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Difference between Partnership and Company

Last Updated on February 20, 2020 By Lisa C. Townes Leave a Comment

Sole proprietorship, Partnering business, Public and Private limited are few forms of business organization. Everyone has different features as well as advantages and disadvantages. Starting a business may be hard without knowledge of a country’s law.

UK Company law may be different from Germany. In general, the basics are the same. In this reading, you’ll be able to analyze the difference between Partnership and Company [Public Limited].

The Difference Difference between Partnership and Company

Partnership

• Easy Formation • Full Liability • Two to Twenty Seven Partners • Unable to Transfer • No Entity • Easy Capital Management • Accounts at own choice • Can manage Business • Distribution in Partners • Audit isn’t mandetory • Easy Termination • Cannot sale business shares • Short Life • No Reports required • Can Change business • Meeting are not necessary

Company

• Complex Formation • Limited Liability • Minimum Seven Members • Easily Transfer • Legal Entity • Share holders acceptance is required • Every thing in accounts • Board of Directors manage business • Distribution in share holders • Audit is mandetory • Hard Dissolution • Can sale business shares • Long Life • Reports required • Can not change it easily • Should do Meetings

1. Formation

Public Limited Company

There is a long and complicated process for the formation of public company. Many legal documents are to be prepared and submitted to the registrar’s office which requires long time.

Partnership

There is a simple process for the formation. No legal documents are necessary. Agreement by oral or written is required only for formation.

2. Liability

Public Limited Company

The liability of share holders is limited to the unpaid value of the share holders are not liable to settle the obligations of the company.

Partnership

It is one from the biggest disadvantages of partnership is that every partner had unlimited liability in his firm. It means that the liability of partners is not limited to the invested amount but private assets are also liable to clear the liabilities of the firm.

3. Number of Members

Public Limited Company

There is no restriction for the maximum numbers of members. It may be million or thousand but not less than seven.

Partnership

It consist of at least two partners but not more than twenty in case of ordinary business and not more than ten in case of banking business.

4. Transferability

Public Limited Company

There is no restriction for transforming of share of public company shareholders may easily dispose of their share in the stock exchange market.

Partnership

A partner cannot transfer his share and interest to another persons without the consent of existing partners.

5. Entity

Public Limited Company

It is created by law and posses separate legal entity. So it can purchase property in its own name. it can sue in its separate position.

Partnership

The partnership’s important feature is to not having separate legal entity from its members. Partners cannot be separated from the firm.

6. Capital

Public Limited Company

Its authorized capital is mentioned in the memorandum of association. It can be increased or decreased by special resolution which is passed in the share holders meeting after the sanction of court.

Partnership

Its capital is described in the agreement. It may be changed by mutual consent of the partners.

7. Maintenance of Books

Public Limited Company

Statutory books and other account books are to be maintained law.

Partnership

There is no compulsion to keep statutory or definite books. Each partner is allowed to inspect and copy the accounts.

8. Legislation

Public Limited Company

The activates of the public companies are controlled by the company ordinance 1984.

Partnership

It is controlled by the partnership Act 1932 which was adopted in our country after partition.

9. Management Authority

Public Limited Company

Share holders who are the actual owners of the company are not allowed to participate in the activities of the company. but board of directors is elected by the share holders which is elected by the share holders which is considered supreme authority of the company. so all the activities are conducted by these persons.

Partnership

Each partner is allowed to conduct personally the business activities. But generally one or two partners are selected to manage the firm.

10. Profit

Public Limited Company

Profit is distributed among the share holders according to the provision of Articles and decision of the Board of Directors.

Partnership

It is distributed among the partners according to partnership deed.

11. Audit

Public Limited Company

Accounts must be audited by the qualified chartered accountant according to the companies ordinance.

Partnership

Audit is not compulsory by law but it depends upon the agreement.

12. Dissolution

Public Limited Company

It cannot to dissolved easily. There is a separate legal process for the winding up of company. it can be wound up according to the provision of company Act.

Partnership

It can be dissolved easily by mutual consent of the partners. It may be dissolved by any one of the partners by serving notice of fourteen days to other partners

13. Right of Issue

Pubic Limited Company

It can issue shares, debentures and other securities to increase its capital and business fund

Partnership

It cannot issue any type of securities in the market to increase its financial sources.

14. Life

Pubic Limited Company

It has continued existence. The life of the directors and shareholders is not connected with running business life of the company. so its activities are not affected by the retirement or death of any shareholders.

Partnership

It does not possess long life. Its business may be affected by the death insolvency or retirement of any partner.

15. Submission of Reports

Pubic Limited Company

Certain documents, statements and reports must be submitted to the government authority.

Partnership

There is no restriction to submit the various reports and documents to any authority.

16. Business

Pubic Limited Company

The promoters are restricted to carry on business which in mentioned in the object clause of memorandum of association.

Partnership

Partners may carry on any type of business and it may easily be changed by mutual consultation.

17. Meeting

Pubic Limited Company

It has to call necessary meetings of shareholders in which problems are disposed of by various resolutions.

Partnership

No compulsion to call any type of meeting and submission of reports to the registrar.

Difference Between Partnership & Public Limited Company

Partnership

• It is controlled under the limited partnership act, 1907 • There are at least two members and a maximum of 20 members in case of ordinary business and 10 in the banking partnership. • It has no legal entity. It is not independent of the partners. • There are two classes of partners in limited partnership i.e. ordinary partners (Unlimited liability partner) and limited liability partnerships. • Certificate of incorporation is not needed by the limited partnership. Business can be commenced immediately after the agreement • Its management is conducted according to the provision of the partnership agreement. But generally, business is carried on by one or two partners Limited partner is not allowed to participate in the business • There is no retraction to audit the accounts from the chartered accountant by lass but it depends upon the partnership agreement • There must be a limited partner and one unlimited liability partner for the formation of this type of organization. • Partners may conduct any type of business or change it by mutual consent. • No legal documents are required to be submitted to the registrar ’s office before its formation. • There is no compulsion to hold any meeting under the Partnership Act, 1932. No reports are required to be filled with any office. • Its capital is laid down in the Articles of Partnership (Partnership deed). It may be changed easily to be mutual consent. • Business profit is distributed among the partners according to the partnership agreement. • Tax is imposed on the individual profit of the partners. • Its internal management is conducted by a partnership deed. • The partnership may be dissolved on the retirement or death of any partner. In the case of an insolvent, the Insolvency Act applies

Public Limited company

• Its activities are controlled by the Company ordinance, 1984. • Minimum number of members is two but not more than fifty • It enjoys a separate entity and a common seal. Its existence is independent of the members. • There is only one class of members i.e. shareholders with limited liability. • It can commence business only after obtaining the certificates of incorporation from the register’s office. • It procedure of management is laid down in the Articles of Association Each member has the right to conduct its business personally • It has to keep the accounts books and statutory books. An annual audit is compulsory by Company Ordinance. • It can commence its business with at least two members with limited liabilities • The nature of the business is mentioned in the object clause of the Memorandum of Association. It cannot be changed except by the sanction of the court. • Some legal documents i.e. Articles of Association are necessary to be submitted to the registrar’s office along with other documents before its incorporation • Some specific meeting must be held within prescribed time under the provision of Company ordinance. Specific reports are to be submitted to the concerned office • Its capital is mentioned in the Memorandum of Association. It cannot be changed without the sanction of the court. • The Policy of the distribution of profit is decided at the Board of Directors Meeting according to the provisions Articles of Association. • Tax is paid by the company on the whole of its profit. • Its internal activities are controlled by the Articles of Association. • It enjoys continued existence. Its running business life is not dissolved on the death or retirement of any member. There is a separate legal procedure for the winding up of the company. Insolvency act may not apply.

