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Need for the Partnership to be Amended and Steps Involved to Form a Limited Liability Company
Read the Partnership Act of Fiji and provide your views why the Act should be amended. Justify with good reasoning. Also you are required to outline the steps in detail involved to form a limited liability company.
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* *********** **** of ******** *********** *** ***** **** ** ** ** ***** *** ** *** **** ***** *** operator of **** ******** *** *** wish ** legally *** ** your ******** ** apartnershipYou can ****** * *********** ******* *** ****** ** ***** ******* *** *** doesn't *** * ***** ** ******* *********** ** involvedThere are ***** ***** ** *********** ** Canada but ******* *** *** legally *** upany **** of **************** **** a general *********** depends on **** province or ********* **** ******** will operate ** *** **** **** ** ******** you're inThe ******* ************** most ****** **** of *********** ** *** ******* *********** ** * ******* *********** **** ******* ** ******* and ********* liable *** *** ***** ** the ************** ******* PartnershipA limited partnership is ** *********** where a person *** contribute ** * business ******* being ******** ** *** affairs ** *** partnershipAs * ******* ******* **** ********* ** the firm or *** ********* ** ******* ** *** amount *** ****** ** *** **** ** ****** * limited partner you must take ** **** in *** ********** ** the **** or *** ** behalf ** *** company ** *** become ageneral partner *** **** ********* only ******* kinds ** businesses are ******* ** operateas ******* **************** Limited Liability PartnershipIn ****** * ******* ********* *********** ** ******* **** ********* ** ****** ** ************* **** ** lawyers accountants and ************ partnership ************* ******** ** specific ********** *********** *** ******** ********* in Ontario **** ******* ********* *********** *** ********* ******* *********** *** **** ******** Liability ********************* *** ************* ** a PartnershipA partnership can **** ********* *** ****** ***** ** *** own right ***** ***** **** ** the liability ******* a **** proprietorship ***** bearThe **** advantage of *** *********** ******* lies ** *** ******* ************ ******* *** ******** rather thanin *** ***** structureof *** ******* *** ************** *************** ***** where *** partners have ************* ******* *** *** comfortable ******* *** ******** making ** *** ******* *** ****** and ******* *** ***** doesn't * *********** *** ***** ** * match **** in ********* ************ **** *** **** *** ********** that **** *************** **** Partnerships do *** have ** ************ ****** tax returnsor *********** ****** ***** *** ********* *************** *** *********** is ************ the ******** incomeof *** ******** ** ********* theiroverall *** liability ** other words ** you choose *** partnership form of ******** ********* ****** ***** **** **** ********** the T1 income tax ************* * ******* partnership one partner *** ** **** responsible *** all debts *** *********** ******** ** *** **** ** the ******** by ******* partner ** * ******* *** *** **** ** held *********** *** *** wrongful act ** omission ** ***** ******** acting ** *** ******** ****** ** the ****** ******** * ***** can ** * ******* disadvantageAnother disadvantageof * partnership **** many *********** think ** ***** it ******* ** that partnerships can ** *** messiest * **** *********** **** of ******** ********* to ******** If *** ** ****** ** **** a *********** ** any **** a *********** agreement ** *********** ********* **** Partnership ********** **** ** ************** **** **** ** ********* should ********* ****** are ************* **** *** **** ************** ************** ***** of ******** **************** ** *** ****** ** personal ********* ******** ** this ********* *** *** *** **** ** consider incorporating **** ********