Business How Would You Characterize the Differences Research Paper

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Business

How would you characterize the differences in corporate structuring and ownership rights for various countries around the world?

There are different ownership types. People can structure their businesses or organizations under one of several organizational structures. The types include: sole proprietorship; general partnership (composed of two or more persons who agree to contribute money, labor, and/or skill to a business and run it together); a limited liability company (LLC) (formed by one or more individuals or entities through a special written agreement that details the structure of the LLC); a Corporation; a limited partnership; and a limited liability partnership (LLP).

A limited partnership is composed of one or more general partners and one or more limited partners. The general partners manage the business and share in its profits and losses. The limited partners share in the profits of the business, but losses are limited to the extent of their investment. An LLP is similar to the limited partnership accepting that a partner does not have liability for the negligence of another partner. Professionals such as accountants and lawyers mainly have this kind of partnership. (Corporations and Charities Division)

Each structure has its own liabilities, operational requirements, management details, federal laws and taxation policies, and challenges.

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In their research on the pattern of ownerships around the world, Porta et al. (1999) found that most firms were controlled by families or by the state whilst equity control was the least common form of ownership (La Porta et al. (1999) Corporate ownership around the world)

2. What are the roles of IFRS and, more specifically, an audit of IFRS financial statements in facilitating growth of equity securities markets and foreign direct investment?

The International Financial Reporting Standards (IFRS) are accounting standards that are shared by countries across the globe and adopted by the International Accounting Standards Board (IASB) as international accounting standards. Because they serve as a common accounting language making company accounts understandable and comparable across borders, they facilitate growth of equity securities markets and foreign direct investment. They are particularly helpful for companies who have business dealings in several countries. (IFRS Questions & Answers)

3. What is the implication for corruption of the development of international auditing standards?

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