Legal structure: Difference between revisions
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{{General header}} | {{General header}} | ||
== Legal == | == Legal == | ||
The legal structure of the Emerald Forest Hotel needs still to be worked on as the | The legal structure of the Emerald Forest Hotel needs still to be worked on as the family thinks this can be done in a better way. At this moment it is an Ltd. (Bergman Ltd.) a limited company, 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 this is not yet very important, but still some more information. There are both advantages and disadvantages to making a company a limited company. <br><br> | ||
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 the organisation with the Secretary of State (there are some rules on this). | * 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. | * 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. | * 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 | The basic situation is that the liability of the members is limited. Members of the company are not, as an individual person, 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 they are considered investors. | In addition, members of a limited company must participate in the running of the company, or they are considered investors. | ||
<br><hr> | <br><hr> | ||
Revision as of 10:19, 19 April 2021
Legal
The legal structure of the Emerald Forest Hotel needs still to be worked on as the family thinks this can be done in a better way. At this moment it is an Ltd. (Bergman Ltd.) a limited company, 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 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, as an individual person, 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 they are considered investors.
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