Legal form of Business: “The Lounge”, a resting and relaxing arena, is a business venture that follows the partnership

legal form of business. The legal and regulatory requirements for afore mentioned legal form are covered under the company’s partnership deed between its partners. Ownership: As the legal framework is partnership based, there are four equally shared partners that own the business. Because of having equal amount of share, all the four partners share 25% of the total profit and equity. The initial capital investment of the company also follows the same distribution. The partners also form the Board of the Directors of the company including the Managing Director, Finance Director, Marketing Director and Director Operations. Moreover, the CEO (Chief Executive Officer) is unanimously selected from the four directors after the completion of the tenure of two years.
 

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