Understanding Different Types of Business Partnerships
Soc Collective
A Soc Collective is a type of partnership where the partners have unlimited liability and are severally liable for the obligations of the society. The main features are:
- The directors of the company are all the partners, one or more of them, or a delegated third party.
- The name is formed by the name of all partners or any of them followed by the word “and Company.”
- The responsibility that affects the partners is unlimited. The partners are accountable for the obligations of the society
Understanding Partnerships, Limited Partnerships, and Corporations
Partnerships, Limited Partnerships, and Corporations
General Partnership
A general partnership operates under a collective name, with all partners bearing joint and several unlimited liability for the partnership’s obligations.
Key Features:
- Character Personality: Membership is not transferable without the consent of all other partners.
- Title: The partnership name will include the names of all, some, or one of the partners. In the latter two cases, “& Company” must be added, along with the abbreviations
Endorsement vs. Assignment of Credit: Key Differences Explained
Endorsement vs. Assignment of Credit: Key Differences
Autonomy and Abstraction
Assignment of Credit
- As a rule, is “pro solute” but not “pro solver.”
- The originating lender is accountable to the new lender for the existence of credit.
- Enforceability exceptions are personal.
Endorsements
- Is “pro solute” and also “pro solver.”
- The originating lender responds to the endorsee for solvency.
- Unavailability of personal exceptions.
Beware of exceptions personal effects in good faith.
Acts of “Endorsement” That Are
Read MoreUnderstanding Letters of Credit: Ratings, Forms, and Acts
Letters of Credit Ratings
About the Model: Free (letter and note) and bound (check and duplicate).
The Form: Order (letter, check, and duplicate) (three characters: the drawer, drawee, and payee) and promise to pay (note) (two characters: the prospective and beneficiary).
Assumptions as to Issue: Causal (duplicate – Stay connected to the business that originated) and non-causal (letter (abstract), notes, and checks).
On Movement: Bearer (circulated by mere tradition) or nominative (endorsement) (order
Read MoreUnderstanding Vouchers, Receipts, Promissory Notes, and More
Understanding Key Business Documents
Return to Voucher
This voucher is used to execute the delivery or transfer of goods sold. The person receiving the property records their compliance, finalizing the seller’s right to collect payment and the buyer’s obligation to pay. It provides the basis for preparing a refer factura.
The voucher extends in triplicate:
- The signed original is delivered by the seller to the purchaser.
- The duplicate, with the purchaser’s agreement confirming receipt, is kept by the
International Trade Process: Sales, Shipping, and Payments
International Trade: A Step-by-Step Process
Sales Agreement
The seller and the buyer agree on the terms of sale. This includes:
- Price
- Quantity
- Quality
- Delivery terms
Essential Documentation
Both the buyer and seller require important documentation. These documents facilitate a clear understanding of the transaction and ensure legal compliance. Examples include:
- Invoice: Detailing the goods sold and the price.
- Bill of Lading: Showing that the goods have been shipped.
- Certificate of Origin: Indicating where