Legal structure: Difference between revisions
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The basic situation is that the liability of the members is limited. Members of the company are not totally as an individual person responsible for the debts of the limited company. | The basic situation is that the liability of the members is limited. Members of the company are not totally as an individual person responsible for the debts of the limited company. | ||
In addition, members of a limited company must participate in the running of the company, or they are considered investors. | In addition, members of a limited company must participate in the running of the company, or they are considered investors. | ||
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<center><small>''Emerald Forest Hotel'' offering an <font color="green">'''emerald''' </font color="green">hotel experience! | <center><small>''Emerald Forest Hotel'' offering 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> | ||
Revision as of 16:09, 7 March 2018
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Legal
The legal structure of the Emerald Forest Hotel needs still to be worked on, but is is Bergman Ltd. At this moment it is a Ltd. a limited company, also known as a limited liability company (LLC). This is a type of business ownership which determines many aspects of the way Emerald Forest Hotel is run. At this moment this is not yet very important, but still some more 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 Secretary of State (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 or publication of results, paperwork etc.
The basic situation is that the liability of the members is limited. Members of the company are not totally as an individual person responsible for the debts of the limited company. In addition, members of a limited company must participate in the running of the company, or they are considered investors.
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