...forms Legal Forms of Business Paper Yaciel Toledo Law/531 June 3rd, 2011 University of Phoenix Legal Forms of Business Paper Selecting the best form of operating a business depends on the type of business the owner wants to run. The owners have to pick the structure that best meets their needs. “The selection depends on many factors, including the ease and cost of formation, the capital requirements of the business, the flexibility of management decisions, government restrictions, personal liability, tax considerations, and the like” (Henry Cheeseman, 210, p. 529) Moreover, choosing the right form to run a business will also determine how the business is organized, how the cash flow is, and how the business is taxed. “The most common forms of business organization are: sole proprietorship, general partnership, limited partnership, limited liability partnerships, limited liability company, and corporation” (Henry Cheeseman, 210, p. 529). According to the situation given, the best form is limited partnership. Limited partnership refers to the types of owners the business will have, general (managers) and limited partners (investors). In this sense, Monica, and Susan will be the managers of the businesses because they both will operate the business with their skills, Susan with her computer graphics skills and Monica with her marketing skills. Whereas Vic will be the investor providing some capital to run the business, she will not be part of management;...
Words: 942 - Pages: 4
...Legal Forms Business Paper Brandi Austin LAW/531 April 16, 2012 Aaron Kemp Legal Forms Business Paper Deciding the form of business organization is one of the most important phases in developing a company. One must understand the pros, cons, requirements and qualifications needed before determining which form is best for the business. The next few paragraphs will discuss various forms of businesses and provide scenarios to clarify the appropriate use of these forms. Sole Proprietorship A sole proprietorship is the simplest form of business organization (Cheesman, 2010). Easiest put, the owner of the business is the business. There are several major advantages to operating a business as a sole proprietorship. On the positive side, forming a sole proprietorship is very affordable and can easily be transferred or sold without the approval of additional partners. On the negative side all liability falls on the sole proprietor. My current company is listed as a sole proprietorship. In 2008, I wanted to secure my company name and be established in some way as a real business entity. My funds were low at the time, so the fastest and most frugal method for me to establish was a sole proprietorship. Because business was still in the infant stages, the threat of personal liability was not a concern. Partnership A general partnership, or partnership, is a voluntary association of two or more persons for carrying on a business as co-owners for profit. General partners...
Words: 1158 - Pages: 5
... Business Law Course Start Date: 11/13/12 Course End Date: 12/24/12 Please print a copy of this syllabus for handy reference. Whenever there is a question about what assignments are due, please remember this syllabus is considered the ruling document. Copyright Copyright ©2009 by University of Phoenix. All rights reserved. University of Phoenix© is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft©, Windows©, and Windows NT© are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Edited in accordance with University of Phoenix© editorial standards and practices. Course Description This course prepares students to evaluate the legal risks associated with business activity. Students create proposals to manage an organization’s legal exposure. Other topics include the legal system, alternative dispute resolution, enterprise liability, product liability, international law, business risks, intellectual property, legal forms of business, and governance. ...
Words: 2508 - Pages: 11
...Individual Paper: Legal Forms Of Business with Supporting Scenarios Chanel Moore-Bass Law/531 Business Law March 19, 2012 Carmina Perez-Fowler, UOPX Faculty Online Week Two: Individual Paper: Legal Forms Of Business with Supporting Scenarios There are seven major forms of business: sole proprietorship (sole trader), partnership, limited liability partnership (LLP), and limited liability company (LLC), subsidiary or subchapter corporation (S), franchise, and corporate/company (C- traditional). The various forms of businesses are established and recognized by state laws. To determine the type of business form to use, it is important to know the differences, advantages, and disadvantages. Sole trader/proprietor is the clearest and simplest form of business to establish. It is just one owner, debt/tax liabilities fall on the owner, the income (profits/losses) reports on personal tax return. Examples of sole proprietorship are franchise, self employment, and independent contractor. Advantages are total autonomy of the business, no legal procedure to setup, no set hours/wages, and no shareholders. Disadvantages are if owner dies the business dissolves, full responsibility of tax/debt liabilities, difficulty obtaining long-term financing, and personal liability if sued. General partnership is more than one owner, involving verbal or oral agreement but not filing paperwork to create a specific entity, such as a corporation or LLC, either partner can bind the business to a contract...
