Creating an emergency fund should be a top priority, because you need to have extra money in case an emergency comes up that requires money.
Answer:
1. Lack of ownership
2. Higher taxation
3. Legalities and formalities
Explanation:
An incorporated company is one that has a separate legal entity from that of its owner and shareholders. Disadvantages of an incorporated company include:
- <em>Lack of ownership</em>
An incorporated business is a separate entity from its owner. Hence, separate bank accounts would be required along with separate business identification since personal identification would not be sufficient. At the same time, personal funds must be kept separate from business funds. Mixture of the two is an offense against the law. Also, as shareholders are involved, they may have voting rights, hence, the owner will not have a complete say in all business activities.
Incorporated companies are expected to pay higher taxes whilst others may have minimum taxable limits. The owner will have to pay income tax as well as corporate taxes. They will also accumulate other expenses such as accounts and legal fees whilst processing these complex taxation methods.
- <em>Legalities and formalities</em>
Incorporating a business in itself requires complex procedures and a lot of paperwork. After this has been accomplished, the company is still expected to follow strict codes of conduct such as those provided by the Companies Act. This would include the way borrowings and lending occur, investments, dividend provisions, meetings and audits. They will also have to register documents under the Registrar of Companies.
Answer:A. Priority to payment in all states.
Explanation: "Assignment" is a legal or Business term used to describe the transfer of ownership of a particular asset or liability from a one person(assignor) to an another person(an assignee). THIS IS USED IN DIFFERENT FORMS IN BUSINESS, it CAN BE IN THE TRANSFER OF REAL ESTATES TO SHARES ETC.
IT IS EFFECTIVE IN LAW WHEN THE NOTIFICATION IS RECEIVED BY THE DEBTOR WHICH IN THIS CASE IS ELIN.
Priority to payment is to Holli in all the States.
