The Limited Partnership Act 2008 Essay

As a hybrid of partnerships and corporations, LLC’s provide limited liability for debts and flexibility to be taxed as a partnership or corporation (Staring and Naming a Business Presentation, 2012, Slide 5). Some specific advantages include being empowered authorities in the management of the business, diversity of members, limited liability, pass-through taxation, and less paperwork (appreciated by many). A drawback of this business structure is the need for a tailored operating agreement that specifies the specific needs of the

As for private equity asset allocation the Investment Office focused on finding external "value-added investors" with the sterling capability to build better businesses not only financially but mainly operationally. They believed this strategy led to enhancing returns independently of the market downturns. Thus, a limited number of long-standing partnerships were created - exclusively with partners aligned with the generalized investment policies of the Investment Office - with "over 90% of the portfolio invested in

Sesamware is a Japanese software company which is very popular for open source software. Sesamware got international approval with an online multiplayer fantasy dimension game, Para World in mid-1990. Para world was very popular in the world between 2001 and 2004. Firstly, it was installed as part of the bundle downloaded by hundreds of millions of gamers around the globe. The open source code helped to easily adapt every facet of computer life for all platforms and operating, networking, navigation and security systems.

1. Give an example of a case that would fall under diversity jurisdiction. Explain all of the key elements of such a case.

In the case in the text where someone purchased a used safe at an auction for $50, but

3    • Control – A major disadvantage of the limited partnership becomes obvious when discussing the actual management of the general partnership. Limited partners have no control of the day-to-day operations of the general partnership. Profit Retention – The limited partner receives an agreed portion of the profits that typically reflects the percentage of the amount that has been invested into the general partnership.   Location – If the general partners expand or move into another state, the burden of regulatory requirements is solely on the general partners and not the limited partners. If the partners plan to move or expand into another state, they simply need to file a new DBA in that state. Convenience / Burden – A

The thesis deals with the above concepts and discusses how the Companies Act 71 of 2008 (the Act) modified the law, particularly, by extending the legal capacity of a company and extinguishing or modifying the above rules which had previously restricted a company's ability

3. For a crime to be committed, the prosecutor must be able to prove a criminal intent and an overt act to carry out that intent. Jack and Mary agreed to rob a series of banks. Prior to beginning their bank robbery spree, they were arrested and charged with criminal conspiracy. What act did Jack and Mary do that justifies a finding that they committed the crime? Explain.

Limited Partnership which has adopted laws based on the Revised Uniform Limited Partnership Act (RULPA), would be a better option for you if

Ellentuck, A. B. (2009). USING A LIMITED LIABILITY PARTNERSHIP AS THE ENTITY OF CHOICE. Tax Adviser, 40(2), 124-125.

PRT LLC is one of the leading pharmacy benefit management company in the United States. The company has over 2800 employees all is the largest privately owned pharmacy benefit management company in the United States. The company is headquartered in Eagan, Minnesota, with 3 other locations in Minnesota. PRT has 15 other locations in western, eastern and southern United States. The company operates mainly to offer pharmacy benefit management services for a major health insurer, TCTS. It also manages Drug Utilization Review for TCTS, the U.S government via Center for Medicare and Medicaid Services (CMS) and the enrolled member or patient.

o Weakness: there is a societal imbalance in the distribution of resources, and it is virtually impossible for courts/legislatures to make important decisions that do not make someone worse off

1. Assume there are three separate real estate companies US Realty (which uses the cost model), UK Realty (which uses the revaluation model, and International Realty (which uses the fair value model). Assume that on December 31, 2003, each company pays £1,000 cash to obtain investment property comprising of land with negligible value and an office building worth £1,000.  The building has a 10 year useful life, has no residual value, and is expected to provide a constant stream of economic benefits over time.   What is the accounting entry for each company for the following four scenarios:

Firstly, even though there are different types of partnership such as general, limited and limited liability partnership. This three different type has its advantages and disadvantages however we will be mainly focused on general partnership. One advantage of the general partnership is raising capital due to the nature of the business the partners will raise capital to start-up the business. Therefore more partners mean more capital can be put to the business, this allows the business to have more potential for growth and profitability. Another advantage is that a partnership is less complicated to form and run than a company they don’t have legal filing requirements, this means they don’t have to file accounts and documents with Companies House.

When Haili and John registered a proprietary company or form a partnerships, there are some legal rules and regulations attached to each of the type. To face those rules and regulations appropriately, a proper consideration is required by the each party.They have to know that a proprietary company is a smaller form of a public company when a partnerships is a form of organization when two or more people gather and do a business together (Pearce 2015). Consideration from the party comes from the management of the company and the willingness to use their personal debts. When Haili and John wants to be a director of Sparkle Pty Ltd, they can form a partnerships or a proprietary company. A proprietary company is a small company under the Corporations act 2001 (Cth), thus a partnership is only bind under The Partnership Act 1985. If Haili and John wants to manage the organization and be liable for the debt that arise from the organization, they can form a partnerships. Therefore, a proprietary company is separate legal entity and the amount of each party are liable for only the number of shares they own on the company (Pearce 2015). There is another form of partnership called limited partnerships that the members can have limited liability but cannot manage on the partnership (Pearce 2015). According to Seago and Horvitz (1980), a partnerships may have a characteristics of minimum 2 or more members and each party is a liable party if the partnerships goes