Words: 1219 - Pages: 5
...Legal Forms of Business When considering the preferred legal form of business, it comes down to the level of liability, the size of the business and the number of owners or shareholders that will be involved. It is important to consider that with the increased size of a business and the increase in the number of owners, the decision-making process becomes more complex. The level of liability for the owners decreases as the owners no longer are liable for the losses and gains of the business within larger legal forms of business. Of the legal forms of business; sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate; some businesses may only qualify to be classified as one or two of the legal forms of business, making the decision easier for the owners to choose. Sole proprietorship: A sole proprietorship is a for-profit business owned by one person who may operate the business alone or employ others. The sole proprietor of the business is responsible for assets, losses, and debts. There is also no legal distinction between the sole proprietor and the business (Cheeseman, 2012). A small business, such as a coffee shop would be a prime candidate for a sole proprietorship. The owner could run the coffee shop alone or employ others to operate the business. A sole proprietorship can be more difficult to raise long-term capital for, because of unlimited liability and that the business depends...
Words: 2170 - Pages: 9
...Legal Forms of Business Paper 531kjm LAW531 January 1, 2010 Abstract This paper looks at the various legal form of business. Each form of business is better suited to certain uses, and in this paper each form is matched with suitable business ventures. The different forms of business being examined are partnership, limited liability company, sole proprietorship, limited liability partnership, franchise, s corporation, and corporate form. Legal Forms of Business Paper Sole proprietorship is often preferred by individuals who are seeking to maintain managerial control. Ventures such as a small coffee shop, small restaurant, or a small store are good candidates for sole proprietorship. All of these generally have a low overhead, and are very unlikely to face liable issues. A sole proprietorship may also include the spouse of the individual who is standing as the sole proprietor (Ingram, 2012). A partnership has to be carefully considered. There are many things which might cause this venture to become a disaster. A partnership often begins with two individuals with the same interests, and common goals. In some cases the main reason for the partnership to begin is that one person has the ideas and the other has the financial wherewithal. Two physicians may form a partnership to cut down on the overhead of paying for individual leases for the property. In a partnership all partners are liable for the actions of the others. If one gets charged with malpractice...
Words: 720 - Pages: 3
... Partnership According to Rafael M. Lopez Jr. (Partnership and corporations,2012-2013) an association of two or more persons engaged in a business enterprise in which the profits and losses are shared proportionally. The legal definition of a partnership is generally stated as "an association of two or more persons to carry on as co-owners a business for profit" According to Yaacob, Z., Ismail (The basic aspect of partnership accounting,2009) “A partnership is an association of two or more people who agree to share in the profits and losses of a business venture. The members of a partnership are called partners.”. When discussing partnerships, there are three types of partners that need to be considered, a silent partner, limited liability partner, and a general partner. So when entering into the partnership, it needs to be known upfront exactly which type teach is going to be. There are also three different type of partnerships: a general partnership, limited partnership, or a joint venture partner. These three also need to be considered along with what type of partner each is going to be. When considering a partnership, there are many advantages of partnerships. For example, they are easy to establish and organize, the business benefits, along with many more. Like anything else in this world, there are also disadvantages of entering into a partnership. Things like being jointly and individually reliable for other...
Words: 1222 - Pages: 5
...Limited Liability Corporation, Limited Liability Partnership, Corporation Paper Angelika Evanoff FIN/419 July 20, 2015 Mrs. Michele Huss Limited Liability Corporation, Limited Liability Partnership, Corporation Paper The purpose of this paper is to discuss three legal forms of business organization; a limited liability corporation or company, a limited liability partnership, and a class C corporation. The paper begins with a brief description of each structure, followed by a comparison and contrast of each form’s advantages and disadvantages. The author finishes by citing examples in which she would use each type of business structure if establishing a new business. It is important to choose the appropriate legal form of organization because the decision affects owner’s risks, raising money, and how profits are taxed (Gitman & Zutter, 2014). Readers can expect to have a better idea of the various options available to entrepreneurs after reading this essay. Legal Forms of Business Organization The three most popular structures of company organization are the sole proprietorship, the partnership, and the corporation. A sole proprietorship has one owner while a partnership has two or more owners, and a corporation is an entity created by law (Gitman & Zutter, 2014). The forms offer limited liability or unlimited liability to its owners. Various structures that provide limited liability include a limited liability corporation, limited liability partnership, and a...
