Business Law Assignment Help

Business Law Assignment HelpLaw Assignment help can be extremely effective in gaining knowledge about the crucial topics of law. The same holds for Business law as well. Here, we will be discussing what the Business Law Assignment Help has to offer for you.

All partners have equal rights and responsibilities to perform. All of them can raise money for their business from various sources which include, money raised from their own

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 assets or by taking loans.

Shares of Profit

As of now, when the business starts, the share of all partners is same in the partnership and all are active partners, so all are liable to get equal share in both profit as well as loss. In a four partner firm, all have 25% share in the funding, and their share in profit/loss also would be the same until their shareholding pattern changes.

Tax

All 4 are partners of a partnership firms so they all can be called self-employed. So according to the law they all can be taxed in their share of profits. From the very beginning of the company, there will be an agreement among the partners which will state how the tax bill would be divided among the partners. All partners need to pay National Insurance contributions according to Class 2 and Class 4

Liabilities of Partners

  1. Additional Information:

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Records and Accounts: An annual assessment is necessary by the limited liability partnership and also by each of the partners associated in it to MARCH (HM Revenue and Customs). All such partnerships must have accounts with company’s house.

Access to Accounts:Every partner should have access to the documents of the company in the business hours. He is allowed to analyse any documents and also to take photocopy of any document he/she wants.

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