Difference Between Partnership and Private Limited Company

Limited Partnership

1 • It is controlled under the partnership Act 1932 2 • There are at least two members and a maximum of 20 members in case of ordinary business and 10 in the banking partnership 3 • It is no legal entity. It is not independent of the partners 4 • There are two classes of partners in limited partnership i.e. ordinary partners (unlimited liability partners) and limited liability partner 5 • Certificate of incorporation is not needed by limited partnership. Business can be commenced immediately after agreement 6 • Its management is conducted according to the provision of partnership agreement 7 • But generally business is carried on by one or two partners. Limited partners is not allowed to participate in the business 8 • There is no restriction to audit the accounts from the chartered accountant by law, but it depends upon the partnership agreement 9 • There must be one limited partner and one unlimited liability partner for the formation of this type of organization 10 • Partners may conduct any type of business or change it by mutual consent 11 • No legal documents are required to be submitted to the registrar’s office before its formation 12 • There is no compulsion to hold any kind of meeting under partnership act 1932. No reports are required to be filed with any office 13 • Its capital is laid down in the Articles of partnership (partnership deed) it may be changed easily by mutual consent 14 • Business profit is distributed among he partners according to the partnership agreement 15 • Tax is imposed on the individual profits of the partners 16 • Its internal managements is conducted by partnership deed 17 • Partnership may be dissolved on the retirement or death of any partner. In case of insolvent, the insolvency act applies

Private Limited Company

1 • Its activities are controlled by the companies’ ordinance 1984 2 • A minimum number of members is two but not more than fifty 3 • It enjoys a separate entity and a common seal. Its existence is independent of the members 4 • There is only one class of members i.e. shareholders with limited liability 5 • It can commence business only after obtaining the certificate of incorporation from the registrar’s office 6 • Its procedure of management is laid down in the Articles of Association. Each member has the right to conduct its business personally 7 • It has to keep the accounts books and statutory books. An annual audit from any person is compulsory 8 • It can commence its business with at least two members with limited liabilities 9 • The nature of business is mentioned in the object clause of the Memorandum of Association, it cannot be changed except by the sanction of the court 10 • Some legal documents i.e. Articles of Association and Memorandum of Association are necessary to be submitted to the registrar ’s office along with other documents before its incorporation 11 • Some specific meeting must be held within prescribed time under the provision of Company ordinance. Specific reports are to be submitted to the concerned office 12 • Its capital is mentioned in the memorandum of Association it cannot be changed without the sanction of the court 13 • The policy of the distribution of profit is decided at the Board of directors Meeting according to the provision of Articles of Association 14 • Tax is paid by the company on the whole of its profit 15 • Its internal activates are controlled by the Articles of Association 16 • It enjoys continued existence. Its running business life is not dissolved on the death or retirement of any member. 17 • There is a separate legal procedure for the winding up of the company. insolvency act may not apply.

QuickQuid Reviews

Last Updated on June 30, 2020 By Lisa C. Townes Leave a Comment

Quick Quid provides highly efficient instant & short-term payday loan services from the last 4 years without any fees and hidden charges. It provides cash advances to thousands of citizens throughout the year. QuickQuid is an authorized lender and regulated by the Financial Conduct Authority. QuickQuid is a trading title of CashEuroNetUK, LLC, which is merged in the United States with head office is in Chicago.

Table of Contents

Advantages of Quick Quid Payday Loan

As it offers clear terms, you can estimate the fee of a new loan by using an online tool.
QuickQuid always protects your sensitive information. Your personal data is transmitted through Secure Socket Layer encryption.

Why QuickQuid Offers Efficient Loans?

No doubt, instant same day loans serve as an immediate rescue when you don’t have any personal balance to invest, but keep in mind, these offers also have some rules and regulations put for security purposes, such as;

When going to receive payday services, remember loans should not be used for existing debts
Make sure you are capable of repaying
Try to pay off instalments on time to avoid extra default charges
Don’t go with Quick payday loans if you are searching for long-term financial solutions
Don’t try to receive payday service from different banks at the same time because some lenders will carry out your credit check/history and some are no credit check instant loans lenders.

QuickQuid provides their users with smart, easy and effective customer services that customers may look back whenever they need.

Fees

Arrangement fee is £0
Late payment fee is £15
Maximum APR is 1294.1%
Early repayment fee is £0

Highlights

Supple payment periods are available.
You can apply for a top-up of the loan
Extensions are offered
Payouts are made by using the Faster Payment Service
Applications can also be approved on weekends

If you borrow £300 for 65 days with one repayment of £378.00 and one repayment of £78.00, then the total repayment will be £456.00. £156.00 will be applied with 292% pa (fixed) and 1294.1% APR Representative.
Representative Example

Eligibility Requirements

If you want to get a Quick Quid loan, you should:

Have a valid UK bank account
Be employed and receiving a regular paycheque
Be a resident of the UK
Be at least 18 years old

How to Apply with QuickQuid

If you are a new customer, you can apply for payday loans by completing an online application within minutes. If you are a returning customer, you can apply from your line account easily.

The Information You Need to Request an Application

For submitting an online application to get a QuickQuid Payday service, you will be asked to provide the following information:

Address Information
Employment Information
Financial and Monthly Expense Information
Bank Account Information

QuickQuid Loans Repayment Options and Methods

There are 2 repay options on the application. After sign your contract, you will be asked to choose your repayment method. You can link an authorized direct debit from your bank account or a debit card for repayments. After that, the QuickQuid will collect repayments from your chosen repayment method on the dates that are listed on your loan contract.

Loan Decisions You Might Receive

After completing the above process, you might receive one of the following options:

Approval	The loan will be funded within 10 minutes.
Under Review	You may need to provide more information before taking a loan.
Decline	Currently unable to offer you a loan. But in future, you can get a loan for sure.

Quick Quid Instant Payday Loan Repayment

After your application is approved, you will have to repay your loan over 1, 2 or 3 payment episodes

Period 1: In this 1^st period, your loan and accrued interest are payable on your repayment date.

Period 2: In the 2^nd period, your accrued interest is due on the date of your first repayment. In this period you’ll have to pay your loan amount and additional accrued interest.

Period 3 :In the 3^rd period, your accrued interest is due on the dates of your first two repayments. In this period you’ll have to pay your loan amount and additional accrued interest.

Other Borrowing Options

Top-Ups

If you have an active loan and principal reaming on approval limit, you can be eligible for a Top-Up on your loan. If you get Pop-Up, you will have to repay your actual loan amount, Top-Up, feed, and interest according to your chosen repayment schedule or in combination with an extension.

Extensions

You can request an extension by logging in to your account if you want extra time to repay your loan. If this request approved, you will be given two or more extra pay periods to repay your payments. You can apply for a maximum of two extensions on per loan, for a total loan duration of three periods.

Quick Quid Customer Services

Quick Quid treat their customers warmly and fairly and provide them with the following payday loans instantly; You can borrow £250 for only 30 days and you will have to make the repayment worth £310. And if there will some late repayments then maybe your repayment amount will increase. The interest rate per £250 will be 292.25% and this is not variable at all.

To get an instant service you only need your personal information and the exact amount of loan which you want to receive.
Quick Quid understand your needs, thus they made it easy to apply to anyone.
The first step is whether you are eligible or not.
Now you will choose an amount of loan and when you will repay. Your deal will be confirmed after contacting lenders. All of the above steps happen Online within the extra limited time.
Once you are confirmed for a loan agreement, then you have an amount in your account between £50 – £3000. Most probably; within 15 minutes.

Late Repayments will Cause Complicated Problems

When you are going to take these fast payment loans, it is strongly advised that you have to determine whether you are capable of giving back or not. You can do it by calculating your monthly income and see what’s left after regular costs.

Unluckily, if you are not able to repay payments on time you chose in agreement, you can be charged with a high amount of default fees, which will be more then £15. Also, this implies a bad impact on your credit record. Thus, it is necessary to think before accepting a lenders application.

Read carefully all the terms and conditions. Remember, repayment instalment is always larger than the total loan amount because of interest charges added.

Quick Quid also offer bad credit instant loan. It never has some hidden costs or they will never charge any amount of additional charges in the future.

How much can you borrow from QuickQuid?

New customers can apply for up to £1000 and a returning QuickQuid customer can apply for up to £1500.

How can you use Quick Quid Instant Payday Loan

These loans are not meant for long-term solutions and can’t be taken for emergencies rather they should only be used as solutions for momentary money issues.

Bottom Line

Their additional features like: the online account management for the loan and the view of extensions make these loans worth researching, however, check other options too as there are cheaper lenders with better customer reviews and rating.

Importance of Zakat

Last Updated on February 11, 2020 By Ayesha Saeed Leave a Comment

The only reason for the importance of Zakat is that it is an important pillar of Islam. Different scholars may have different definitions of Zakat but in simple words, “Zakat is Purification of money”. Zakat is due after 1 year of keeping the asset. These assets include everything excess from your needs.

Zakat is totally different as the tax is imposed by National Govt but Zakat is part of belief in Islam. Every country imposes different types of taxes depending upon the economic condition where as Zakat is Universal law applicable to all Muslims

Zakat and Tax difference is also observed that Zakat is for deserving people and must be delivered by the one who is deducting it but Tax is paid to Govt and they utilize the amount as they want to.

“Zakat is a transfer payment which Sahib –e – Nisab Muslims make at given rates by themselves or through the Islamic state to the poor and the needy in or after the month of Rajab.

Table of Contents

Difference between Zakat and Tax

Zakat is absolutely different from tax which is imposed by the Govt. the main differences are as under

Zakat

• Zakat Payment is Religsious duty of Muslims
• It is imposed on only Muslims who are meet requirements
• Zakat is complusory payment and not remitted
• Zakat rates are fixed. They are mentioned in Holy Quran & can not be changed
• It can be paid to individuals by individuals
• Beneficiaries of zakat are mentioned in Islam. They can spend it anywhere
• Zakat Nisab is fixed
• It is to be paid after completion of a year
• Zakat is imposed on all goods like silver, animal, gold, property, agricultural income and more
• Objective behind paying Zakat is to please Almighty Allah by spending financial resources and helping poors
• Zakat purifies the wealth
• It’s fixed and not variable
• Zakat creates feeling of being muslim society member irrespective to regional limits
• Zakat payments doesn’t facilitate payer
• Collected Zakat can be spend anywhere by anywhere without any boundries
• Zakat Imposition is based upon those who have ability. There is nothing like indirect or direct zakat
• NO curroption is observed in zakat collection

Tax

• Paying Tax is National Duty of all citizens
• Tax is payable by every citizen who has ability
• Tax is compulsory payment & remitted by Govt.
• It is changeable, Govt. may change it according to economic condition of country
• It is to be paid by individuals to the Govt.
• Tax collection by govt is subjected to spend on where Govt. wants too
• Tax amount depends upon income/sales and can be changed
• It can be paid anytime
• Imposition of tax is based upon incomes & sales
• Tax collection objective is to spend collected amounts on developments and welfairs of society
• Paying tax doesn’t purify wealth. It saves from legal actions
• Tax is progessive
• Tax creates native feelings
• Tax Payers are facicilitated by the Govt.
• Collected tax is subjected to be spent on collected region only
• Tax imposed on everyone using direct and indirect tax patterns
• A lot of curroption is observed in tax collection

CONCLUSION: Keeping in view the above whole difference in Zakat and Tax, We know that It is the main tool of fiscal policy of an Islamic state. It provides financial assistance to poor persons, raises the aggregate growth of the economy, plays a vital role to stabilize all the fiscal variables and make the country prosperous.

Zakat ASSESMENT- Who should Give Zakat

For the assessment of Zakat, the following must be kept in view.

Sahib-e-nisab Muslim

A Muslim who owns and keeps in his or her possession at least 7.5 tola gold or 52.5 tola silver or cash money to the equivalent value is considered a sahib e nisab Muslim. It is his compulsion to pay Zakat at its prescribed rates by Quran and Hadith.

Zakat on Exposed and Unexposed wealth

Exposed wealth is the wealth which is exposed to the society e.g. agricultural goods, camels, sheep, minerals, etc. On the other hand, unexposed wealth is the wealth which remains unexposed to the society e.g. gold, silver, cash, liquid assets etc.

The rates of Zakat

Zakat is paid at the following fixed rates.

Gold, silver cash:

For at least 7.5 tola gold, 52.5 tola silver or the equivalent value in terms of business inventories or commercial goods or cash money , the rate of Zakat is 2.5% of the total value of the goods or money.

Agriculture:

Zakat which is called usher, is paid at the rate of 10% from the agriculture output of the land which is irrigated by natural sources and is paid at the rate of 5% from the output of the land which is irrigated by artificial sources like canals, tube wells etc.

Animals:
Zakat is paid on the commercial animals at the following rates:
One goat from 40-120 goats. Two goat from 121-200 goats and three goats from 201-300 goats.
One cow from each 40 cows.
One camel from each 5 camels
Minerals

Zakat is paid on mineral e.g. coal, iron, salt, etc. at the rate of 20%.

BENEFICIARIES OF ZAKAT – Who can receive Zakat

The following can be beneficiaries of Zakat.

The poor

These are the people who cannot be treated as sahib-e-nisab.

The needy

These are the people who are unable to earn their living e.g. handicapped, disable, orphans etc.

Collectors of Zakat

These are the people who collect and distribute Zakat among the poor and the needy. Their salaries are paid from the Zakat fund.

The new Muslims

These are the people who have recently converted to Islam.

The Slaves

Zakat can be used to make free the slaves and prisoners of wars from their masters and enemies.

The debtors

People who are heavily indebted can get Zakat to repay their debts provided that the debt is not taken for the sinful purpose.

The travelers

The travelers can get Zakat to complete their journey in case they fall in need of money.

Mujahideen

Zakat can also be given to Mujahideen to prepare them for jihad. Also, the dependents of the martyrs and the religious educational institutions can seek assistance from the Zakat fund.

Thus, Zakat is a source of financial assistance for the poor and needy persons.

Importance of Zakat

ECONOMIC AND SOCIAL IMPORTANCE OF ZAKAT

The following facts reflect the Social and Economic Importance of Zakat.

Purification of the soul

Zakat purifies the soul of contributor from the evils of miser ness. It makes them humble and God-fearing. It also creates wealth discouraging love among people.

Healthy growth of the community

Zakat leads to the healthy growth of the economy and the community. It uplifts the less fortunate members of the society.

Narrow Down the Economic Inequalities

Zakat narrows down the economics inequalities in the community to the minimum possible limit. The rich may not grow richer ant he poor poorer.

Wider circulation of wealth

Zakat increases the speedy circulation of wealth. It discourages hoarding and provides an automatic mechanism for the flow of wealth from rich to the poor thus, it widens the circulation of wealth among the community.

Main Source of Income

Zakat occupies a central position in the financial structure of a Muslim state, because it contributes too much towards national treasury and it provides sufficient fund to Govt.

Fair Distribution of Wealth

Zakat meets an important purpose for spreading and distributing wealth that becomes just and equitable. It guarantees that income is not centralized rather it moves very rapidly among different groups of society.

Minimizes Unemployment

Zakat is a very vital instrument for removing unemployment .the money received by the people can be used and poor can start a business.

Economic Stability

The problem of instability does not take place in an Islamic economy due to the mechanism of Zakat. Zakat promotes the velocity of circulation of money due to which AD for goods and services rises. This determines the level of investment, income and unemployment on stable footing.

Self-reliance

Zakat eliminates poverty and diversity from the society. It brings amount prosperity .people can take care of each other and in such a way Zakat enables an economy to be self-reliant.

Capital accumulation

By Zakat, people can use their liquid assets to promote capital formation in the country. They invest their assets due to which growth rate of the economy goes up and the country gets prosperity.

Mobilization of resources

Such individuals who get income in the shape of Zakat are in a position to utilize the available resources . In this way, the maximum use of resources becomes possible.

Social security

Zakat fund not only covers the poor and the disabled, but it also provides social security to unemployed individuals.

Social welfare

Hospitals, schools and handicrafts centers for the poor can be constructed by making use of Zakat fund. This promotes social welfare in the country.

Anti-social activities

Zakat is paid obviously from rizq-e-halal. thus, the Muslims who pay Zakat refrain themselves from anti-social activities like hoarding, smuggling etc.

Control of crimes

The major cause of crimes particularly theft is due to the poverty of people. The problem of poverty can be easily over come by Zakat. In such a way, the crime rate can be controlled.

