a business in common with a view of profit, which means there must be some continuity or repetition of trading activities and working on behalf of each other. (James 2014, p. 506-507)

A partnership has many advantages. It offers lower establishment costs compared to setting up a company. It allows a group of people to contribute their knowledge, skills, specialities, and allows for all financial assets to be combined. In the future, it would permit their children to be involved in the business. Also the partnership structure can be changed to meet longer term goals.

Being part of a partnership allows the business to have more capital since there are two partners who are bringing their funds together for the prosperity of the business. A partnership is also good for the business since there is no income tax, and because two people with different ideas can come up with excellent ideas for the business.

A partnership is an association of two or more people who typically know and trust each other and therefore come together to set up and carry on a business. The partners have an equal control over the company’s affairs and typically contribute an equal capital amount. Incomes and losses are also equally shared . A trust is an obligation given to an appointed person, the trustee, to hold the assets and property of the business on behalf of the

They are in charge of the debts that happened because of the business. In addition, another disadvantage is continuity. This means that when the owner of the business dies the the Sole Proprietorship dies with him. The most common type of partnership is the general partnership but this is owned by more than one person. Partners can invest in equal or unequal sums of money in the investment. A silent partner is when one partner invests all of the funds needed for the business but plays no role in its management (Griffin 90). A different type of partner is is the financial investor likely owns the entire business and the labor partner owns nothings this is referred to a sweat equity (Griffin 90). An advantage of partnership is the being able

Throughout my experience with entrepreneurs and successful business owners, I found one common denominator; they are not oblivious to the importance of forming a partnership.

The person`s partnership, is a separate between two people in common property, for example apartment members are forced to share the commonplace such as sitar, yard and other place. In this case a partnership is established not to benefit just for cooperation. This concept can have many examples in society, for example, two suppliers that