The paper "Business Structures and Business Laws" is an impressive example of a Business assignment. Business is the buying and selling of goods and services at a profit. Having much profit means the success of the business. When the business owner through the earned profit sees that the business is operating well, one decides to expand it to earn more profit. Profit is earned by deducting the total expenses from the total revenue. This indicates that the revenue must be more than the expenditure for the business owner to earn much profit.
(Abbott & Penlebury, 2002, pg. 96)When the total expenditure is more than the revenue generated, the business will make losses like with the case of Kids Clothes Pty Ltd. In this paper, I am going to discuss how Mary, a successful business lady will expand her business structure through her accountant’ s advice and the legal actions Myra’ s employees can take in claiming for their dues to the clothing kids company. Ways in which Mary can update her business structure Mary’ s business is operating well and she wants to update the business structure to another one.
By seeking advice from her accountant, various options will be given concerning the various types of business structures. There are various types of business structures each of them with its advantages and disadvantage (Benhargen, 2007, Pg. 101). Below are the various types of business structures. Partnership A partnership is a form of business in which individuals come together and operate as one. A partnership can be of two or more individuals. The individuals who come together in forming a partnership business are known as partners (Cory, 2005, Pg. 103).
Being owned by more than two people, it has its advantages and disadvantages. Advantages Contribution of starting capital The most advantage of a partnership business is the contribution of starting capital. Compared to the sole trader business where Mary has to incur all the initial costs for generating starting capital, here all partners have to make their contributions concerning the starting capital.
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