Setting up a partnership problem question - commercial law - Free Essay Example

Mr. Azwan and Mr. Zuhri are undecided whether to set up a company or a partnership. Before provide any suggestion, Mr. Azwan and Mr. Zuhri have to understand what is the difference between this two types of business. Partnership is a type of unincorporated association, which is an organisation without any legal personality distinct from its members.[1] This kind of business organisation is one of the favourable ways for many professionals, such as doctors, solicitors and accountants, to start their business by contributing their skills and knowledge, capital, and other resources together. Partnership was governed by the law in Malaysia, Partnership Act,1961. Refer from thePartnership Act 1980, partnership has been defined as the relation which subsists between persons carrying on a business in common with a view of profit.[2] Formation of a partnership To form a partnership, there must existing a free consent for all parties, consideration, legal purpose to form a partnership, and must be competencies partners. Under the Section 21 of the Partnership Act 19 61, stated that à ¢Ã¢â€š ¬Ã…“the mutual rights and duties of partners whether ascertained by agreement or defined by this Act may be varied by the consent of all the partners and such consent may be either expressed or inferred from a course of dealingà ¢Ã¢â€š ¬Ã‚ . Partnership is a contractual relationship, which is formalised by written agreement. Partners need to create a contract with each others, and everything stated in the agreement or contract must be cleared and agreed by all of the partners. Once partners have signed the contract, every terms stated in the contract were agreed by partners and need to fulfill and be responsible on it, such as carry on a business together to make and gain profit. Besides that, terms in the contract can be classified in implied and express terms. Implied terms can be varied by the partnership deed, such as management and indemnity, where express terms can be varied by consent from partners. Non-Separated Legal Identity. Partners hip is a not a separate legal identity, and they are existing two or above partners in the firm, who also have the power or authorities to manage the business. Means that they need to obtain the consent from partners before make any changes and decisions which will affected or related to the firm. In partnership, there are two types of partners existed, who can be as an active partner or a sleeping partner. Active partners are those who responsible on the business operation, where sleeping partners are not allowed to take part in the management of the the business and cannot ask for any extra money to pay those debts they owed. Liability Under the Limited Liabilities Partnership Act 2012, partners are the agent who represented their firm and stated that if partners unable to repay those debt, will be borne out of the property of the limited partnership. Limited partnership must be registered with the Registrar of Companies, and all of the partners must signed a statement which information are related to the firm name, general nature of the business, principal place of the firm, full name of each partners, date commencement and lifetime, description of every limited partner, and sum contributed by every limited partners. the firm name must be ended with the words à ¢Ã¢â€š ¬Ã‹Å"limited partnershipà ¢Ã¢â€š ¬Ã¢â€ž ¢. Every partners are liable for the business debt and it is unlimited. Generally, partnershipà ¢Ã¢â€š ¬Ã¢â€ž ¢s obligation or debts are liable for every partners. As partnership firm are those partners agreed to run the business, liable to the liability owed for the business, jointly and severally for tortuous acts and wrongs. The total amount for each partners to pay can be depends on the ratio of how much capital they had been contributed to the firm. Dissolution and winding up The dissolution of a partnership is the process during which the affairs of the partnership are wound up, which means the partnership has already comes to an end. If there are changes occurs in membership, the firm need to be dissolved at the time, even business activities are still carrying on by other partners. Where the firm is dissolved and not carrying on the business activities as before, the firm will be winding up. There are fews reasons for a firm to dissolved. Partnership firm can be dissolved by partners, who determined to leave. Partners choose to leave might because of the performance of business, conflict existed between partners, or else. One of the partners choose to leave, the partnership will be terminated. There are a provision is made to regulate this situation. the death or bankruptcy of a partner will also causes the agreement be terminated. Partnership firm can be dissolved by court order. In section 37 of Partnership Act 1961, there are existing this rules, for the purpose to terminate the partnership agreement. The firms are unable to generate profits or the performance of the partner who are incapable fulfilling the part of his responsible in the