Question

Discuss the advantages and disadvantages of limited legal liability in practice. Refer to any legal judgments...

Discuss the advantages and disadvantages of limited legal liability in practice. Refer to any legal judgments of courts in the United Kingdom, Australia or Singapore that you think are relevant to your argument.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Limited Legal Liability:

It is the written agreement between the individuals and they determine the mutual rights and duties of the individuals and their rights and duties in relation to that Limited Legal Liability.

Following are the advantages of limited legal liability:

  • Flexible in structuring the management
  • Owners are not personally responsible for business debts and liabilities
  • Liability is limited

Following are the disadvantages of limited legal liability:

  • More expensive to form such type of entity
  • No perpetual existence
  • Ownership is typically harder to transfer than with a corporation.
  • This form is less popular, hence procuring equity and debts are difficult.
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Discuss your point of view ? Theory and Practice in Policy Analysis, Chapter 1 – Most...
Discuss your point of view ? Theory and Practice in Policy Analysis, Chapter 1 – Most people have not spent much time thinking about the approach or perspective we ought to use when making important decisions. A major goal of this class is to teach the perspective and tools of a "policy analyst". This first chapter serves as a bit of an introduction to some of the ideas of how that ought to work, which is actually still being debated....
This case will enable you to practice conducting planning and substantive analytical procedures for accounts in...
This case will enable you to practice conducting planning and substantive analytical procedures for accounts in the acquisition and payment cycle. When analyzing the financial data, you may assume that the 2015 information is unaudited, while prior-year data is audited. As you complete this case, consider the following features of and trends in the pharmaceutical industry and for PharmaCorp specifically: After a long period of industry dominance by companies in the United States, the United Kingdom, and Europe, these companies...
Discussion Question: What would you do case? (CH10) DUE 5/6 The words “Cessna Skyhawk” have special...
Discussion Question: What would you do case? (CH10) DUE 5/6 The words “Cessna Skyhawk” have special meaning for anyone who has ever wanted to learn to fly. At 27 feet long and 8 feet tall, with a 36-foot wingspan, a 140 mph cruising speed, and room for two adults and their luggage, more people have learned to fly with a Cessna Skyhawk than with any other plane in aviation history. In fact, the Cessna Skyhawk is the best-selling plane of...
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...
Under the LB&I Directive on Information Document Requests Enforcement Process, all of the following are part...
Under the LB&I Directive on Information Document Requests Enforcement Process, all of the following are part of the mandatory enforcement process, except: Delinquency Notice. Notice of Deficiency. Pre-summons Letter. Summons. Miles Patrick’s timely filed Form 1040 for the 2010 tax year is selected for audit and the Service ultimately issues a timely SNOD asserting $100,000 in additional tax due arising from Miles’ failure to substantiate business expenses. (The Service never provided Miles with a 30-day letter). Miles does not file...
Discuss ethical issues that can be identified in this case and the mode of managing ethics...
Discuss ethical issues that can be identified in this case and the mode of managing ethics Enron finds itself in this case. How would you describe the ethical culture and levels of trust at Enron? Provide reasons for your assessment. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among...
What are 4 key things you learned about the topic from reading their paper? How does...
What are 4 key things you learned about the topic from reading their paper? How does the topic relate to you and your current or past job? Critique the paper in terms of the organization and quality. Team 3 answer questions above. Part I In today’s world we see fear among people when dealing with sexual harassment. This leads to people not reporting sexual harassment. A misconception about sexual harassment is that it’s only about touching and forcing other people...
Gender Bias in the Executive Suite Worldwide The Grant Thornton International Business Report (IBR) has described...
Gender Bias in the Executive Suite Worldwide The Grant Thornton International Business Report (IBR) has described itself as "a quarterly survey of business leaders from across the globe … surveying 11,500 businesses in 40 economies across the globe on an annual basis." 1 According to the 2011 IBR, the Asia Pacific region had a higher percentage (27 percent) of female chief executive officers (CEOs) than Europe and North America. Japan is the only Asia Pacific region exception. The report further...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT