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49-596: (Redirected from Architectural Office ) Architectural office may refer to: An architectural firm The predecessor of the Architectural Services Department of the Hong Kong government Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title Architectural office . If an internal link led you here, you may wish to change

98-570: A business in common with a view of profit" and is not a joint stock company or an incorporated company. If the business entity registers with the Registrar of Companies it takes the form of a limited partnership defined in the Limited Partnerships Ordinance. However, if this business entity fails to register with the Registrar of Companies, then it becomes a general partnership as a default. A limited partnership in

147-610: A business partnership are personally liable for the debts and obligations of the partnership. Forms of partnership have evolved that may limit a partner's liability. The general partnership, in which all partners manage the business and are personally liable for its debts, developed under common law . General partners have an obligation of strict liability to third parties injured by the Partnership. General partners may have joint liability or joint and several liability depending upon circumstances. The limited partnership (LP)

196-519: A compensation for the opportunity cost of lending money without using it for other fruitful purposes. To circumvent the usury laws edicted by the Church, other forms of reward were created, in particular through the widespread form of partnership called commenda , very popular with Italian merchant bankers. Florentine merchant banks were almost sure to make a positive return on their loans, but this would be before taking into account solvency risks. In

245-631: A contract. Partnerships have a long history; they were already in use in medieval times in Europe and in the Middle East. According to a 2006 article, the first partnership was implemented in 1383 by Francesco di Marco Datini , a merchant of Prato and Florence. The Covoni company (1336–40) and the Del Buono-Bencivenni company (1336–40) have also been referred to as early partnerships, but they were not formal partnerships. In Europe,

294-467: A first step toward partnership. This capacity to join forces in reciprocal services became a distinctive feature, and a long lasting success factor, of the Hanseatic team spirit. A close examination of medieval trade in Europe shows that numerous significant credit based trades were not bearing interest. Hence, pragmatism and common sense called for a fair compensation for the risk of lending money, and

343-569: A fixed share of the partnership (usually, but not always an equal share with the other partners) and, upon distribution of profits, receive a portion of the partnership's profits proportionate to that share. In more sophisticated partnerships, different models exist for determining either ownership interest, profit distribution, or both. Two common alternate approaches to distribution of profit are " lockstep " and " source of origination " compensation (sometimes referred to, more graphically, as "eat what you kill"). The source of origination compensation

392-467: A full architectural service. A professional indemnity insurance is also compulsory. An architecture firm in the United States usually has at least one "principal," a licensed architect who is the sole proprietor of the firm, or one who shares an ownership interest with the other architects in the firm (either as a partner in a partnership, or as a shareholder in a corporation). Sometimes

441-474: A part-time pursuit, employing assistants on a project-by-project basis. It was only in the 19th century that architecture began to be practiced as a full-time profession , when specific training and accreditation began to be offered. In the United States , Charles Bulfinch is the first American believed to have worked as a full-time professional architect. Henry Hobson Richardson may have been one of

490-556: A partner is the agent of the firm for the purpose of the business of the firm" 5) Oral or Written Agreements . The Partnership Act, 1932 nowhere mentions that the Partnership Agreement is to be in written or oral format. Thus the general rule of the Contract Act applies that the contract can be 'oral' or 'written' as long as it satisfies the basic conditions of being a contract i.e. the agreement between partners

539-423: A partnership agreement, even if it has not been reduced to writing. In common law jurisdictions, a written partnership agreement is not legally required, but partners may benefit from a partnership agreement that articulates the important terms of their relationship. In business, two or more companies join forces in a joint venture, a buyer–supplier relationship, a strategic alliance or a consortium to i) work on

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588-579: A project (e.g. industrial or research project) which would be too heavy or too risky for a single entity, ii) join forces to have a stronger position on the market, iii) comply with specific regulation (e.g. in some emerging countries, foreigners can only invest in the form of partnerships with local entrepreneurs). In this case, the alliance may be structured in a process comparable to a Mergers & Acquisitions transaction. A large literature in business and management has paid attention to forming and managing partnership agreements. It has, in particular, shown

637-1052: A single commercial civilization in the Middle Ages, and the two regions were economically interdependent through trade (in varying degrees). The Mongols adopted and developed the concepts of liability in relation to investments and loans in Mongol– ortoq partnerships, promoting trade and investment to facilitate the commercial integration of the Mongol Empire. The contractual features of a Mongol- ortoq partnership closely resembled that of qirad and commenda arrangements; however, Mongol investors used metal coins, paper money, gold and silver ingots and tradable goods for partnership investments and primarily financed money-lending and trade activities. Moreover, Mongol elites formed trade partnerships with merchants from Central and Western Asia and Europe, including Marco Polo 's family. To come into being, every partnership necessarily involves

686-644: Is registered as a company under Companies Act, 2013 or formed in pursuance of some other law. Some other law means companies and corporations formed via some other law passed by Parliament of India . 7) Mutual agency is the real test . The real test of 'partnership firm' is 'mutual agency' set by the Courts of India, i.e. whether a partner can bind the firm by his act, i.e. whether he can act as agent of all other partners. Statutory regulation of partnerships in Canada fall under provincial jurisdiction . A partnership

735-399: Is a partnership in which general partners manage the partnership's operations, and limited partners forego the right to manage the business in exchange for limited liability for the partnership debts. The liability of limited partners is limited to their investment in the partnership. This form of partnership was developed in the 19th century, the U.K. where it was imparted by charter, and in

784-483: Is basically a settlement between two or more groups or firms in which profit and loss are equally divided In Bangladesh, the relevant law for regulating partnership is the Partnership Act 1932. A partnership is defined as the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. The law does not require written partnership agreement between

833-523: Is entitled to a share of the partnership's profits. Silent partners may prefer to invest in limited partnerships in order to insulate their personal assets from the debts or liabilities of the partnership. Summarising s. 5 of the Partnership Act 1958 (Vic), for a partnership in Australia to exist, four main criteria must be satisfied. They are: Partners share profits and losses. A partnership

882-611: Is legally enforceable. A written agreement is advisable to establish existence of partnership and to prove rights and liabilities of each partner, as it is difficult to prove an oral agreement. 6) Number of Partners is minimum 2 and maximum 50 in any kind of business activities . Since partnership is 'agreement' there must be minimum two partners. The Partnership Act does not put any restrictions on maximum number of partners. However, section 464 of Companies Act 2013, and Rule 10 of Companies (Miscellaneous) Rules, 2014 prohibits partnership consisting of more than 50 for any businesses, unless it

931-415: Is not a separate legal entity and partnership income is taxed at the rate of the partner receiving the income. It can be deemed to exist regardless of the intention of the partners. Common elements considered by courts in determining the existence of a partnership are that two or more legal persons: Under U.S. law a partnership is a business association of two or more individuals, through which partners share

980-518: Is often coordinated or sub-contracted by architecture firms in these countries—in effect outsourcing work to the US and European firms. The recent market situation has led to an acceleration in this trend and a growing number of architecture firms in India and China are now outsourcing work to architects in the west. The long-term and widespread effects of these practices on architectural firms (in all parts of

1029-507: Is rarely seen outside of law firms. The principle is simply that each partner receives a share of the partnership profits up to a certain amount, with any additional profits being distributed to the partner who was responsible for the "origination" of the work that generated the profits. British law firms tend to use the lockstep principle, whereas American firms are more accustomed to source of origination. When British firm Clifford Chance merged with American firm Rogers & Wells , many of

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1078-445: Is reached, the partnership is typically enforceable by civil law , especially if well documented. Partners who wish to make their agreement affirmatively explicit and enforceable typically draw up articles of partnership . Trust and pragmatism are also essential as it cannot be expected that everything can be written in the initial partnership agreement, therefore quality governance and clear communication are critical success factors in

1127-807: Is responsible for the practice. It is generally a qualified architect, architectural technologist , engineer or an architectural designer . Small firms with fewer than five people usually have no formal organizational structure, depending on the personal relationships of the principals and employees to organize the work. Medium-sized firms with 5 to 50 employees are often organized departmentally in departments such as design, production, business development, and construction administration. Large firms of over 50 people may be organized departmentally, regionally, or in studios specializing in project types. Other permutations also exist. Advances in information technology have made it possible for firms to open offices or establish alliances with other firms in different parts of

1176-585: The Uniform Partnership Act and the Uniform Limited Partnership Act . Most U.S. states have adopted a form of the Uniform Partnership Act , which includes provisions regulating general partnerships , limited partnerships and limited liability partnerships . Although the federal government does not have specific statutory law for establishing partnerships, it has an extensive statutory and regulatory scheme for

1225-593: The taxation of partnerships , set forth in the Internal Revenue Code (IRC) and Code of Federal Regulations . The IRC defines federal tax obligations for partnership operations that effectively serve as federal regulation of some aspects of partnerships. A partnership in Hong Kong is a business entity formed by the Hong Kong Partnerships Ordinance, which defines a partnership as "the relation between persons carrying on

1274-762: The Middle East, the qirad and mudarabas institutions developed when trade with the Levant, namely the Ottoman Empire and the Muslim Near East, flourished and when early trading companies , contracts , bills of exchange and long-distance international trade were established. After the fall of the Roman Empire, the Levant trade revived from the 10th to 11th century in Byzantine Italy. The eastern and western Mediterranean formed part of

1323-531: The State government and Central (National) Government can legislate i.e. pass laws on). 3) Unlimited Liability . The major disadvantage of partnership is the unlimited liability of partners for the debts and liabilities of the firm. Any partner can bind the firm and the firm is liable for all liabilities incurred by any firm on behalf of the firm. If property of partnership firm is insufficient to meet liabilities, personal property of any partner can be attached to pay

1372-418: The U.S. where it was created by statute. More recently, additional forms of partnership have been recognized: A silent partner or sleeping partner is one who still shares in the profits and losses of the business, but who is not involved in its management. Sometimes the silent partner's interest in the business will not be publicly known. A silent partner is often an investor in the partnership, who

1421-401: The United States allow architects to form partnerships , most allow architects to form corporations or professional corporations , and some allow limited liability partnerships (LLPs) or limited liability companies (LLCs). Some states require the firm to obtain a registration to provide architectural services. Others merely require that the architectural work of the firm be performed under

1470-416: The debts of the firm. 4) Partners are Mutual Agents .The business of firm can be carried on by all or any of them acting for all. Any partner has authority to bind the firm. Act of any one partner is binding on all the partners. Thus, each partner is 'agent' of all the remaining partners. Hence, partners are 'mutual agents'. Section 18 of the Partnership Act, 1932 says "Subject to the provisions of this Act,

1519-440: The difficulties associated with that merger were blamed on the difficulties of merging a lockstep culture with a source of origination culture. Partnerships recognized by a government body may enjoy special benefits from taxation policy . Among developed countries, for example, business partnerships are often favored over corporations in taxation policy, since dividend taxes only occur on profit before they are distributed to

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1568-468: The direct supervision of an architect licensed in the state. A few US states allow corporations to provide architectural services provided that a licensed employee of the firm serves as architect of record for any project. In the United Kingdom and other countries, an architecture firm must have a business registration. The firm needs at least one registered professional within the team to offer

1617-464: The establishment of partnerships. Instead, every U.S. state and the District of Columbia has its own statutes and common law that govern partnerships. The National Conference of Commissioners on Uniform State Laws has issued non-binding model laws (called uniform act) in which to encourage the adoption of uniformity of partnership law into the states by their respective legislatures. Model laws include

1666-452: The first to have an established office and McKim, Mead, and White may have been among the first to resemble the large, modern architectural firm. The oldest active architecture firms in the United States are SmithGroup of Detroit, MI and Luckett and Farley of Louisville, KY, having both been founded in 1853. In the United Kingdom, Brierley Groom is the oldest continuing practice, having been founded in 1750 at York , England. They may be

1715-470: The following common characteristics: 1) A partnership firm is not a legal entity apart from the partners constituting it. It has limited identity for the purpose of tax law as per section 4 of the Partnership Act of 1932. 2) Partnership is a concurrent subject . Contracts of partnerships are included in the Entry no.7 of List III of The Constitution of India (the list constitutes the subjects on which both

1764-645: The link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Architectural_office&oldid=932693625 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Architectural firm Architects (or master builders) have existed since early in recorded history. The earliest recorded architects include Imhotep (c. 2600 BCE) and Senemut (c. 1470 BCE). No writings exist to describe how these architects performed their work. However, members of