contract, partnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s behaviour or conducts already breach the partnership agreement, and also if the court considers that it just and equitable, court will order the firm to dissolved. Therefore, the reasons for Court to dissolve a partnership must be based on those reasons. Timing also become one of the reasons to dissolve the partnership firm, lapse of time. When businessman started their business, will be believed to have an indefinitely life time to run their business. But in the agreement, need to stated down the specified lifetime. Company A company is a legal entity which have a legal personality, separate and distinct from its members and shareholders. Companies Act 1965 is the principal of the legislation to govern the formation and operation of the company. Every company running business in Malaysia need to register to the Registrar of Companies Malaysia, and become a registered company. registered company. Existing Act is to protect the right and interests of shareholders, and also provides facilities for the incorporation of companies, management and winding up. A company must have at least 2 members to manage the business. There are two types of company, which is private limited company and public limited company. Private limited company can only have 50 members and not included employee and subsidiaries. They cannot sell their shares to general publics and it is unquoted. the name at the end of the company is with the words of à ¢Ã¢â€š ¬Ã‹Å"Sendirian Berhadà ¢Ã¢â€š ¬Ã¢â€ž ¢. Public limited company is unlimited on their members. This company will used to selling their shares to raise capital and manage by board of directors who are elected by shareholders. The name of this company is ended with à ¢Ã¢â€š ¬Ã‹Å"Berhadà ¢Ã¢â€š ¬Ã¢â€ž ¢. Formation To form a company, refer to the Companies Act 1965, Section 14, any two or more persons associated for any lawful purpose may by subscribing their names to a memorandum and complying with the requirements as to registration form an incorporated company. the persons who wants to run a business in form of company, need to obtain the approval for the company name. Not all the name are acceptable or some name was already existed, to avoid meet the same name of two companies. When prepare to register and open up a business, registration fees are needed to be paid to government. There also have some certain documents to lodge with the Registrar of companies, such as The Memorandum and Articles of Association, Statutory declarations by promoters or directors, Particulars of directors and registered office, Declaration of compliance, and lastly, the statement of the allotment of shares to the subscribers to the Memorandum. Separate Legal Entity Company is being as a l egal person in its own right. The company has a legal identity of it own, which distinct from its members. The law is separated the law from shareholders, directors, or employees in the company. If there is a wrong is done to a company, company has the responsible to obligate, not shareholders. Liability The liabilities borrowed by the company or be in debt to other parties to run the business is known as the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s debt. The liabilities owed by a company are its own, their members are not liable to pay for the company. For those company who had already registered are having a limited liability, the company do not owned the complete immunity. The limited sum of liability owing was the amount which had already agreed before. If the company are runs out of money, and unable to satisfy their customers, are not allowed to exceed the limitation. Some companies used shares to limit their liability and also by guarantee. People buy shares of the company normall y because of the company have the potential to generate profit and confidence on the higher return. Generally, full price of payment are needed to pay at once. If the investors are allowed to pay half first, another half are liable to the company. Suddenly if the company went into liquidation before they pay the amount of outstanding to the company, they also need to pay at that time to the company. If the shares has already transferred to another person, the person are take over to pay the outstanding amount. Winding up of company Company is Registered under the Registrar of companies and have a legal personality of their own. If the company are going to wind up or in a liquidation, it may be brought into one of two legal process. The ways to winding up can be either because of the court order, voluntary liquidation, and distribution of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets. Liquidation by court order. A company winding up by court also known as compulsory winding up. Peti tioners can be creditors, liquidators, the Registrar of companies or the Official Receiver which has stated under section 217(1) of Companies Act 1965. Those parties would became petitioners most probably because of the company unable to pay theirs debt. The Court does the order of winding up which appointed by petitioners. If the