Importance of Zakat for Wealth Production

Higher Liquid Assets

Zakat discourages hoarding and people can make use of their liquid assets to promote saving, investment and capital formation in the country. They invest in various sectors of the economy as a result of aggregate production in the economy goes up.

Higher Velocity of Circulation of Money

Zakat promotes the velocity of circulation of money due to which aggregate demand for goods and services increases. It increases the level of investment, income, and employment

Higher Capital Formation

Zakat is paid on saving which remains accumulated for at least one year. Therefore it brings down the absolute amount of saving with a person .to maintain his consumption standard, he gets stimulus to increase the level of saving. hence, marginal saving goes up which can be used to make additions to the existing capital stock of the country. This will certainly promote the production level in the economy.

Higher Efficiency

Since Zakat increases the aggregate demand for consumer goods, consumption function of the community in a macro sense may shift upward. the economy would become more efficient.

Importance of Zakat for Distribution of Wealth

Automatic and Fair Distribution

Since 2.5% of the wealth of the rich is transferred to the poor every year in the form of Zakat. It means the whole wealth of the rich is transferred to the poor section of the community in the forty years. This provides an automatic mechanism for the flow of wealth from the rich to the poor, due to which wealth is fairly distributed among different sections of the society.

Better Allocation of Resources

Transfer of money from the rich to the poor in the form of Zakat would mean that demand for basic necessities of life will increase. This will encourage their production. Scarce resources would be drifted away from the production of luxuries to that of necessities. This is a better allocation and distribution of scarce resources.

Social Welfare

The construction of social welfare institutes with the Zakat fund ensures distributive justice in the economy.

Better Living Standard

Zakat provides a better quality of life to the poor through the process of re-distribution of income.

Wider Circulation of Wealth

Zakat curtails the ratio of wealth concentration in a few hands.

Creation Credit Card Reviews

Last Updated on July 5, 2020 By Lisa C. Townes Leave a Comment

Creation Finance is a privately owned company by BNP Paribas Personal Finance Parent Company. The company offers simple products including Balance Transfer, Football Club, Travel, and Purchase Credit Cards. It also offers protection, insurance, PPI plans personal loans as well as retail, home improvement, and car loans.

Creation provides a few diverse credit cards, together with a no-fee. Its other credit cards offer a variety of 0% interest opportunity on balance transfers or purchases.

It is affiliated with a number of brands such as football clubs and hotel chains, so it offers different appealing deals to certain audiences. Creation financial also offers the cards used by other financial services brands i.e., Asda Money.

Creation website is easy to use. Their application criteria are according to the average market and they present a variety of representative APRs that are depending on the amount applied for.

Football club credit cards wrap a variety of teams, you can choose your favourite team, and they frequently allow you benefits i.e., access to tickets before they go on broad sale.

Also allows you to buy your season ticket on them which are interest-free for an introductory period. You have to clear your balance as soon as possible though; else you will have to pay high-interest charges.

Creation also offers travel cards, which gives you points that can be used for flights or car rental.

Creation credit cards are fully regulated by the Financial Conduct Authority (FCA).

Table of Contents

Products and Services

Credit cards
Cheap Creation loans
Home improvement loans
Insurance plans

Criteria Applying for Creation Credit Card

To have a good credit history
No blemishes or slip-ups.
You need to be over 23

Overall, with competitive rates for all categories of products and loans, customers with good credit history are preferred and they get the best deals.

Though, the customers with bad credit history don’t prefer Creation Finance a suitable choice due to their severe criteria for lending.

3 Main Creation Credit Cards

Quick
Simple
Smart

Features & Benefits

It gives personal and retail Loans from to £1,000 – £25,000
The creation credit card application process is fast and easy
Instant online decision
Its terms are flexible and rates are cheaper

Creation Everyday Credit Card Reviews

Min income Recommendation	£800 per month
Transaction fees	No On foreign purchases & cash withdrawals No non-sterling transaction fees No cash transaction fees (at home or abroad)
APR (variable)	On purchases 12.9% On cash withdrawals 12.9% On balance transfers 12.9%
Annual fee	£0

Creation Everyday is one of the best travel credit cards. It has no FX or cash withdrawal fees and has lower interest rates.

Everyday Card Advantages

They have No fees in using your Credit card abroad
You have to pay lower-than-average interest rates
They have No annual fee

The Creation Everyday credit card is one of the best travel credit cards to use abroad as it charges no fee for non-sterling buys and withdrawing cash from an ATM.

Everday Credit Card Disadvantages

Its interest rate on money withdrawals is lower-than-average at 12.9% APR. The Creation Everyday card charges interest on cash withdrawals at once so if you have withdrawn cash, you should pay off the balance as soon as possible. you can manage your account online through the creation credit card app.

Everyday VS Zero

Santander Zero Credit Card is a useful travel card since it doesn’t indict any fees on cash withdrawals and on non-sterling foreign dealings. Santander’s Retail Offers program is also valuable as it can save you between 5% and 25% at participating retailers.

One disadvantage to this credit card is that it has the higher-than-average interest rate on cash withdrawals among the group of travel cards.

If you are looking for a travel card to save you money on foreign transactions, the Creation Everyday card is recommended over the Santander Zero card.

The reason for this preference is the different interest rates on cash withdrawals. The Santander can also be beneficial if you use it in the UK, Zero can give some interesting value-creating opportunities by the Retailer Offers.

All Rounded Creation Co UK Reviews

Creation Finance offers All Rounded card that is one of the Creation Financial Services. It is a balance transfer credit card which offers 0% for 20 months on Balance Transfers.

It charges a 3% handling fee or £3, that is greater for balances transfer within 90 days of account opening and on card purchases, 0% fee is applied for up to 20 months since account opening.

All Round balance transfer credit card has no annual fee.

Eligibility Criteria for Applying for All Rounded Creation Co UK

Be a job holder and earning a minimum income of £20,000
Have a UK bank or building society account
Be a permanent resident of the UK
Be aged 18 or over
Be able to provide a landline telephone number and a valid email address

Benefits

You can apply for a free extra card so that you and your partner can take benefit of incredible rates
You can handle your account firmly online with My Account.

Creation All Rounded Representative Example

Standard Purchases is 18.9% p.a. variable and Representative APR is 18.9% APR variable.

This is for descriptive purposes only and it is based on a credit limit of £1200. The amount of credit may vary.

Creation Cards Activation

You need to get your card register or login to ‘My Account’.
You can also make a call on 0371 376 9214 or 0371 376 9253 for Credit Card activation and follow the instructions. The call can be recorded and will be charged at the basic rate.

Creation Online Account Manager

The “OAM” will permit you to manage your account every time it suits you. You can have access to your account securely and make changes On your tablet, mobile, or at home.

The Online Account Manager permits you to:

Make balance transfers
Make payments
Set up text or email alerts
View earlier and newest statements
Change personal information
Change the credit limit

To register for OAM go to Creation.com and click “My Account” at the top right corner

and

Follow the instructions i.e., Your card number, passcode and date of birth and set up your online account.

Your online account gives you the facility to make payments from a collection of cards. Creation accepts the following cards:

ROI

VISA debit card
VISA credit card
Mastercard credit card

Mastercard credit card
VISA debit card
VISA credit card
Mastercard debit card
Switch
Solo
VISA Electron
Maestro

Creation Credit Card gives its customers the facility to change their due date through the online account manager. It also allows you to reduce your credit limit at any time.

Keep connected and in touch by Log into the Creation and get all the latest information on your account.

The Importance of Communication Skills in Business

Last Updated on February 19, 2022 By Lisa C. Townes Leave a Comment

With the help of effective Communication Skills in Business, owners can change the market entirely. They are able to design a good message that brings their expected results. However, it is a very complex affair to give a scientific definition of communication due to its scope and levels. However, many writers defined communication according to their own knowledge and experience.

To know the subject, it is necessary to have a certain definition in our mind about it. The Oxford Dictionary definition of communication is “To make something known to others”

Table of Contents

Definitions of Communication

“The process by which messages evoke a response”
“Communication is a mutual exchange of facts, thoughts, opinions or emotions”

Generally, communication involves at least two persons or parties to complete its process by exchanging the messages, written or oral, verbal or non-verbal. Communication takes place when the message is received by the other person.

It is not received, there will be a response and therefore no communication “For effective communication a message must evoke the desired response.

Benefits and Importance of Communication Skills in Business

Former chairman of General Motors Mr. T. A Murphy says:

“The one common denominator in business and management is people and relationships with people. Message-designed principles of Effective communication can make the difference between success and failure, or at least it can determine the degree of success.”

Communication is equally significant to the organization and to the individual. Regardless of the type of organization in which you work now and will work in the future, It highlights the benefits of effective communication skills.

Communication extends across all areas of business including functions of management, marketing, finance, and social positions. The modern style of business has enchanted its significance as an auricle skill for the individual and organization alike.

Advantages of Effective Communication Skills in Business

A prominent feature of a good personality
Essentials Pre-requisite for good job and promotion
The significance of communication and new global market

Importance of Communication in Business

Communication is Most Demand Job Skill for Future

Professional skills are the basis of successful business life and communication skills stand unique among them. The canopy of communication prevails over all the business and social activity.

The art of speaking well and writing well is definitely the essence of leadership and management skills.

Communicating as various surveys about the important professional skills remained at top of them. It affects the decision-making in an organization that is crucial to achieving certain goals.

The judgments, decisions, and efforts put forth by employees determined to a large extent the profitability of a business and communication skills bring them to the scene to get them implemented moreover, its utility in the cultural context is equally significant for an individual and organization. Briefly speaking communication gives language and style to the people and organization and enables them to meet their goods and continue to exist.

Communication is Life Blood of Every Organization

It is truly said that communication is the blood that’s running in the veins of every business. If we work upon the structure and mechanism of businesses then we feel that business activity is impossible with and communication, because every industry consists of a group of people who interact and react throw a medium of communication.

Managers daily exchanges information, business ideas, plans, make decisions and agreements, which is impossible without communication.

Hence, no business can succeed, build up goodwill and win customers without effective communication, few companies also train their employees for 7 C’s of Communication because it is required for both internal and external affairs to run a business firm.

Internal communication helps to increase jobs satisfaction, safety, productivity, and profits and decreases absenteeism grievances, and turnover. It consists of downward upward and horizontal communication with their respective rules for the successful functions of business ventures.

External communication is mainly concerned with the messages to persons outside the company. It has a far setting effect on its reputation and ultimate success. They write letters, proposals, reports, telephone calls, or personal conversations to win a customer, create a desire for a firm’s product or service.

Advertising is the most strutted type of external Communication, we may soon realize that advertising channels are the bridges throw which an organization accomplishes its goals.

Time is money is the slogan of modern hectic life. We spend most of our time in communication in an office writing, speaking, and listening. Time factor in overall communication costs.

Poor Communication can cost an organization time and money therefore now strong multi-national companies train their employees business communications skills training to communicate effectively in business life.

Efficient and effective communication skills in the workplace save time and money for organizations increasing their productivity and profit.

On the other hand, unclear, incomplete inaccurate, and unduly long or late messages will cost a company heavily compiled with the loss of public image. So, ineffective messages that confuse the customers are more expensive them effective ones because they destroy company credibility moreover, poor messages often required several additional explanatory messages which will further add to the communication cost.

In view of the above discussion, we can say that efficient communication enhances the profit and productivity of the business organization.

Communication Skill is Prominent Feature of Good Personality

Effective communication places a key role in personality development in any field of life and remains significant in professional life. There are also other aspects of a personality like a stature, Social, entrepreneurial skills but communication skills give the exposure to his capabilities utilize them in professional affairs.

A person who can speak well and write well has definitely an edge over others no matter what social or professional positions he or she has. Communication determines the worth of personality and tells what really lies there in an individual.

Nobody can judge the caliber of a person if one remains silent or there is no exchange of ideas or importance between them because the way of speaking, the words used, and the style expose the real person.

“If one has the strong shell of communication, he will be the most effective person in social, practical in business life. The people who speak without hesitation and write fluently generally lead the organizations only because of their communication skills”

Essentials Pre-requisite for Good Job and Promotion

Business leaders frequently mourn the lack of communication of skills among many university graduates. The ability to communicate stands high among other attributes that employers seek in all potential employees. In a recent survey, the employers declared communication skills as the skills they most preferred in job applicants, while leadership skills came in seconds.

If one can effectively communicate one’s knowledge, ideas, and proposals to others to need or should receive them, he or she will be most probably considered the ideal one for any job position offered.

Nowadays when we look at the newspapers page of job-advertisement, we generally find that communication is a primary requisite in many carriers, such as customer relations, labor relations, marketing, management, sales, and teaching.

Communication is the most sensitive aspect of any business venture which makes or mars the prospectus of success. Companies and individuals daily pay the price of problems caused by a lack of communication skills.

For example, the receptionist who did not listen carefully to the inquiry for business lost a chance to grow the business and the company had to suffer for their miscommunication. Therefore, now employers read rank effective communication high among others professional skills. Moreover, communication skills affect promotions during a job.

The Significance of Communication and New Global Market

As the horizons of Business life are expanding and the world is shrinking in a global village, the importance of business communication is increasing in this phenomenon. W.T.O.

Is connecting the business worldwide. Now the business professional must be aware of cultural diversity if they wish to become competent in the mold of the global market. The facility of market and e-mail has made the job of communication easier but responsibilities and challenges have multiplied.

Now understanding the changed global scenario and different nations with a typical attitude and culture has become essential for successful communication.

Many multi-national companies fail to launch their business venture in foreign countries only because they do not care to realize the need to learn about the target countries’ people’s language, psychology in business, and style of life.

Moreover, the knowledge of information technology and its usage in the field of communication are essential to communicate globally. “New global marketplace requires more comprehensive and competent communication strategy.

If we have a grasp over the communication with different nation international trade, would be definitely a great advantage.

How to Improve Speaking Skills Online – The 7 Best Strategies

Last Updated on August 12, 2021 By Lisa C. Townes 2 Comments

Speaking, listening, reading and writing are four necessary skills. Speaking is one of the primary skills in communication. Fries says that speech is the most important aim in language teaching. In our schools and colleges stress is laid on reading.

This is just to put a cart before a horse. With proper practice, you can improve your speech. It’s only a self-sufficient skill. This guide can help you if you are looking to improve your speaking skills in English or any other language.

According to Don Byrne, “Speaking is the ability to express oneself intelligibly, reasonably, accurately and without hesitation”.

Table of Contents

The Importance of Speaking Skills

A good speaker in different types of speaking can

Produce the particular English speech sounds and sound patterns, both in isolation and in combination;
Use appropriate stress and intonation patterns;
Use appropriate words and structures to express the intended meaning;
Recall words and structures quickly;
Organize his thoughts and ideas in a logical sequence;
Adjust his speech according to his audience, situation and subject matter.

Why Do You need to Improve Skills? The Purposes of Speaking

Generally, there are three purposes of speech:

To inform or instruct
To persuade
To entertain

To Inform or Instruct

Here the basic goal is to inform and explain a process. Your teacher most often makes a speech to inform. At the end of the conversation, the speaker hopes that the listeners have understood the issue, idea, or process.

To Persuade Audiences

Here the goal is to make listeners willing to accept the proposal or claim. And the speaker hopes that the listeners will do as they ask them to do. Its example is an advertisement.

To Entertain Listeners

Sometimes people speak to entertain. On social occasions such as promotion parties, anniversaries, weddings, this form of oral communication is used.

Speaking Barriers

• Confidence
• Approach
• Vocabulary
• Pronunciation
• Stage Fright

Improvement Strategies

• Oral Exercise
• Group work
• Dialogues
• Play
• Stories
• Gap Exercise
• Presentations

Types of Barriers in Speaking

For speaking effectively one should try to overcome these barriers with the help of practice and patience. All humans are equal by physical properties and mental abilities. It is just everyone’s personal struggle to boost a specific thing. Let say, some people are good in maths but bad in business; on the other hand,1 most of the good businessman are unable to solve simple math formula.

Lack of Confidence

The speaker feels hesitation and shyness while speaking. He cannot face the audience due to a lack of confidence.

