Types of partnership

General partnership, limited partnership, and limited liability partnership

Different between limited partnership & general partnership

Limited partnership is registered with the government while the general partnership is not registered with the government.

Contract

Contract is an agreement between a business and a client. The contract law concerns enforcement of business activities to ensure that the interest of the contracting firm and the client’s are maintained.

Name the 4 types of intellectual property

Patent, copyright, goodwill, and trademarks

Explain the roles of a mortgagor and mortgagee

The mortgagor has the incentive to make reasonable efforts of obtaining the best possible price on the market when disposing the collaterals. Conversely, the mortgagee receives the duty to sell the mortgaged property at a reasonable price, as a way of exercising powers in good faith.

How bank make money

In most cases, banks borrow money from the depositors at a lower rate than they charge for the money lend out.

Difference between debt financing & equity financing

Debt financing involves borrowing of money while equity financing involves selling part of the business to an investor in order to sustain the business.

How does pro rate work and who is it for

The pro rate targets the unscrewed creditors who would be seeking relief from small enterprise. It evaluates the value on assets and what the creditor might claim. For the unsecured creditor, the bil goes bankrupt at $60,000. The scales used for this purpose are balanced to ensure that the creditors attain their preferred interest.

Name the 3 methods of business

Franchise, Sole proprietorship and Partnership business

What are the disadvantages of sole proprietorship and partnership, and what are the advantages

One advantage of the sole business is that they are easy o set up and manage. The starter of the business own-up full profit from the business, so legal practices between individuals is minimal. Conversely, partnership business is group owned, so every partner is liable to the operation of the business. The profits are shared based on the agreement between partners. However, a joint business/partnership involves numerous legal practices, which is a business limitation.

What is the joint and several liability?

This refers to standards on returns that an individual is held liable after the assessment of the taxes attributable to the actions of the parties involved. 

Explain franchises

Franchise involves operating a business using the name, products and additional adverts from other businesses.  In Canada, franchise business has taken roots in the fast food and store firms where the accounting officers evaluate the reliability and long-term goals of the businesses by projecting the sales, competition and franchising strategies.

Difference between employees and contractors

While an independent contractor is responsible for his/her own remittances to the government, the employee acquires the social security and Medicare taxes from the employer. Moreover, independent contractors are self employed, mostly hired in big firms and company. On the other hand, employees are hired by the employers who mutually exchange wages for work.

What are the ethical steps to deal with sick salesperson?

Given that the sales job is demanding and busy task, an employer should:

• The employer should pay keen attention on the complaints of the salesperson, indicating commitment in monitor the health conditions and expected progress of the worker.
• Treat the employee through observing all the laws and regulations avoiding conflict of interest and integrity.
• Maintenance of worker’s standards of work and protecting the confidential information concerning the employee’s health.
• Liaise with the hospital management to ensure that the employee attain quality health services, and reinforce the core values on the health matters of other employees. Emphasizing on the core health values will help in achieving the best values and ensuring a reasonable quality of life for the rest employees.