ACCOUNTING PROJECT

Our group is conformed by:

• Angie Bibiana Calderon

• Diana Castillo

• Diana Carolina Ruiz

The topic that we chose is COMPANY LAW 1, because is an important topic for us and we like it.

The items are:

 Partnerships

 Limited Liability

 Founding Companies

 Partnerships

A partnership is an arrangement where entities and/or individuals agree to cooperate to advance their interests. In the most frequent instance, a partnership is formed between one or more businesses in which partners (owners) co-labor to achieve and share profits or losses

Among developed countries, business partnerships are often favored over corporations in taxation policy, since dividend taxes only occur on profits before they are distributed to the partners. However, depending on the partnership structure and the jurisdiction in which it operates, owners of a partnership may be exposed to greater personal liability than they would as shareholders of a corporation.

Some types of partnerships are:

• Commercial partnership

• Anonymited partnership

• Cooperative partnership

• Limited partnership

• Systematized partnership

 Limited Liability

Type of investment in which a partner or investor cannot lose more than the amount invested. Thus, the investor or partner is not personally responsible for the debts and obligations of the company in the event that these are not fulfilled.

The company has qualified managers and seniors managers.

These managers and full-time executive directors run the company for its owners. There are standard procedures of corporate governance – the way a company is run by the management for the shareholders, and how the managers are accountable to the shareholders. These include separating the job of chairman from that of managing directors, and having several non-executive directors on the board of directors who do not work full-time for the company but can offer in expert advice. Non-executive directors are often more objective: less influenced by their opinions and beliefs. There is also an audit committee, containing several non-executive directors, to which the auditors report.

 Founding Companies

 

To found a Company is very important know:

 Company type

 The Company´s name

 Economic activity

 The location of the Company´s registered office: where to send official documents

 Registry in “Cámara y Comercio”

 RUT Lettering

 Constitutions documents

 The Company´s purpose: its aims or objectives

 The authorized share capital: the maximum share capital it can have