Some business owners choose to create partnerships or limited liability companies instead of a corporation. A partnership can also be called a firm, and refers to an association of a group of individuals working together in a business or professional practice.
While corporations have rigid rules about how they are structured, partnerships and limited liability companies allow the division of management authority, profit sharing and ownership rights among the owners to be very flexible.
Partnerships fall into two categories. General partners are subject to unlimited liability. If a business can't pay its debts, its creditors can demand payment from the general partners' personal assets. General partners have the authority and responsibility to manage the business. They're analogous to the president and other officers of a corporation.
Limited partners escape the unlimited liability that the general partners have. They are not responsible as individuals, for the liabilities of the partnership. These are junior partners who have ownership rights to the profits of the business, but they don't generally participate in the high-level management of the business. A partnership must have one or more general partners.
A limited liability company (LLC) is becoming more prevalent among smaller businesses. An LLC is like a corporation regarding limited liability and it's like a partnership regarding the flexibility of dividing profit among the owners. Its advantage over other types of ownership is its flexibility in how profit and management authority are determined. This can have a downside. The owners must enter into very detailed agreements about how the profits and management responsibilities are divided. It can get very complicated and generally requires the services of a lawyer to draw up the agreement.
A partnership or LLC agreement specifies how profits will be divided among the owners. While stockholders of a corporation receive a share of profit that's directly related to how many shares they own, a partnership or LLC does not have to divide profit according to how much each partner invested. Invested capital is only of the factors that are used in allocating and distributing profits.
Summary:
The cost of college education is constantly increasing every year. Presently, a student has to pay for about $20,000 on an average school. The problem is, at this amount many American households find it difficult to maintain at least a member of their family to finish a degree or at least stay in school for the following year. This problem can be solved, however, through college scholarships.
There are different college and university scholarships available for different t...
Keywords:
scholarships
Article Body:
The cost of college education is constantly increasing every year. Presently, a student has to pay for about $20,000 on an average school. The problem is, at this amount many American households find it difficult to maintain at least a member of their family to finish a degree or at least stay in school for the following year. This problem can be solved, however, through college scholarships.
There are different college and university scholarships available for different types of student. With a little knowledge on their nature, you may find one where you can fit in; and hopefully finishing college for free.
So what are your college scholarship options?
Academic scholarship
Academic scholarship is given to students who receive the highest mark in the graduation class, endorse by the school to apply for an academic scholarship or meet the necessary grade point average set by the school. If you do not fall in any of the conditions mentioned, ask your high school academic guidance counselor for details on the different ways on how to avail for academic scholarships. Usually some colleges and universities accept applicants with an average high school GPA but pass the entrance test(s).
Athletic scholarship
Colleges and universities offer free education for students with exceptional gift in sports. Recipients of the athletic scholarship are often selected among the graduating high school students. However, there are some schools that open the possibility for students to apply for athletic scholarship after they have enrolled in college.
Corporate scholarship
Many companies stretch their services by granting students with free college education. The good thing about corporate scholarship is that upon receiving the degree, the grantees are assured to land on a job (on the same company that gave them the scholarship).
Institutional scholarship
Many private individuals, institutions, and groups give free college education to those who cannot pay for college tuition. Some of them answer the need of a particular race, age, gender, and locale among others.
Union scholarship
Most union scholarship grants are given to the children of its members. If one of your parents is a member of a certain union, you can inquire about the possibility of applying for a college scholarship.
Religious organizations
Religious organizations and church groups allocate a fund for scholarship grants to their members who cannot afford the cost of college education. You can inquire about this in your church.
Local government grants
One of the best sources of free college education is your local government. Here, you can get as much as 100% scholarship grant depending on their set conditions. Availing a local government scholarship can also give you a big chance to land on a job immediately.
Know all these and you will surely go to college for free.
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