Business Entities, Laws, and Regulations Paper

As a hybrid of partnerships and corporations, LLC’s provide limited liability for debts and flexibility to be taxed as a partnership or corporation (Staring and Naming a Business Presentation, 2012, Slide 5). Some specific advantages include being empowered authorities in the management of the business, diversity of members, limited liability, pass-through taxation, and less paperwork (appreciated by many). A drawback of this business structure is the need for a tailored operating agreement that specifies the specific needs of the

Some of the benefits of a Limited Liability Company are that as a Limited Liability Company it limits the owner of personal liability for business actions. The members are liable, but normally just to the amount of their share in the business. Their individual assets are not considered for resolving business debts. The fact that your personal assets are protected is a great benefit. Whereas, operating under a partnership all members are individually accountable for the company’s debt. In comparing the differences between a

* Some people who work for businesses or other types of organizations have the capacity to bind the organizations to contracts.

A limited liability company protects each partner from personal liability for certain obligations of the company. An important difference from other partnerships is that each partner is liable for the debts and obligations of the partners. With limited liability Company, each state has its own laws governing partners for these vessels. Some states allow only certain professions, such as lawyers and accountants to form LLP. Some states only provide protection from liability for negligence claims, leaving personally responsible for other types of requests partner. For tax purposes, profits are divided equally between the partners and the partnership is not taxed separately.

Bell Microproducts, Inc. mailed to McGurn an offer of employment that stated that if McGurn were terminated without cause during the first 12 months of employment, he would receive a severance package of $120,000. McGurn crossed out 12 and replaced it with 24, and signed the contract. Bell did not acknowledge the change that had been made to the contract and hired the applicant. McGurn was terminated without cause 13 months later.

In summary, on 03/28/16 at 1851 hours Ofc. G. Lara #205 and I conducted a business check at 5029 W Ogden Ave. (Cindy Lynn).

1. What liability do the other six partners in this medical practice have in connection with this lawsuit?

Limited liability partnership (LLP): In a LLP no general partners exist, only limited partners exist to create the business as a limited liability under this form of partnership. LLP’s are typically used for any professional type of business where all partners/owners (a minimum of two are required), have a voice in the taxation structure of the business.

Relocation - an employer is relocating its business locations, needs to consider the legal implications such as including whether or not there is a redundancy situation.

Answer: Realty includes buildings, land, and permanent structural components of a building. In contrast Personalty is tangible property that is not classified as realty. Unlike realty, where there are a variety of credits available, there are few credits available for personalty. Having said this, a taxpayer may elect to take a Sec. 179 deduction on the personalty in order to expense the cost quicker, which may be beneficial.

My choice for an LLP revolves around the involvement of Partner 1 & Partner 3. Partner 1 is stated to have a full-time job and will not be able to participate in the daily operations of the newly formed entity. However, it will be their initial investment that earns them an equal stake of ownership as Partners 2 &3 (this reasoning discards the possibility for a Limited Partnership). Partner 3 will only be able to participate partially due to their commitments of another part-time job. This leads the need to ensure proper legal

In the construction scenario, Mei-Lin is the hiring manager for Surebuild, Inc., a new construction company. She has advertised a position as a jackhammer operator. The position’s description states that the successful applicant must have a high school diploma. The following people apply for the position: Michelle, 35, who appears to be pregnant, is a high school graduate, and was formerly employed as a jackhammer operator; Eric, 55, who is experienced with a jackhammer, but has no high

In today’s society there are many regulations and or laws a business must follow. Every day there are businesses that “cut corners” but there are also some businesses that are charged by the law, due to illegal practices. Two businesses/companies that have been charged with unethical and illegal practices within the past two years are ExxonMobil which is the world’s largest energy company and FedEx which is one of the world’s top carriers (Diaz-Shephard, 2013).

This particular assessment will address the industry and the risk analysis. Topics that will be covered are the future outlook and industry trends related to the new venture. The research paper also identifies certain legal regulations and concerns related to the venture idea. There are certain resources available to help an entrepreneur protect those ideas which are addressed within the body of the paper. Raising capital for the new venture is also a part of the industry analysis as well as the obstacles of raising that capital. There are

LLP can be much cheap in terms of tax bills, and good for facility, family, lifestyle businesses etc., particularly when you don’t plan on raising any asset in the near future. You can always convert an LLP into a secluded limited and vice versa. However, to know what to do when is vital, and you will see industry veterans comprehend these things very well.