Difference between revisions of "Legal structure"
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== Legal == | == Legal == | ||
The legal structure of the Emerald Forest Hotel needs still to be worked on. At this moment it is a 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 which determines many aspects of the way Emerald Forest Hotelis run. At this moment this is not yet very important, but still some more information. | 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 ([https://www.legalzoom.com/knowledge/limited-liability-company/topic/limited-liability-company LLC]). This is a type of business ownership which determines many aspects of the way Emerald Forest Hotelis 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. | There are both advantages and disadvantages to making a company a limited company. | ||
Revision as of 14:59, 9 March 2015
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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 Hotelis 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 organization with the Secretary of State (there are some rules on this).
- Secondly the required fees need to be paid to the state.
- Third there is legislation on the liability, need or publication of results, paperworks etc.
Basic situation is that the liability of the members is limited. Members of the company are not totally as a 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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