Legal structure: Difference between revisions
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== Legal == | == Legal == | ||
The legal structure of the Emerald Forest Hotel needs | The legal structure of the Emerald Forest Hotel still needs to be worked on as the family thinks this can be done in a better way. At this time, it is an Ltd. (Bergman Ltd.), also known as a limited liability company ([https://www.legalzoom.com/knowledge/limited-liability-company/topic/limited-liability-company LLC]). This is a type of business ownership that determines many aspects of the way Emerald Forest Hotel is run. At this moment, it is not yet very important, but here is further information. There are both advantages and disadvantages to making a company a limited company. <br><br> | ||
There are both advantages and disadvantages to making a company a limited company. | |||
A limited company may be formed by a fairly simple process. | A limited company may be formed by a fairly simple process. | ||
* First the owner(s)must file articles of | * First, the owner(s)must file articles of the organisation with the proper authorities (there are some rules on this). | ||
* Secondly the required fees need to be paid to the state. | * Secondly, the required fees need to be paid to the state. | ||
* | * Thirdly, there is legislation on the liability, need for publication of results, paperwork, etc. | ||
The basic situation is that members' liability is limited. A member of the company is not, as an individual, responsible for the total debts of the limited company. | |||
In addition, members of a limited company must participate in the running of the company or else they are considered investors. | |||
<br><hr> | <br><hr> | ||
''→ GO! [[#top|Top of this page]]'' | ''→ GO! [[#top|Top of this page]]'' | ||
<center><small>''Emerald Forest Hotel'' | <center><small>''Emerald Forest Hotel'' offer an <font color="green">'''emerald''' </font color="green">hotel experience! | ||
| Run your own hotel in this management simulation.</small></center> | | Run your own hotel in this management simulation.</small></center> | ||
Latest revision as of 16:06, 10 September 2023
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Legal
The legal structure of the Emerald Forest Hotel still needs to be worked on as the family thinks this can be done in a better way. At this time, it is an Ltd. (Bergman Ltd.), also known as a limited liability company (LLC). This is a type of business ownership that determines many aspects of the way Emerald Forest Hotel is run. At this moment, it is not yet very important, but here is further information. There are both advantages and disadvantages to making a company a limited company.
A limited company may be formed by a fairly simple process.
- First, the owner(s)must file articles of the organisation with the proper authorities (there are some rules on this).
- Secondly, the required fees need to be paid to the state.
- Thirdly, there is legislation on the liability, need for publication of results, paperwork, etc.
The basic situation is that members' liability is limited. A member of the company is not, as an individual, responsible for the total debts of the limited company. In addition, members of a limited company must participate in the running of the company or else they are considered investors.
→ GO! Top of this page