1813-633: The long run. It is common for information about formally partnered entities to be made public, such as through a press release, a newspaper ad, or public records laws. Partner compensation will often be defined by the terms of a partnership agreement. Partners who work for the partnership may receive compensation for their labor before any division of profits between partners. In certain partnerships of individuals, particularly law firms and accountancy firms, equity partners are distinguished from salaried partners (or contract or income partners ). The degree of control which each type of partner exerts over

1862-611: The nobility had staffs of assistants and retainers to help refine and implement their work. The oldest surviving book on architecture, De architectura by the Roman architect Vitruvius describes the design and construction of towns, buildings, clocks, and machines, but provides no information about the organisation of the architect's assistants. It is generally accepted that throughout most of human history, most architects were wealthy individuals who derived their primary income from activities other than design and who practiced design as

1911-487: The oldest active architectural practice in the world. Architects may be licensed by individual states or provinces, as they are in Australia , Canada and the United States . Licensure is usually achieved by a combination of formal education, internship, and examinations. Although architects are licensed individually, state laws allow them to join together in various forms of business organisation. All states in

1960-416: The partners to form a partnership. A partnership is not required to be registered, but a partnership is considered as a separate legal identity from its owners only if the partnership is registered. There must be a minimum of 2 partners and maximum of 20 partners. According to section 4 of the Partnership Act of 1932,"Partnership is defined as the relation between two or more persons who have agreed to share

2009-555: The partners. However, depending on the partnership structure and the jurisdiction in which it operates, owners of a partnership may be exposed to greater personal liability than they would as shareholders of a corporation. In such countries, partnerships are often regulated via antitrust laws, so as to inhibit monopolistic practices and foster free market competition . Enforcement of the laws, however, varies considerably. Domestic partnerships recognized by governments typically enjoy tax benefits, as well. At common law , members of

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2058-503: The partnership depends on the relevant partnership agreement . Although individuals in both categories are described as partners, equity partners and salaried partners have little in common other than joint and several liability . In many legal systems, salaried partners are not technically "partners" at all in the eyes of the law. However, if their firm holds them out as partners, they are nonetheless subject to joint and several liabilities. In their most basic form, equity partners enjoy

2107-538: The partnerships contributed to the Commercial Revolution which started in the 13th century. In the 15th century the cities of the Hanseatic League would mutually strengthen each other; a ship from Hamburg to Gdansk would not only carry its own cargo but was also commissioned to transport freight for other members of the league. This practice not only saved time and money, but also constituted

2156-441: The profits and responsibility for the liabilities of their venture. U.S. states recognize forms of limited partnership that may allow a partner who does not participate in the business venture to avoid liability for the partnership's debts and obligations. Partnerships typically pay less taxes than corporations in fields like fund management. The federal government of the United States does not have specific statutory law governing

2205-451: The profits of a business carried on by all or any one of them acting for all". This definition superseded the previous definition given in section 239 of Indian Contract Act 1872 as – "Partnership is the relation which subsists between persons who have agreed to combine their property, labor, skill in some business, and to share the profits thereof between them". The 1932 definition added the concept of mutual agency. The Indian Partnerships have

2254-440: The role of contracts and relational mechanisms to organize business partnerships. Partnerships present the involved parties with complex negotiations and special challenges that must be navigated to agreement. Overarching goals, levels of give-and-take, areas of responsibility, lines of authority and succession , how success is evaluated and distributed, and often a variety of other factors must all be negotiated. Once an agreement

2303-421: The title of principal is limited to owners who hold a certain percentage of ownership interest in a firm, or it may be expanded to include anyone with a leadership role in a firm. Some firms may also use the title "principal-in-charge," which denotes an architect who oversees the firm's services in connection with a specific project. In the United Kingdom and other countries, the principal of an architecture firm

2352-487: The world) remain to be seen. Partnership A partnership is an agreement where parties agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses , interest -based organizations , schools , governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by

2401-502: The world. This makes it possible for some portions of the work to be performed in the US or UK, and other portions in locations such as India or Mexico, for example. In addition to using lower-cost, high-skill professionals in Asian countries, it also enables some firms to work, in effect, two or three shifts due to time differences. Increasingly developers in India and China are hiring US and European firms to work on local developments. This

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