court considered that there is just and equitable to wind up a company, the court also will gave an order to the company. This could be based on the objects clause of the company are different with the purpose on foundation of the company. If the purpose are failed to be achieved, the substratum of the company also failed. Beside that, the management of a small company are fall into a deadlock decision which unable to make any decisions, and also lack of confidence to manage the business. The problems must be based on the business matters, rather than a personal matters, and must amount to more than merely being outvoted. Voluntary liquidation. there are two types of voluntary liquidations, which are membersà ¢Ã¢â€š ¬Ã¢â€ž ¢ voluntary liquidations and creditorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ voluntary liquidations. Membersà ¢Ã¢â€š ¬Ã¢â€ž ¢ voluntary liquidation is decided by the shareholders of the company, which appointed by member to liquidator, whether they want to end up the company or continue to run the business. If they decided to end up the business, they can sell off those assets they owned and gain the money. Normally this will be decided in the general meeting. Creditors voluntary liquidation occurs when the company are into liquidation because of insolvent, from the directorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ request. This is who those creditors appoint to the liquidator. It was happened when there are the liabilities more than assets in the company, or the company unable to pay off all the debts.Company must have a meeting with their creditors with 14 days to give an explaination of it. Distribution of the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s assets. Company need to distribute their assets, which owned by the company, whether the winding up are compulsory or voluntary. Creditors, who the company owed money from them, have the right to sell the assets which he has charge. The assets can be as a mortgage to the creditors. Ultra Vires Doctrine In the simply terms, Ultra Vires means à ¢Ã¢â€š ¬Ã‹Å"beyond the powerà ¢Ã¢â€š ¬Ã¢â€ž ¢ or à ¢Ã¢â€š ¬Ã‹Å"lack of powerà ¢Ã¢â€š ¬Ã¢â€ž ¢ in respect of an act carried out by a person or body.[3] The company has beyond the authority of a corporation to perform, which also meaning that what the company had done was already over their object clause. Those directors have done beyond the restriction. Even though all of the directors in the company are wish to ratify it, but it is not allowed and voided. This doctrine is lack of the legal capacity to incur the responsibility. Ultra Vires has been used in different senses in company l aw. First, ultra vires is used to describe the acts which the action done by the company is beyond its capacity. Second, the agent of the company has carried out an actions which is excess or abuse of their powers, the directors of the company. Third, it is within the capacity and power of the company, but are in violation or in excess of the articles. [4] The development of the Ultra Vires Doctrine is the protects those investors and creditors.It is not to be established yet until the cases of Ashbury Railway Carriage and Iron Company Limited v Hector Riche, (1875). The fact of the case is the company contracted to build a railway line in Belgium, and entered into a contract with Mr Riche to employ him to construct a railway. After Riche had begun work and incurred expenses, the company repudiated the contract. He was left without any remedy becauses the contract was made outside the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s objects clause, which were à ¢Ã¢â€š ¬Ã‹Å"to make and sell, or lend o n hire railway carriages and wagons, and all kinds of railway plaint, fittings, machinery and rolling stock to carry on the business of mechanical engineers and general contractors to purchase and sell as merchants timber, coal, metal or other materials; and to buy and sell any materials on commissions or as agents.à ¢Ã¢â€š ¬Ã¢â€ž ¢ The contract was ratified by all the members of the company, but later on it was repudiated by the company. Riche sued the company for breach of contract. The court held that an ultra vires act or contract is void in it inception and it is void because the company had not the capacity to make it and since the company lacks the capacity to make such contract, how it can have capacity to ratify it. If the shareholders are permitted to ratify an ultra vires act or contract, it will be nothing but permitting them to do the very thing which, by the Act of Parliament, they are prohibited from doing. The contract was beyond the objects as defined in the obj ects clause of its memorandum and therefore it was void. The company had no capacity to ratify the contract. The effect of ultra vires transaction Ultra vires can be classified in contract, borrowings, and In terms of borrowings, which is related to the beyond power of the company in borrowings. The courts have developed certain principles is to protect such lenders. [1]LFB Pg 470 [2]PG 410 [3]136 [4]136

Federal Government of the United States and Territorial...

2010 DBQ: (Form A) 1. In what ways did ideas and values held by Puritans influence the political, economic, and social development of the New England colonies from 1630 through the 1660s? (Form B) 1. The issue of territorial expansion sparked considerable debate in the period 1800–1855. Analyze this debate and evaluate the influence of both supporters and opponents of territorial expansion in shaping federal government policy. 2009 DBQ: (Form A) From 1775 to 1830, many African Americans gained freedom from slavery, yet during the same period the institution of slavery expanded. Explain why BOTH of those changes took place. Analyze the ways that BOTH free African Americans and enslaved African Americans responded to the†¦show more content†¦Analyze this debate and evaluate the influence of both supporters and opponents of territorial expansion in shaping federal government policy. 2009 DBQ: (Form A) From 1775 to 1830, many African Americans gained freedom from slavery, yet during the same period the institution of slavery expanded. Explain why BOTH of those changes took place. Analyze the ways that BOTH free African Americans and enslaved African Americans responded to the challenges confronting them.2010 DBQ: (Form A) 1. In what ways did ideas and values held by Puritans influence the political, economic, and social development of the New England colonies from 1630 through the 1660s? (Form B) 1. The issue of territorial expansion sparked considerable debate in the period 1800–1855. Analyze this debate and evaluate the influence of both supporters and opponents of territorial expansion in shaping federal government policy. 2009 DBQ: (Form A) From 1775 to 1830, many African Americans gained freedom from slavery, yet during the same period the institution of slavery expanded. Explain why BOTH of those changes took place. Analyze the ways that BOTH free African Americans and enslaved African Americans responded to the challenges confronting them.2010 DBQ: (Form A) 1. In what ways did ideas and values held by Puritans influence the political, economic, and social development of the New England colonies from 1630 through the 1660s? (Form B) 1. The issue ofShow MoreRelatedThe War Of The American Civil War856 Words   |  4 Pagestime of the Revolution with a weak decentralized government under the Articles of Confederation. 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Stewart An Occupational Name for a Steward or Manager

Stewart is an occupational name for a steward or manager of a household or estate, or one who had charge of a kings or important nobles household. The surname is from the Middle English stiward, meaning steward. Stewart is the 54th most popular surname in the United States and the 7th most common surname in Scotland with origins in  Scottish  and  English. Common misspellings and alternate names include Stuart and Steward. Famous People Jon Stewart: The American comedian, producer, director, and writer who previously hosted the television show The Daily Show, a popular satirical news program on Comedy Central.Martha Stewart: An entrepreneur and bestselling author famous for her DIY crafts, home decor tips, and inspirational recipes.Rod Stewart:  A British rock singer and songwriter who has sold over 100 million records.Kristen Stewart:  Famous for acting as Bella in the movie series Twilight, Kristen is an American actress and model who began acting in 1999. Genealogy Resources 100 Most Common U.S. Surnames Their MeaningSmith, Johnson, Williams, Jones, Brown... Are you one of the millions of Americans sporting one of these top 100 common last names from the 2000 census?Stewart Family Genealogy ForumSearch this popular genealogy forum for the Stewart surname to find others who might be researching your ancestors, or post your own Stewart query.FamilySearch - STEWART  GenealogyAccess over 6  million free historical records and lineage-linked family trees posted for the Stewart  surname and its variations on this free genealogy website hosted by the Church of Jesus Christ of Latter-day Saints.Stewart Surname Family Mailing ListsRootsWeb hosts several free mailing lists for researchers of the Stewart  surname. In addition to joining a list, you can also browse or search the archives to explore over a decade of postings for the Stewart surname.DistantCousin.com - STEWART Genealogy Family HistoryExplore free databases and genealogy links for the last n ame Stewart.GeneaNet - Stewart  RecordsGeneaNet includes archival records, family trees, and other resources for individuals with the Stewart  surname, with a concentration on records and families from France and other European countries.The Stewart  Genealogy and Family Tree PageBrowse genealogy records and links to genealogical and historical records for individuals with the English surname Stewart  from the website of Genealogy Today. References: Surname Meanings and Origins Cottle, Basil. Penguin Dictionary of Surnames. Baltimore: Penguin Books, 1967.Menk, Lars. A Dictionary of German Jewish Surnames. Bergenfield, NJ: Avotaynu, 2005.Beider, Alexander. A Dictionary of Jewish Surnames from Galicia.  Bergenfield, NJ:  Avotaynu, 2004.Hanks,  Patrick and Flavia Hodges. A Dictionary of Surnames. New York: Oxford University Press, 1989.Hanks, Patrick. Dictionary of American Family Names. New York: Oxford University Press, 2003.Hoffman, William F. Polish Surnames: Origins and Meanings.  Chicago:  Polish Genealogical Society, 1993.Rymut, Kazimierz. Nazwiska Polakow.  Wroclaw: Zaklad Narodowy im. Ossolinskich - Wydawnictwo, 1991.Smith, Elsdon C. American Surnames. Baltimore: Genealogical Publishing Company, 1997.

The Current Economic Arguments And Concerns Around Binge...

Introduction The purpose of the following report is to illustrate the current economic arguments and concerns around binge drinking in Australia. This is then followed by looking at the method of introducing an ‘alcopop’ tax aimed at reducing the amount of binge drinking in Australia. The report will use a large variety of research articles, economic theories and models to report on this issue. The purpose of this economics report is to illustrate the economic concerns and arguments around smoking in Australia and the methods of taxing aimed at reducing the smoking rate. The report will use a variety of research articles, economic theories and models to report on this issue so that the CEO of the Cancer Council of Australia has a thorough understanding. The Issue of Binge Drinking in Today’s Society Research has stated that â€Å"young adults aged between18-24, attending University and/or young women are most at risk of being binge drinkers in Australia and 25% of the general population of Australia are at risk of obtaining a drinking problem.† (Davies, O’Hara, Raciti, Reinhard, Sharma, 2012) Today’s society is seeing the risks and issues coming from the alcoholic behaviours of youths in Australia and binge drinking is the biggest problem. Binge drinking can and will lead to rises in health and legal costs because of treatment for preventable crimes, injuries and diseases caused by the negative effects of alcohol consumption. The cheap cost of alcopops in Australia encouragesShow MoreRelatedCausal Argument Essay1357 Words   |  6 Pagesï » ¿Causal Argument: Will Lowering the Drinking Age Solve the Problem of Binge Drinking among College Students? 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Public Speaking Informative Essay - 1212 Words

Specific Purpose Statement: To inform my audience about how the Dutch go about in dealing with their social problem Central Idea: When it comes to dealing with its social problems the Dutch do so with an attitude of tolerance and respect Introduction: I. Imagine the reaction if George Bush announced tomorrow that he was planning to legalize prostitution, marijuana, gay marriages and Euthanasia there probably would be uproar. II. People would say hed lost his mind, arguing that his plans would be nothing but a recipe for disaster possibly resulting in social anarchy. III. Yet there is a country that not only practices these policies, but also has had huge success in doing so. A. This Country is Holland and like any†¦show more content†¦/ol D. Also the countrys Municipal Health Services run free clinics where both women and clients can go get an anonymous checkup. (Transition: This tolerant, pragmatic attitude towards prostitution is prevalent in how the Dutch deal with all its social problems) I. Take Pot for example II. Im sure many of you have heard all about Hollands many coffee shops A. But for those who know nothing about them. These coffee shops are places where people Can openly and legally purchase Marijuana. ol li value=1 They began about in the mid 70s but only really took off ten years ago, prompted by the idea that places selling marijuana and hash would help keep young people away from hard drugs. li value=2 By getting it from these places, they are not exposed to sellers who peddle hard drugs. /ol B. There are a total of 1,000 throughout the country. The government limits the number of licenses it give out to no more than that number. 1. The rules are firm too, no more than 5 grams per person, no hard drugs, no alcohol, no advertising, no under-18 customers, everybody must show an I.D. if asked. 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Objective of Maximising Profits-Free-Samples -Myassignmenthelp.com

Questions: 1.As a producer, why is it important to consider the price elasticity of demand of your product when setting the price you are going to charge? 2.Explain the difference between comparative advantage and absolute advantage. Answers: 1.A rational producer has an objective of maximising profits. (Elasticity, TR and MR). This objective is the basis of all decisions that involve what to produce, the output level, the inputs and technology to use and the price to sell at. Within this paradigm a knowledge of the elasticity of the good he sells helps to decide how price change will affect revenues and profits. Profits are the difference between revenues and costs. Demand elasticity is linked to revenues only, while costs remain unaffected. It can be shown that the relation between revenues and elasticity is as follows: Marginal change in revenues (MR)/ marginal change in prices = P *(1- e) where e is demand elasticity if negative sign is ignored. Ina mathematical sense we have 2 cases: Elastic demand : e , which implies (1-e) is negative. This causes an inverse relation between price change and marginal revenue. A price rise will lead to lower revenues. In elastic demand: e 1whicj implies (1-e) 0. This implies a proportional relation between price change and marginal revenue. It is beneficial to increase prices as revenues are higher. Whether is implies higher profits or not will deepened on effect on costs. (Imperfect Competition ) Hence, a knowledge of demand elasticity helps the producer to decide how a price change will affect his revenues and consequently his profits. He would like to face an inelastic demand so that a price rise can give him higher revenues. 2.Both concepts are used to explain trade between nations. Ricardo introduced comparative advantage concept as an improvement over absolute advantage. (Comparative advantage)Both theories are based on differences in production ability ( expressed in terms of output produced) which is in turn derived from level of resources and available technology. A nation is said to have an absolute advantage in good X if it can produce more units of X as compared to another nation Y. This can also be reflected in lower production costs in X as compared to Y. The concept of comparative advantage is explained in terms of opportunity costs. (Comparative advantage) Opportunity cost is explained in terms of sacrifices required so that 1 unit of a good can be produced. These sacrifices come in terms of the goods that were foregone so that 1 unit of this good can be produced. A nation that foregoes less goods will have comparative advantage in production of the good. This concept is better as it considers efficiency in production as the base for determining advantage in relative terms. Both concepts are old and newer concepts are better as they account for real world situations. The newer theories of trade go beyond efficiency and consider real life differences across nations to explain trade directions. However at a conceptual level these concepts are sound , and are a good starting point for explaining causes of trade References Comparative advantage. (n.d.). Retrieved July 31, 2017, from Econlib.org: https://www.econlib.org/library/Topics/Details/comparativeadvantage.html Comparative advantage . (n.d.). Retrieved july 31, 2017, from Economicsonline.co.uk: https://www.economicsonline.co.uk/Global_economics/Comparative_advantage.html Elasticity, TR and MR. (n.d.). Retrieved july 31, 2017, from Economics.utoronto.ca: https://www.economics.utoronto.ca/jfloyd/modules/eltr.html IMperfect Competition . (n.d.). Retrieved july 31, 2017, from Colarado.edu: https://www.colorado.edu/Economics/courses/Markusen/fall05-4413-001/unotes7.pdf

Foundations in Strategic Management and Cengage Learning

Question: Discuss about the Foundations in Strategic Management and Cengage Learning. Answer: Introduction The name of the company is Miteb Clothing Store, which will be offering trendy and classic clothing, shoes and accessories online, created especially for the female populace of Australia. The company will attract the women looking for the best clothing through the elimination of the middle men and get the perfect outdoor outfits online. The fashionable women will be happy to receive the best products easily delivered and available in cheap prices comparatively, thus making the entire process cost effective and functional (Monroe et al. 2015). Miteb Clothing Store will offer fashionable and designer clothes, shoes from flats to heels, accessories such as bracelets, jewellery, bangles and many more in their online store. The online store targets the female inhabitants belonging to the niche section of the entire populace present in Australia. Therefore, it can be affirmed that the boutique store are creating an edge on delivering the finest quality goods. There are various opportunities for the Store that includes the following: Rentals of clothing: The store can aim in reusing the products used by the celebrities just for a single time in their whole lifetime. The stocks can be made available online for the common public to reach towards them. Hence, the company can make a hiring segment in the site published for the renting or buying the clothes of celebrities for some events or dates. This will attract a huge number of public as nowadays people are too interested in getting new and fashionable clothes i.e. cheap and best in nature. Vintage clothing:The fashion has a revolving nature and thus the old ones have a tendency to become gold again. There are women who love vintage i.e. classic clothing as they have dissimilar characteristics and quality. Thus, the business plan must include the inclusion of such clothing to attract a huge group of public. Wedding Cloth rentals: Like the rentals for the celebrity clothes, there can be a segment booked for the rentals of the wedding clothes as everyone do not like to spend a huge amount of money on a dress that serves only a single purpose. Though, for many girls its a dream