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Incorporate Your Business?

form_title=Incorporate Your Business form_header=By being incorporated, you can legally run a business. Describe your business:=_ Do you have any partners in your business?= () Yes () No What do you expect out of incorporation services?=_


Do you have any business ideas for a project?

If you are looking for fresh new business ideas, you need to find business partners who can help you with ideas. Depends on what kind of industry you are in, working with each other will get you going.


What is features of a partnership business?

Features of Partnership form of business organisationAfter having a brief idea about partnership, let us identify the various features of this form ofbusiness organisation.i. Two or more Members - You know that the members of the partnership firm arecalled partners. But do you know how many persons are required to form apartnership firm? At least two members are required to start a partnership business.But the number of members should not exceed 10 in case of banking business and 20in case of other business. If the number of members exceeds this maximum limit thenthat business cannot be termed as partnership business. A new form of business willbe formed, the details of which you will learn in your next lesson.ii. Agreement: Whenever you think of joining hands with others to start a partnershipbusiness, first of all, there must be an agreement between all of you. This agreementcontainsothe amount of capital contributed by each partner;o profit or loss sharing ratio;o salary or commission payable to the partner, if any;o duration of business, if any ;o name and address of the partners and the firm;o duties and powers of each partner;o nature and place of business; ando any other terms and conditions to run the business.iii. Lawful Business - The partners should always join hands to carry on any kind oflawful business. To indulge in smuggling, black marketing, etc., cannot be calledpartnership business in the eye of the law. Again, doing social or philanthropic work isnot termed as partnership business.iv. Competence of Partners - Since individuals join hands to become the partners, it isnecessary that they must be competent to enter into a partnership contract. Thus,minors, lunatics and insolvent persons are not eligible to become the partners.However, a minor can be admitted to the benefits of partnership i.e., he can have ashare in the profits only.Business Studies74v. Sharing of Profit - The main objective of every partnership firm is sharing of profitsof the business amongst the partners in the agreed proportion. In the absence of anyagreement for the profit sharing, it should be shared equally among the partners.Suppose, there are two partners in the business and they earn a profit of Rs. 20,000.They may share the profits equally i.e., Rs. 10,000 each or in any other agreedproportion, say one forth and three fourth i.e. Rs 5,000/- and Rs. 15000/-.vi. Unlimited Liability - Just like the sole proprietor the liability of partners is alsounlimited. That means, if the assets of the firm are insufficient to meet the liabilities, thepersonal properties of the partners, if any, can also be utilised to meet the businessliabilities. Suppose, the firm has to make payment of Rs. 25,000/- to the suppliers ofgoods. The partners are able to arrange only Rs. 19,000/- from the business. Thebalance amount of Rs. 6,000/- will have to be arranged from the personal propertiesof the partners.vii. Voluntary Registration - It is not compulsory that you register your partnershipfirm. However, if you don't get your firm registered, you will be deprived of certainbenefits, therefore it is desirable. The effects of non-registration are:o Your firm cannot take any action in a court of law against any other parties forsettlement of claims.o In case there is any dispute among partners, it is not possible to settle thedisputes through a court of law.o Your firm cannot claim adjustments for amount payable to or receivable from anyother parties.viii. No Separate Legal Existence - Just like sole proprietorship, partnership firm alsohas no separate legal existence from that of it owners. Partnership firm is just a namefor the business as a whole. The firm means the partners and the partners collectivelymean the firm.ix. Principal Agent Relationship - All the partners of the firm are the joint owners ofthe business. They all have an equal right to actively participate in its management.Every partner has a right to act on behalf of the firm. When a partner deals with otherparties in business transactions, he/she acts as an agent of the others and at the sametime the others become the principal. So there always exists a principal agent relationshipin every partnership firm.x. Restriction on Transfer of Interest - No partner can sell or transfer his interest toany one without the constent of other partners. For example - A, B, and C are threepartners. A wants to sell his share to D as his health does not permit him to work anymore. He can not do so until B and C both agree.xi. Continuity of Business - A partnership firm comes to an end in the event ofdeath, lunacy or bankruptcy of any partner. Even otherwise, it can discontinue itsbusiness at the will of the partners. At any time, they may take a decision to end theirrelationship.


E-business plan for any company?

I need an e- business plan for any company


Do you have any active interest in any business?

yes i do

Related Questions

What are the names of Coco Chanel's children?

Coco Chanel did not have any children.


Did Coco Chanel face any problems when starting in her business?

It was very hard for her to make small talk


Did Coco Chanel have any husband's?

Coco Chanel never married, but she had several romantic relationships with influential men throughout her life.


Did Coco Chanel face any problems starting off her business?

yes she was abandoned as a child with five other brothers and sisters and had no money .


Did Coco Chanel give any money to her family?

She was an orphan.


Did Coco Chanel have kids?

No she never had any children or married.


What songs did Coco Chanel sing?

Coco Chanel had a brief stint as a cabaret singer. She could only sing two songs. They were "Ko ko ri Ko" and "quiqu a vu Coco?".


What was coco chanel's favorite animal?

Coco liked animal print more than she liked animals. But she wasn't one of those anti-animal people. She thought dogs and cats were cute, they found one article that she wrote telling that she saw a "cute" dog. The only resource they have on animals for her.


What was Coco Chanel's religion?

Coco Chanel did not regularly practice any religion. However, she was baptized Catholic and attended Catholic girls schools as a child.


Why didn't Coco Chanel marry?

because coco had no interest in boys, she thought life would be better without any men.


Why is Chanel Coco famous?

Firstly, its Coco Chanel, have you never heard of chanel fashions???? its my fave shop , chanel, any way, coco chanel was a famous designer. she isn't anymore?is she still famous? Erm... Coco Chanel was famous for designing her "Little Black Dress" and introducing more comfortable, casual women's clothes and replaced the corset with comfort and casual elegance. I hope this helps, i think its better than the last answer, which I thought was a little offensive :)


Did Coco Chanel have any brother ir sister?

Yes, Coco Chanel had a younger sister that was raised in a catholic orphanage along with Coco when her mother died and her dad did not keep them. He went on and had another child with another woman and never saw his daughers again.