False Approach to Teaching

In our schools and colleges, much emphasis is given to reading and writing. Listening and speaking are neglected in our education system. In addition, the Grammar Translation Method is used to teach English. The students do not get the chance to learn spoken English.

Poor Vocabulary

Lack of vocabulary is also a hindrance in speech. The speakers have a less educated background. They are surrounded by less exposed people. They do not get the chance to enhance their vocabulary. Therefore, they feel incompetent.

False Pronunciation

English is taught as a second language in many countries. The speakers feel difficulty in learning correct pronunciation. They do not find native speakers to learn correct pronunciation. So, false pronunciation also becomes a hindrance.

Stage Fright

Speaking becomes a fearful thing before an audience. Signs of discomfort are universally experienced. The heart rate increases, blood pressure, and body temperature rise, the mouth becomes dry, voice trembles, etc.

Best 7 Techniques & Strategies Used to Improve Speaking Skills

We can not neglect the vital role of communication skills in business life, here are the 7 following techniques are suggested to improve and master the speaking skill.

Boost with Oral Exercises

In the classroom oral exercises are used to develop oral skills. The students should be given sufficient opportunities to express themselves in general conversation. The subject of conversation must be chosen carefully from the real-life experiences of the students.

Pair Work and Group work

By skillful use of pair-work and group work, the teacher can provide the students with the opportunity to speak together and practice oral skills to develop fluency and accuracy in speech.

Try Dialogue to Improve

One of the most versatile techniques of language is dialogue. A dialogue is a talk or conversation between two people. In the classroom, the students can do dialogue practice by asking about the likes or dislikes, family members, hobbies, etc of their classmates.

Role Play

Enacting pieces of communicative interaction in the classroom is a popular modern language teaching technique. This activity provides the students with opportunities to use language directly and purposefully. Thus they shed their fear of addressing the people.

Chain Stories

Chain story exercises should be practiced at the developed level, as they require a quick response from the learners. The teacher begins a story by making a statement and the students add to it new sentences turn by turn. For example;

Teacher: There was a boy.

Student 1: He was passing through the forest.

Student 2: Suddenly he saw a lion.

The development of the chain story becomes easier if it is based on the knowledge and experiences of the learners.

Information Gap Exercise

The information gap is a sort of dialogue. It is more meaningful and communicative. In this exercise, a person has some information that the other does not have. This shows an information gap. To fill this gap, one person asks questions, and the other answers the questions. Its example is a crucial test.

Presentations would Help

Oral presentations help learners to develop their oral skills. The teacher assigns presentations to the students. One student giving a presentation while others listen to him carefully.

After the presentation, the listeners discuss the strengths and weaknesses of the speaker. In this way, they get accustomed to speaking in front of the audience.

Final Words

Adding 7 Cs of Effective communication in your speech would enable you to design the right verbal message to result in you the desired outcome. Not every message is effective but result-oriented messages bring results. Practice, Practice, and Practice to improve your speaking skill.

14+ Disadvantages of Partnership Business | Firm – Beware

Last Updated on August 28, 2020 By Lisa C. Townes Leave a Comment

A partnership can be formed without any legal formalities. Like sole traders, it is easy to form and simple to run. The partnership may be dissolved without performing any legal process. It does not possess a legal identity apart from its members but if you have written it clearly in contents of partnership deed, you may need to visit the court. There are much Partnership demerits that may be ranked differently by different writers but to me the biggest demerit is trust.

From the operating standpoint, the partnership may conduct business in very much the same manner as a sole proprietorship. The partnership is not liked more than other forms of the organization due to the following Disadvantages of the partnership business.

Disadvantages of Partnership

• Limited Capital
• Unlimited Liability
• Quick Decission is Hard
• Hard to Supervise
• Absense of Perpetuity
• Hard to Expand
• Interest Problems
• Disclousure Chances
• Limited Abilities
• More Friction
• Less Confidence
• Harder to Transfer
• Risk Factor
• Unfit for Large Business

Advantages of Parntership

• Easy Start
• Sufficient Capital
• Public Interest
• Simple Dissolution
• Combined Abilities
• Protection by Law
• More Personal Interest
• Light Legal Restrictions
• Expand Easily
• Multiple Management Minds
• Business Privacy
• Morally Promoted
• Zero Fraud Chances

Table of Contents

Disadvantages of Partnership Business | Firms

Limited Capital

As the number of partners is limited in this form of organization so the capital remains limited. When the capital cannot exceed to a particular limit, large size business may not be started.

Unlimited Liability

This is a great characteristic of the partnership that the private property of each partner is also liable to pay business debts. This factor prevents the rich man to invest large capital in such a risky business.

Lack of Prompt Decision

The number of partners creates the problem to reach a certain decision. So the difference of opinion is the great hindrance in promptness of decision. This delay brings many problems in internal communication & marketing purposes as well as in Production and management decisions.

Lack of Supervision

There are no effective rules and regulations to control the activities of partnership in our country. Audit and publication of accounts are not compulsory by law for a partnership firm. So the lack of supervision has increased the chances of manipulation and fraud in accounts.

Absence of Perpetuity

A partnership has not the capacity of continued existence. The life of the partners is connected with the running life of the partnership business. This may come to an end by the death, retirement, insolvency or disagreement of any partner.

Expansion Problems

The business of the partnership may not be expanded due to the following factors:

The limited number of partners.
Limited capital and financial sources.
Unlimited liability.
Lack of managerial and technical abilities.

But the business of the different types of joint Stock company may easily be increased due to the absence of the above-mentioned factors.

Lack of Interest

Partners do not take a keen interest in the business activities of the firm due to the following reasons:-

The limited share of Profit or loss of each partner.
Limited chances of growth of a business.
Restriction in the transferring of shares.
Frozen investment.
Limited life of the business.

Thus the result in the absence of personal interest is the success or failure of the business.

Chances of Disclosure

Each partner is allowed to participate in the management of the business by law. So all partners know the internal affairs of the business. In case of withdrawal, dis-agreement or retirement of partners, there will be a great risk of leakage of the secrecy.

Limited Abilities

It is really hard to engage or hire highly qualified team because financial resources in the partnership are limited to some level. Whereas joint stock company advantages in this as it can boom. There are chances of dissolution in partnership because of few resources.

Chances of Friction

There should be mutual co-operation and trust among the partners and these factors are necessary’ for successful achievement of the business. But generally, there is misunderstanding, friction, and dispute among the partners which hamper the progress of the firm.

Lack of Confidence

As there is no compulsion by law for the publication of accounts in partnership so true picture cannot come to the notice of the public. Due to this situation people do not trust partnership firm and avoid to deal with and enter into a contract.

Transferability of Shares

There is a restriction to transfer the share without the consent of existing partners. If a partner transfers his share without obtaining consent, the firm may be dissolved. Thus investment remains concentrated into few hands.

Risk of Loss

As the management of the partnership generally conducted by unskilled and inefficient persons, there are great risks of losses. In case of heavy losses, the business may come to an end. But in the joint stock company the amount of losses is sustained by the number of shareholders and so business is not affected by such a situation.

Unfit for Large Scale Enterprise

This form of organization is quite unsuitable for large and heavy business due to the following reasons:

A limited number of partners.
Limited capital.
Lack of technical and administrative abilities.
Limited life.
Unlimited liability.
In-sufficient rules and regulation.

But foregoing factors are not found in Joint Stock Company so this form is suited for large-scale business.

Final Conclusion

In the business world, every business type has its own importance with different pros and cons. The accumulative effect of all these make market which generates employment opportunities, increase GDP, circulate money, bring competition in a market that ultimately reduce prices and improve product quality.

The combined business is better but the darker side of the partnership business may not be easy to tolerate by investors.

Ocean Credit Card Review [by Capital One]

Last Updated on July 6, 2020 By Lisa C. Townes Leave a Comment

It is feasible to take a loan from the bank with a minimum interest rate to resolve your financial needs. Ocean Card Reviewed critically to evaluate the worth as well as help the decisions.

If you are new to use a credit card, first you have to be aware of what are the advantages and disadvantages that can be faced while using. So be smart and use smartly, and then know the % of APR (variable) and get the report of eligible credit through quick check response in a few seconds.

Ocean Credit Card reviews which have an initial limit from £200 to £1,500

The Ocean credit card is issued by Ocean Finance a broker but Capital One is the exclusive lender. This product is meant to give online suppose to those

Who are struggling to get accepted for a credit card
Who are new to the UK
Who has a low income
Who are self-employed
Who has a poor credit history

Ocean Credit Card

It also gives online support to people who want to take the loan from lenders and who want insurance for their vehicle, home, and life insurance.

Initial limit of £200 to £1,500
This amount depends on your economic situation and credit history.
Ocean card’s representative APR is 39.9%
It has no annual fee but if you cross your credit limit you will be charged £12

Representative Example

On purchases, the standard interest rate is 39.94% p.a (variable) with 39.9% APR Representative variable.

The card gives limited rewards but you can take advantage of free reminder text messages which assist customers to stay on top of the account. The ocean credit card also gives the QuickCheck service to check your eligibility for a credit card.

This Quick check service will not harm your credit score.

It Plays a role in increasing the credit score and can achieve the best deals by repaying the amount in time to secure your credit limit to improve your credit rating.

How does Ocean Credit Card Work?

Login Ocean online to manage your account.
It gives one straightforward interest fee to all types of exchanges you did.
It simply oversees limits between £ 200 and £ 1,500.
You can add up to 3 other cardholders and can also keep track your card expenses
You have a possibility to review your credit limit two times per year.

Representative APR (variable)	34.9%
Reward scheme	NO
Purchase interest p.a	34.9
Cash withdrawal APR	34.9
Annual card fee	£0

Representative

Assume borrowing of £1,200 for 1 year, at a p.a of 34.94% (variable), representative APR variable 34.9%.

Ocean Credit Card Rewards Details

People with bad credit if meet their repayments on time every month and stay below their credit limit can start to improving credit rating.

Ocean Card Applying Criteria

Minimum income required to open the account	N/A
Can be used for building the credit rating	yes
Opening an account by invitation only	yes
Account for existing customers only	yes
Minimum age to open an account	18
Further notes about eligibility	N/A

Ocean Credit Card Introductory Features

Rate period	N/A
Annual interest	N/A
Fee	N/A
Min fee	N/A
Max fee	N/A

Standard Balance Transfers

Annual Interest	$ 39.94%
Fees	$ 3.00%
Minimum Fees	N/A
Maximum Fees	N/A

Standard Purchases

Annual interest

$ 39.94%

Standard Cash Withdrawal

Annual interest

$ 39.94

Payment Details

Maximum interest fees days	56
Days to pay	26
Minimum monthly payment %	1.00%
Minimum monthly payment £	£ 5

Ocean Credit Card Charges

Returned payment fees	£12
Late payment fee	£12
Exceeding limit fees	£12

Charges for Foreign Usage

Foreign usage fee in Europe	£ 2.75 %
Foreign usage withdrawal fees worldwide	£ 2.75%

Ocean Charges for Card Withdrawal

Charges for cash withdrawals	N/A
% of cash withdrawal	£ 3.0%
Min charge	£ 3

Ocean Credit Card Management

You can manage Ocean credit card payments by:

Branch
Online
Telephone

Ocean Credit Card Extras

Ocean Mobile App

Through the mobile app, you can easily manage your account with your mobile phone anytime, anywhere. The app is available to customers with Digital Banking and the UK or international mobile number in specific countries.

Fast Response

You can get to know about your eligibility within 60 seconds.

Email and Text Alerts

By this feature, you receive email or text alerts that allow you to manage your payments on time and that alerts also permits you to know about your credit limit.

Ocean Joint Account

You can open ocean account as a joint bank account. Two people can manage their finances through this facility. It may be best if you need to make shared payments, e.g. rent household bills, etc.

Pros and Cons

Pros

Facilitates you with step by step instruction so that you can get to know the benefits of using this card and get more rewards.
Before processing the application, they will examine all the details to know your eligibility and card limit so that you can get the maximum facility.
Gives a better chance to improve or reconstruct your credit score.
It is completely safe to apply for a credit card.
it secures your data from interlopers.

Cons

If you don’t pay your monthly payments in time or leave any step you may stick at some point.

Bottom Line

To summing up, by filling the address that you were living for recent years, work status and pay points of interest should be checked by the group of Ocean Credit Card Reference Agencies so that they know the offers that suit you. In the meantime, it will demonstrate the eligibility of your Ocean credit card value to make utilization of it.

Never harms your credit score; however, you have the opportunity to enhance your Credit score rating by utilizing the credit card accurately in your normal life for a better reason.

27 Most Important Contents of Partnership Deed

Last Updated on March 8, 2022 By Lisa C. Townes 2 Comments

A partnership Agreement or Partnership deed is the most important paper or document in Partnership. It includes all the rights, liabilities, roles of each partner, and also govt. rules. Entrepreneurs in the sole proprietorship or partnership have some predefined goals and work to achieve them.

As being alone, the advantage of a sole proprietorship is that there is no need to note down anything. All decisions are made by the owner. But in partnership, everything must be discussed and written in Contents of Partnership Deed to run the business smoothly.

Importance of Partnership Deed

The partnership agreement may be oral or written or implied conduct of parties. One of the most important attributes of the partnership deed is that it is necessary to have the agreement in writing. So, in case of dispute or misunderstanding among the partners, it may be removed according to the provisions of this document.

It must be drafted by a lawyer and written on a judicial paper. It should be stamped according to the provision of the Partnership. Act of 1932. A partnership deed must be signed by all the partners concerned. It is highly advisable to register the partnership deed with the registrar.

Important Contents of Partnership Deed

The usual provisions which should be contained in such documents are as follows:

Name of the Firm to Start

Name of the firm under which the business is to be conducted. It may be any name you choose.

Nature of Business

Nature of the business to be conducted by the partners. There are different types of businesses that include rendering services, making products, being a distributor of a brand, opening a retail shop, dealing with wholesale, importing, or exporting goods. Anything but legal.

Business Location

Location of the business where it is to be operated. If it’s a production concern, the better option is to be an industrial area but if it is a retail shop, go to the market where people come and buy and if, it is a service providing i.e., service at the client’s doorstep – it may be anywhere.

List of Partners

List of partners, their names, addresses, and other particulars. Who are the partners and what will they do. The best practice is to divide departments of businesses according to partners’ expertise. It would be wrong to assign human resources or retailing duty to a partner if he/she is educated with Marketing subjects.

Duration of Partnership

Duration of the partnership; whether it is a definite period of time or an indefinite period of time. It is mandatory to mention indeed. Sometimes the business may not go smoothly; this portion of the partnership deed can help to end the business in minutes or it may be extended or rewritten if in case they want to extend

Date Of Business Commencement

It is an important part of the deed. If the business is going to be legally listed in state law. The date of business starting could help in managing all responsibilities and other tasks of business including accounts, expenses, payable & receivable.

Total Capital Invested

The total capital of the firm and the share of each partner in the capital must be in writing to equally or partially distribute on closing.

Ratio of Profit

Usually, it is the same as the ratio of capital investment. There are different types of partners according to their job natures, capital investment, responsibilities, their practical share in the business. This is why the ratio of sharing profits and losses of each partner should be noted indeed.

Amount of Drawing

Do you think to take permission of withdrawing profit or capital? In partnership deed, it is mentioned in two terms

What profit percentage owners can withdraw from the business per month or year
What monthly amount anyone can take out on the monthly or yearly basis

Interest on Capital and Drawings

Not in sole proprietorship but in the partnership it may be discussed to charge a profit on the invested amount. The invested amount in business can be invested in some other business or deposited into a bank to get monthly/yearly profit. That’s why a few businesses or shareholders can demand interest depending upon the amount and expected ROI

Amount of Salary

At good businesses, there are fewer chances of withdrawing profit from a business. The best practice is to set a monthly fixed salary for each stakeholder. Salaries may depend on capabilities, capacities, roles, and roles.

Division of Work

Of course, investors can not manage every part of a business. There are multiple working in businesses from raw material purchases to finished products sales and recoveries. In a partnership contract, it is mentioned which partner will do what part of the business and what would be their specific roles. Interference in other works could be supplementary.

