Evaluating the Merits and Demerits of Business and Corporate Law

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Business And Corporate Law is an essential factor for organizations to work in partnership and to run a joint venture. So, here in this document various factors are discussed for Business and corporate law. For more visit us:https://www.instantessaywriting.com/business-essay-writing

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• Partnership firm can be characterized as an ongoing relationship which exists between the partners. Unlike an incorporated company partnership firm does not have any legal existence of its own. Moreover each of the partner is a co-owner working together on an agreement to share all the profits as well as losses. • Joint Venture is formulated between individuals or corporates in order to pursue a common strategic goal parallel to maintenance of their separate business. As against the nature of a partnership Joint Venture may be formed to pursue to specific purpose which could be anything in the form of research and development or any such activity

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Legilsation governing general Partnership or Limited Liability Partnership LLP: • Partnership Act 1890 • LLP Act 2000 Legislation governing Joint Venture shall differn with the business structure adopted by the JV: • Companies Act 2006 • LLP Act 2000 • Contract Act • Companies Act 2006

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Partnership can take the form of following business Structure: • Ordinary Partnership • Limited Partnership • Limited Liability Partnership LLP Joint Venture can take the form of: • Limited Company • General Partnership • Limited Liability Partnership • Contractual Relationship .

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PARTNERSHIP JOINT VENTURE The process of establishment of these entities are relatively less complex and time consuming Some of the specific allowances which are enjoyed by this form are expansion of business no outside investment and gaining access to extra resources which could in the form of advanced technology or trained staff. Every partnership firm suffers from the demerit of joint and several liability in respect to the obligations of the entire firm To identify right people and build a strong relation of trust shall be difficult Partnership in the form of LLP can be beneficial as the partners shall have limited liability Joint Venture in the form of LLP shall overcome the demerit of uncertainty and liability of partners.

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The analysis of all the features attached with Partnership and Joint Venture has led to a conclusion that Xiaojing Lance and Nick shall adopt a limited Liability Partnership for undertaking their herbal product business. The primary rationale for this recommendation is that this option shall render the benefits of partnership as well as a company. All the three partners can enjoy limited liability of the business yet work in a partnership format to enjoy the benefit of developing their own terms through the partnership Agreement. Moreover commencing a business through a partnership relationship shall be more beneficial in comparison to a Joint Venture as the latter may not be able to render certainty to the relationship.

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