Words: 1062 - Pages: 5
...Assignment List: BUSN105-1202B-291 : Introduction to Business View Printable Page Assignment List Unit 1 - The Business Environment Reading Assignment: Introduction to Business, Chapters 1-4 and Appendix A Assignment Type: Individual Project Deliverable Length: 2-3 pages Points Possible: 125 Due Date: 4/29/2012 11:59:59 PM CT Legal, Social, and Economic Environments of Business Before you begin, review the following resources: Review APA Style Sample Paper here. Complete the APA style tutorial here. Review the Frequently Asked APA Questions here. Read Course Welcome Letter here. Click here to read the scenario. Based on the business scenario you have just reviewed, you will prepare an APA formatted paper that reflects your knowledge of the legal forms of business. Specifically, you will make a management decision regarding the legal form of business you believe would be appropriate to enable the firm to successfully address the business issues it is currently facing. Keep in mind that from a legal perspective, businesses are organized as one of the following: Sole Proprietorship Partnership Corporation Click here if you would like to see a What-If Analysis for this assignment. At a minimum, your paper should include: A brief interpretation of the scenario issues. The advantages and disadvantages of each business type (sole proprietorship, partnership, and corporation) when compared to the issues and each other. ...
Words: 492 - Pages: 2
...s Brighton Business School BA (Hons) Business Studies/Management BA (Hons) Business Studies/Management with Marketing BA (Hons) International Business Year One 2011/12 LW180 LAW FOR BUSINESS ASSIGNMENT Assessment of the Law for Business module is made up of this assignment which carries 30% weighting and the 2 hour examination at the end of the module which carries 70% weighting. The assignment is a team work assignment. Hand-in date: 10 a.m. on Tuesday 13th December 2011. Note: you may hand in your work prior to that date by posting one paper copy in the assignment box and submitting an electronic copy in the assignment drop box in the Law for Business module area of student central. This is a teamwork assignment. A team is made up of two students from within your seminar group. You must give your seminar tutor your team details in the week commencing 24 October 2011. Team work assignments must NOT exceed 2000 words. The word limit excludes footnotes and appendices. Any words outside the limit will be crossed out and not be considered part of your assignment. Each member of the team must complete a peer assessment form. The forms should be attached to the paper copy of the assignment. Generally a single mark will be awarded to the team. However, the final mark of an individual member of the team may be reduced for failure to make a fair and equal contribution to the assignment. Please note that a reduction in an individual’s mark will NOT...
Words: 1247 - Pages: 5
...Litgation Paper Pamela Plamondon LAW/531 December 17, 2012 Arlana Spikener, JD Litigation Paper Understanding alternative methods of dispute for resolution is important; because most case never goes to court they are settled before they are heard by the courts. The traditional litigation system and nontraditional litigation both strive to settle the dispute or resolution that both parties agree upon. This paper will compare and contrast traditional litigation with the nontraditional forms of ADR. Compare Both traditional litigation system and nontraditional forms of ADR both strive to find a resolution to a legal dispute. With both systems the parties involved in the dispute can be represented my legal counsel. The resolution is determined by a third party, example; jury, judge, court appointed arbitrator, mediator, judicial referee, or conciliator (Cheeseman, 2010). In cases involving a jury the jury will deliberate and read the finding to the judge, the judge will issue the final resolution. In cases using ADR, the third party usually arbitrator or mediator will determine the resolution. Contrast As stated above both the traditional litigation system and nontraditional strive to get a resolution to a dispute. What is different is how the resolution is made. Traditional litigation can be time-consuming and can become very expensive for both parties involved. There are several steps to the traditional litigation; pleadings, discovery, dismissals and pretrial...