Amount of Profit

Few businesses do share a specific part of the profit to employees. It’s not their monthly salary; it’s add-on or extras to please workers to motivate them to perform duties well. An employee may be demotivated with time. Such incentives could be energizing. It so, it should be entitled indeed.

Head Office and Branches

Small or Large businesses can have more than one branch. If so, those details are noted down on contract papers including locations, branch roles, branch responsibilities, and not exceeding predefined monthly expenses.

Dealing Bank

Which bank to be selected for all business transactions like Royal Bank of Scotland, Bank of America or Santander. This may include signatory authority for banking purposes and the number of accounts to be opened in selected branches of a decided bank.

Additional Capital

How to further capital, if necessary is to be introduced. Either it is to be availed through bank loans or partners may be requested for further investments.

Audit of Accounts

There are many lop holes of the dishonest employees in every business. This reason gave birth to the auditing of accounts. There are more chances in businesses where more than two people are owners. This added part deals with provisions regarding the preparation audit and signing by the partners of annual accounts.

Rules of Admission and Withdrawal

Defining things before the problem is to be proactive. This provision means to set rules regarding retirements of adding a new partner, managing debt on the retirement of an existing partner, how capital will be returned to investors, and other long-term decisions.

Determination Of Good Will

This deals with how the value of goodwill is determined to each stakeholder. Each partner has a special role in a business that and accounts will be cleared of a retired or deceased partner.

Period of Accounts

Do not ignore accounting at any cost because, accountants prepare a Profit and Loss Statement, the Balance sheet at the end of the fiscal year in the manual accounting system. In all cases, it should be mentioned in contract papers to evaluate business worth after a specific time. With increased technology and advanced accounting software everything is prepared with a single entry.

Rights and Duties of Partners

Partner is different according to their rights, duties, investment and partnership contract. Each partner’s rights and duties should be clearly mentioned in the contract need to avoid disputes. In general, the sleeping partner has no role in business decisions but if decided earlier, they can take occasional parts in seasonal promoting activities or else.

Loan and Interest

Typically, the business may need a loan in the future after startup. Let say, a manufacturing concern may need to import advanced machinery or consumer product-based businesses may think to do mass level advertising to boost sales. In both cases or others, they may not have enough funds, plans may not be actionable. This clause helps such situations to decide whether to take a bank loan, if so; who will be a guarantor, or what properties should be pledged. These noted details take business decisions smoother.

Settlement of Accounts

The hardest thing – dissolution. It happens in most of the partnership businesses just because of extra interference or business losses. This content of deed, if decided; could help partners to dissolve everything smoothly and by Settlement of payable and receivable accounts, business assets distributions, or other liabilities and credits to be shifted on…

Arbitration

Disputes happen. Business is an ongoing process of making decisions, implementing strategies, sorting issues, designing new products and services. Partnership business is a combination of different minds and every mind has a different perspective, thoughts, and observation. In those disputes, what should be the solution?

Deficiency in Capital

How the deficiency in the capital will be covered at the insolvency of an arty partner.

Witness

Definitely, contracts are written and signed. There must be witnesses of agreement in partners. Minimum witnesses may be different according to your state law. Witness name, contact details, and authenticity of witness with their Social Security number, Country citizenship number (they are the real human, not fake) should be noted.

Ways of Dissolution

Bitter but fact-based disadvantages of the partnership include dissolution. In those cases, how to dissolve the partnership company, either it is to be done by state law in court or by mutual consent of all partners.

Others

Any other clause or clauses which may be found necessary at any time may be contained here by the mutual consent of all the partners.

Nuba Credit Card Reviews

Last Updated on July 5, 2020 By Lisa C. Townes Leave a Comment

WHAT IS NUBA? Numba is a new credit card brand, launched in 2016 and established by MBNA that is an award-winning UK credit card provider and was acquired by Lloyds Banking Group in 2017.

It focuses on technology, particularly the capability to link payments to and from the card to a smartphone or other linked devices.

MBNA issued credit cards are outstanding in the UK

Bank gives a wider approach to lending money. Whatever NUBA CREDIT CARD you choose, it offers a straightforward, flexible and competitively-priced credit card services. You will be offered to access a wide range of benefits as a Nuba customer.

Nuba offers good customer service with easy account management facility. It uses contactless technology which allows customers to pay easily for purchases in stores without entering credit card PIN.

The customers who use Apple Pay is suitable as it allows them to make credit card payments easily by using their Smartphone.

One of the amazing features is an easy Online Login account management. You can LOG IN NUBA account anytime to check when your payments are due, to stay updated and to know how much you owe.

Nuba credit card also offers fraud protection by its fully active team who is always ready to take action in case of any suspicious transactions. You should be the age of 18 and over and must be a UK resident in order to apply for.

Applications for Nuba card are available online. You can check eligibility before applying for credit card. Under SECTION 75 THE CUSTOMER CREDIT ACT, if you pay for services and good by using a credit card, the card provider is legally responsible with the retailer in case something goes wrong.

This protection applies to those things that cost between £100 and £30,000.

So, if you ordered a sofa costing £400 and the shop you bought it from goes ruined before delivering, the credit card provider is liable to provide you with a full refund.

Table of Contents

Benefits of a Nuba Credit Card?

Smartphone Linking

You can twin your smartphone with a credit card to make swift payments.

MBNA Credit Card Login

Through Nuba’s online card services, you can do change your PIN, get your current balance update, check your payment due date, and notify in case change of address.

Additional Cardholders

You can nominate up to 3 people to receive a card on your account. They all must be aged over 18, exist at your main address, and should be a ‘close family member’.

If you meet the above criteria but have a BAD CREDIT SCORE history, you might be rejected. Also, if you have declared bankruptcy and you have ever been the subject of a CCJ you will be rejected.

The Nuba range Comprises Two Cards

One is intended to tap into the very competitive market for balance transfers from other credit cards
And other is designed as an all-rounder

Nuba All Round Credit Card

The Nuba ALL Round credit card is a new entry of NUBA MBNA. It joins the range of balance transfer and purchase cards. Recent Nuba duration on both balance transfer and purchasing cards is up to 30 months. Money transfers are also included.

Nuba All Round Credit Card Features

If you make a balance transfer within the first 60 days of opening the account 2.73% fees applies and 5% fees applies thereafter.
If you transfer money within 60 days after account opening 4% fees applies and 5% fees apply thereafter.
Eligibility checker
up to 30-month 0% promotional period is for purchases, balance and money transfers
APR (variable) 19.9% purchases
APR (variable) 21.9% balance transfer
23.9% money transfer APR (variable)

Nuba Transfer Credit Card

Nuba transfer credit card is currently offering the longest balance transfer service in the market. The Nuba Transfer Credit Card is a new offer that is the longest 0% balance transfers category, with 36 months of 0% APR on primary balance transfers and 2.5% transfer fee.

Nuba Transfer Credit Card Benefits & Features

Transfer Fees (promotional)	on balance transfers 2.5% on money transfers 4%
Promotional Window	60 days
APR (variable)	on purchases 19.9% on balance transfers 21.9% on money transfers 23.9%
0% APR Promotional Periods	on balance transfers up to 36 months on money transfers up to 20 months
Annual Fee	£0

Eligibility Criteria Applying

It’s straightforward and fast to apply for a card online. To be eligible for a credit card, you must:

Be 18 years or over
Be a permanent address in the UK for at least three years
Not be a student or unemployed
Be a permanent UK resident
Have an excellent credit history

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Public Limited Company

Partnership

2. Liability

Public Limited Company

Partnership

3. Number of Members

Public Limited Company

Partnership

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Public Limited Company

Partnership

5. Entity

Public Limited Company

Partnership

6. Capital

Public Limited Company

Partnership

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Public Limited Company

Partnership

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Public Limited Company

Partnership

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Partnership

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Public Limited Company

Partnership

11. Audit

Public Limited Company

Partnership

12. Dissolution

Public Limited Company

Partnership

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Pubic Limited Company

Partnership

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Pubic Limited Company

Partnership

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Pubic Limited Company

Partnership

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Pubic Limited Company

Partnership

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Pubic Limited Company

Partnership

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