Legal structure: Difference between revisions
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== Legal == | == 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 | 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 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 time, 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. | ||
Revision as of 15:23, 10 September 2023
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 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 time, 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 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 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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