dress, the major ones find it unworthy for investment purpose. Therefore, the business can earn leaps and bounds through this facility in their site. Recycling of the clothing: People have the tendency to remove the clothes once or twice after the use as they do not love to wear the same thing again continuously hence, they must be recycled with the help of best technologies and researchers Sales and Marketing Strategy Miteb Clothing Store will offer clothing, shoes and other accessories to the women residents. The policies in use will include the product differentiation as the new store will be rendering the unique, innovative and trendy products and services. The foremost attribute of the merchandise will be comfy stylish outfits that in reality will meet the requirement of the intended women populace. The store will provide services that comprises of the product shopping, replacements as well as specific regulation to the consumers. The designers will be always be present online in chat menu for providing assistance to women in the expansion of their personality and styles (Bettis et al. 2015). There must be a premium pricing strategy to be followed by the store as it will target the women of high income and also the fashionable ones that has an ability of paying any amount of price for the clothing with best quality. The customers have an eagerness in spending the cash on the important and excellent items and thus will try to chose the best ones from the ones available online (Eden and Ackermann 2013). In the modern age, Miteb needs the utilization of the electronic medium such as commercials on internet, television and various fashion programs. The social networking sites being the major usage of every youngster and elders must be employed for the purpose of promotion such as Facebook, YouTube and Twitter etc. Miteb's eye-catching logo will beprofoundlydemonstrated in these advertisements. Miteb will also offer concessions at various period of time to level out the seasonality and also in creation of a preliminary consciousness of the website (Hollensen 2015). Operational Strategy The owners of Mideb should follow a line of investigation into the competition through the oppositions. With the ease of access of shopping online, the rivalry has now reached heights and the clothing store is supposed to detail out its advantage over each of the competitors in the present scenario (Goetsch and Davis 2015). The store must have an efficient capacity of storage and organization of the required levels of the stock. The insufficient inventories lead to the inability of reaching the levels of required profitability. The online ordering people will not like the fact of the chosen clothing to be out of stock or unavailable at the required time. Hence, it must cover up the necessities and requirements of the maintenance of inventories (Bergh 12016). The owners should also have a reflection towards the offering of discounts during the season endings to shift the leftover inventory that has a result of the lowering of the margins of profit. They need to be cautious in pricing the products in a manner that creates a situation of profitability for the store. Being a new business the owners may also have to bargain with the wholesalers of clothing to set up a program of buying back the left over stock of clothing present with the business (Nielsen 2015). The operating plan must have a detailed discussion about the plans of the market for the business, together with the inclusion of the policies to achieve appreciation within the market. The store could team up other organizations and work collaboratively; putting up fashion shows and unique events leads to benefit of both the organizations. The social media marketing can be too useful if implied in a proper manner. The internet is the main medium of reaching out to the market and hence the plan must include the various forms of internet applications. Mideb Stores will have an involvement in the conducting of the market research for the owner to understand and interpret the current style and fashion necessities of the intended clientele (women inhabitants for the Mideb Stores). There will be an appointment of a research and development team for taking the responsibility of studying the size, market and commerce for the effectiveness in the operations of the business chosen by the owners i.e. an online clothing store for women. The section of finance in the working plan will have an inclusion of the major financial statements of the company. The same will have an inclusion of the statement of income and balance sheet. These statements are not simply the guesses of the figures but also based on reality. The same can be attained through the research done in market, concerning the competition and also by paying particular attention to the companies preparing their financial statements go unrestricted for