Companies and other business structures in south africa. Efficiency, law firms, legal innovation, legal managed services, midsize law firms blog posts organizational structure is widely acknowledged as a key factor. Learning objectives list the legal structures for business organizations recognized by law define each legal structure for business organizations list. Forms of business ownership learning objectives 1 identify the questions to ask in choosing the appropriate form of ownership for a business. Business structures in afghanistan 2 stanford law school. Companies and other business structures in south africa commercial law. This pdf document allows you to expand the table of contents on the lefthand side of the page. Legal structures for business organizations author. A guide to choosing the best legal structure business news daily. Many factors must be considered when choosing a business structure for your law firm. Acquire an understanding of the principles of common law system within the students own legal system and how it affects their business life. It is important to select the right business structure. The most common types of business entities include sole proprietorships, partnerships, limited liability companies, corporations and cooperatives. The most comprehensive source of law school outlines anywhere with the only outline exchange program available.
Legal and tax considerations are also factors in selecting a business structure. It is a good idea to discuss your proposed structure with your financial. Business law an introduction the business professor. The law of business structures provides a comprehensive but simplified treatment of the different types of business structures in south african law. Fiji law is based on english antecedents and the business structures recognised in english law sole proprietorships, partnerships, limited liability companies, joint ventures and trusts including unit trusts are all recognised in fiji. Find out more about this and related topics at findlaws law firm management section. You can easily search, bookmark, highlight, and underline the text material.
International business laws pondicherry university. Alternative business structures frequently asked questions. It is important to select the right business structure for your. Learn about the different types of business structures such as sole proprietorship, partnership and incorporation. In this course you will be introduced to various kinds. Atnership par is when 2 or more people enter into a business. Business structure basics types of structure entrepreneur. The basics of business structure types of businesses. Each business structure has its pros cons, and since every business has unique needs and goals, you need to do your research before choosing.
Abs is a generic reference to any form of business model through which legal services are delivered that is different from the standard sole proprietorship or partnership model. Distribution of shares of companies formed by way of division shall be done proportionally to the ownership structure of the dividing company. One should keep in mind that the base for law is a dispute. For purposes relating to taking back control over ones own mind, body and spiritual consciousness, we are discussing the foundation of the law as it is relevant to become aware of the internal structures of ego operating in ones body all matter in the universe is composed of layers of vibrating energy. Sole proprietorship, partnership, limited liability company, and. Thisormation inf sheet provides an overview of a number of commonly used farm business structures. The business is generally not a separate legal entity from the owner. This is the only current casebook for an introductory course in business associations that is coauthored by a business school professor. A limited liability company llc is a business structure allowed by state statute.
One of the key decisions youll make when starting a business is its structure. Under each theme, the law of business structures by cassim is the prescribed book, while the contemporary company law book by cassim is a recommended book. Legal business structures table type ownership control liability taxation annual franchise tax sole proprietorship individual controlled by owner owner is personally liable for all business debts all business income is considered personal income to the owner and is taxed at personal income tax rates none general partnership 6 del. An economic analysis of alternative business structures for the practice of law edward m. Business structures putting the law at your fingertips. The law permits business owners to form a limited partnership which has two types of partners. Here you will find an explanation of the options that are available to you pertaining to business structures and the laws surrounding them. A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. Every farmer has a different personal situation and it.
You can change your business structure as your business grows or your circumstances change. A business structure is the particular form, recognized by the law, in which a business operates. Acquire a knowledge of the legal environment in which businesses operate in. After the objectives of an organization are established, the functions that must be performed are determined. As is the case for sole proprietorships, in a partnership, the law does. Legal and tax considerations enter into selecting a business structure. Trebilcock university of toronto faculty of law september 20, 20 this paper was commissioned by the law society of upper canada law society for the alternative business structures symposium held on october 4, 20. The two types of unincorporated business structures are sole proprietorship and general. Each business structure has its own unique laws regarding how the business can operate, how it can do taxes and so on and so forth.
An introduction 4 overview access to text all of this material in this text is available in desktop and mobile browser or pdf format at. This chapter discusses the four principal business structures in the uk, namely the sole proprietorship, ordinary partnership, limited liability partnership llp. The most common forms of business are the sole proprietorship, partnership, corporation, and s corporation. Request pdf on sep 12, 2018, rehana cassim and others published the law of business structures find, read and cite all the research you need on. The following are prescribed and recommended sources. The basics of business structure sole proprietorships, partnerships, llcs and corporationslearn the differences and which one fits your company best. Digital certificate a downloadable certificate in pdf format. Your form of business determines which income tax return form you have to file.
Try one of the apps below to open or edit this item. Cassim, 9780702195488, available at book depository with free delivery worldwide. A corporation is an independent legal entity, separate from its owners. Fiji business structures munro leys lawyers suva fiji. Choosing your business structure australian taxation office. List the legal structures for business organizations recognized by law define each legal structure for business organizations list advantages and disadvantages for each legal structure describe the steps necessary to establish each legal structure. The following is an overview of the various types of business structures, which include sole proprietorships, partnerships both general and limited, limited liability companies llcs, corporations. The book is organized around the lifecycle of a business. Law cnl are to ensure that there are no competitive advantages or.
Because your business structure can have major impacts on your financial and legal situation, it is very important to discuss with a lawyer and tax professional. The book examines the law of partnerships, business trusts, close corporations and companies, whether large or small and whether formed for a profitmaking or a nonprofitmaking objective. Discern the legal and tax implication of the various business structures. Companies and other business structures in south africa offers a unique synthesis of legal and accounting expertise to provide a clear, practical and authoritative overview of company law and particularly the farreaching changes introduced by the companies act, no 71 of 2008. Law of business structures, the ebook isbn 9781485107712. The sole trader, the partnership and the limited company are examples of business units, and each of these forms is recognised in a different way by the law. The judgment of a decided case becomes a referral point. Request pdf on jan 30, 20, maleka femida cassim and others published the law of business structures find, read and cite all the research you need on. And while it includes landmark cases, the focus is on the legal issues encountered when starting a business, growing a business, and ending a business.
Ambrose moses, iii attorney and counselor at law 1 2. The person may describe themselves as selfemployed eg the owner of a small shop, or. This is the simplest business structure, as this is a one person. Your choice of structure will depend on the size and type of business, your personal circumstances and how much you plan to grow the business. Concentrates show you what to expect in a law exam, what examiners are looking for, and how to achieve extra marks. The corporate structure is more complex and expensive than most other business structures.
The book examines the law of partnerships, business trusts, close corporations and companies, whether large or small, and whether formed for a profitmaking or a nonprofitmaking objective. You must use the prescribed book in order to prepare for lectures, and you may use the. Types of business structures small business law findlaw. While the predominant concern in a business law course is substantive law, we will first consider the basics of procedural law, the form or organization of the legal system and its methods of conducting trials. The law of business structures request pdf researchgate. When you start a business, its very important to choose the business structure that best suits your needs. Choosing a business structure for your law firm findlaw. The book integrates common law and an applied, business orientated approach, providing an invaluable analysis.
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