Words: 589 - Pages: 3
...2 OPERATING A SMALL BUSINESS To purchase this visit here: http://www.activitymode.com/product/bus-463-wk-8-assignment-2-operating-a-small-business/ Contact us at: SUPPORT@ACTIVITYMODE.COM BUS 463 WK 8 ASSIGNMENT 2 OPERATING A SMALL BUSINESS BUS 463 WK 8 Assignment 2 - Operating a Small Business Use the same business idea you used for Assignment 1 to complete this assignment. Write a seven to eight (7-8) page paper in which you: 1. Choose the legal form of organization for the business, and support your choice. 2. Determine the organization structure which is initially needed to get the business operating, including the number of people necessary to get through the first year of operation, their job titles, and short job descriptions. 3. Propose at least three (3) methods to encourage the employees to work together and build an effective brand. 4. Examine at least three (3) ways to satisfy each of the stakeholders in the business including the investors, the employees, the customers, and the community. Activity mode aims to provide quality study notes and tutorials to the students of BUS 463 WK 8 Assignment 2 Operating a Small Business in order to ace their studies. BUS 463 WK 8 ASSIGNMENT 2 OPERATING A SMALL BUSINESS To purchase this visit here: http://www.activitymode.com/product/bus-463-wk-8-assignment-2-operating-a-small-business/ Contact us at: SUPPORT@ACTIVITYMODE.COM BUS 463 WK 8 ASSIGNMENT 2 OPERATING A SMALL BUSINESS BUS 463 WK 8 Assignment...
Words: 825 - Pages: 4
...[pic] BUSI 2601 BUSINESS LAW Winter 2015 PROFESSOR: J.L. GILLES LEVASSEUR OFFICE: 1705 DT PHONE: 520-2600 ext. 6805 (during office hours only) EMAIL: jlgilles.levasseur@sympatico.ca TIME: TUESDAYS 19 h 00 – 22 h 00 OFFICE HOURS: 10 - 11 pm, every Tuesday nights PREREQUISITES: For students registered in B.Com., BIB or Minor in Business The School of Business enforces all prerequisites. COURSE PHILOSOPHY The purpose of the course Business Law in Canada consists in understanding the legal environment which has an impact on Canadian businesses. The course is divided in three parts. Part 1 deals with an overview of the Canadian legal environment. Part 2 deals with the legal forms of business and organisation. Part 3 part deals with the law of torts and the law of contracts. Part 4 looks at specific topics of law such as bailment, Sale of Goods, Interests in Land. Throughout the course, students are encouraged to focus on their personal or work experiences as they relate to the course material. All the course material assigned and learnt will be cumulative and students will be tested comprehensively on their understanding of the material at the end of the course. Students are prohibited from using any electronic devices to tape record classes, lectures or discussions and to use them during examination. REQUIRED TEXTBOOK There is one textbook required for this class: Duplessis et al., Business and the Canadian Law...
Words: 1495 - Pages: 6
...Running Head: Legal Forms of Business Paper Legal Forms of Business Paper Yajaira Francisco LAW/531 Business Law Instructor Robert Lewandowski April 8, 2013 Legal Forms of Business Paper Starting a business involves knowledge of the different options for forming an organization. A business owner should research the liability and risks that a business may encounter in the future. Depending on the type of business formation, a business owner needs to protect their personal assets in the event of a possible lawsuit. This paper will provide an explanation and scenarios for the different options of business formation: corporation, S corporation, franchise, limited liability company, limited liability partnership, partnership, and sole proprietorship. Corporation A future business owner is interested in establishing a service company such as a construction company, auto repair, auto detailing, cleaning service or event planning. The risks for lawsuits are very high. Any customer can file suit for a variety of reasons. The future business owner must seek a team that has the knowledge in operating a service company and understand the type of business law involved. The future business owner is working with a team of individuals that are willing to invest in the company and its vision. The first step is to form a business that will protect the personal assets of all parties involved in the company. The business owner has decided to form a corporation. A corporation...
Words: 1275 - Pages: 6
...A++PAPER;http://www.homeworkproviders.com/shop/acc-561-week-2/ ACC 561 WEEK 2 You are interested in establishing a small business, and you must decide which form of business organization would best suit your unique product or service. Consider legal, tax, accounting, and other implications when selecting from the four business types. Write a paper of no more than 1,250 words discussing your small-business idea. Include the following: The advantages and disadvantages of the different forms of business organization, which include the following: Sole proprietorship Partnership C corporation S corporation The different types of financial statements required by law with each form of business organization, including different names for the equity sections. This does not mean an overview of what is on each statement. What entities are required by law to have statements and what is the difference in the equity? The following consequences associated with each form of business organization: Tax implications Legal implications Accounting implications, such as SOX, GAAP and FASB An explanation of the unique product or service your small business provides Your choice of business organization form for your new business Your rationale for choosing this form of business organization For tax implications for each entity, your book only says that some entities have advantages. Do some research to determine what the tax advantages and...
Words: 342 - Pages: 2