their investors and shareholders (Barney and Hesterly 2015). The financial statements of the company have included the statements of last three years. Financial Plan The major considerations of the financial plan include the following: Maintenance of a profit margin at an approximate of 15 to 20% and also paying close attention to the everyday expenditure along with the cost of goods sold. To turn stock at an approximate of five times as well as generation of sales. To augment the alertness as well as constructing the sales through the use of the social media and other modes of advertisements. The financial plan must include the following: The Profit and loss i.e. the income statement: PROFIT AND LOSS FORECAST Year 0 1 2 3 Revenue 0 480,000 520,000 625,000 Cost of sales 0 330,000 375,000 460,000 Gross profit 0 150,000 145,000 165,000 Gross Margin 473,070 512,265 608,725 Expenses/overheads Premises (rent, rates) 18,000 18,000 18,000 Wages and salaries 8,000 10,000 12,000 General expenses 2,250 2,450 2,600 Accountant Fees 20,000 20,000 20,000 Payroll Tax 3,800 4,100 4,400 Utilities 15,000 17,500 20,000 Sales and Marketing 18,000 20,000 22,000 Postage and Telephone 1,650 1,850 2,150 Repairs and Maintenance 2,500 2,750 3,000 Website Development Expenses 35,000 35,000 35,000 Preliminary expenses 1,900 2,300 2,600 Lease Payments 14,000 16,000 19,000 Total expenses/overheads 140,100 133,950 141,750 Profit before tax 9,900 11,050 23,250 Tax @ 30% 2,970 3,315 6,975 Profit after tax 6,930 7,735 16,275 Transfer to reserves 9,900 11,050 23,250 Balance Sheet Assets FY-1 FY-2 FY-3 Current Assets Cash $106,050 $137,050 $124,650 Accounts receivable $480,000 $520,000 $625,000 Total current assets $586,050 $657,050 $749,650 Fixed (Long-Term) Assets Vehicles $25,000 $25,600 $22,400 Furniture $32,000 $16,000 $12,800 Equipment $35,000 $22,400 $17,920 (Less accumulated depreciation) $15,200 $12,800 $10,880 Intangible assets $50,700 Total fixed assets $127,500 $51,200 $42,240 Total Assets $713,550 $708,250 $791,890 Liabilities and Owner's Equity Current Liabilities Accounts payable $24,000 $25,000 $27,000 Accrued Rent $18,000 $18,000 $18,000 Bank Charges Payable $3,000 $3,000 $3,000 Short-term loans $10,000 $10,000 $10,000 Income taxes payable $2,970 $3,315 $6,975 Accrued salaries and wages $8,000 $10,000 $12,000 General Expenses $2,250 $2,450 $2,600 Lease Payment $14,000 $16,000 $19,000 Current portion of long-term debt $150,000 $140,000 $130,000 Total current liabilities $232,220 $227,765 $228,575 Long-Term Liabilities Long-term debt $75,000 $90,000 $80,000 Less: Loan Repayment $7,500 $7,500 Deferred income tax $189,500 $154,200 $176,290 Total long-term liabilities $264,500 $236,700 $248,790 Owner's Equity Owner's investment $200,000 $225,000 $275,000 Net Profits $6,930 $7,735 $16,275 Reserve and Surplus $9,900 $11,050 $23,250 Total owner's equity $216,830 $243,785 $314,525 Total Liabilities and Owner's Equity $713,550 $708,250 $791,890 {42} Common Financial Ratios Debt Ratio (Total Liabilities / Total Assets) 0.70 0.66 Current Ratio (Current Assets / Current Liabilities) 2.52 2.88 Working Capital (Current Assets - Current Liabilities) 353,830 429,285 Assets-to-Equity Ratio (Total Assets / Owner's Equity) 3.29 2.91 Debt-to-Equity Ratio (Total Liabilities / Owner's Equity) 2.29 1.91 Therefore, the Mideb clothing store must take into account the above scenarios in mind for the effective and efficient management of the companys business and novel endeavors on a daily basis. The trends along with the shift in the ratios and other important data must be checked and controlled effectively. References Barney, J. B., and Hesterly, W. (2015).Strategic management and competitive advantage concepts and cases. Pearson. Bergh, D. D., Aguinis, H., Heavey, C., Ketchen, D. J., Boyd, B. K., Su, P., ... and Joo, H. (2016). Using meta?analytic structural equation modeling to advance strategic management research: Guidelines and an empirical illustration via the strategic leadership?performance relationship.Strategic Management Journal,37(3), 477-497. Bettis, R. A., Gambardella, A., Helfat, C., and Mitchell, W. (2015). Qualitative empirical research in strategic management.Strategic Management Journal,36(5), 637-639. Eden, C., and Ackermann, F. (2013).Making strategy: The journey of strategic management. Sage. Goetsch, D. L., and Davis, S. B. (2014).Quality management for organizational excellence. Upper Saddle River, NJ: pearson. Harrison, J. S., and John, C. H. S. (2013).Foundations in strategic management. Cengage Learning. Hollensen, S. (2015).Marketing management: A relationship approach. Pearson Education. Monroe, K.B., Rikala, V.M. and Somervuori, O., 2015. Examining the application of behavioral price research in business-to-business markets.Industrial Marketing Management,47, pp.17-25. Nielsen, L., 2015. Product Positioning and Differentiation Strategy.Hearst Newspapers.