business law reflection essay

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    officer is not an agent for the corporation. ANSWER: F PAGE: 638 An officer of a corporation cannot possess the power to bind the corporation. ANSWER: F PAGE: 638 An agent is authorized to act on behalf of a principal in doing business with third parties. ANSWER: T PAGE: 638 An employee may act in the capacity of an agent. ANSWER: T PAGE: 638 A fiduciary relationship involves trust and confidence. 63 ANSWER: T PAGE: 638 An independent contractor’s physical

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    Case Study A: What concerns would you have about operating this business as a sole proprietorship if you were Stan? What alternative form of business organization would you recommend and why? In this case Stan is thinking about starting a toxic waste disposal business. He is considering operating this business as a sole proprietorship. Although this is a valid business organization it also carries numerous disadvantages, if not all aspects of the company are taken into account. I will explain

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    That is why expanding the law to cover businesses with 25-49 employees would give 13 million more Americans the right to take FMLA leave. The National Partnership for Women & Families has analyzed the most recent available employment data to show what this expansion would mean

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    Legal Underpinnings of Business Law Mia A. Rapier BUS 670: Legal Environment Instructor Leah Westerman November 16, 2014 “Liabilities are debts: money you owe. Every business carries some liabilities—for example, ongoing payments to suppliers, rent for your office, compensation to employees, or fees for contractors” (Mancuso, 2014). Added liabilities may result if a business is ravaged by a fire or flood or if the business owner(s) become the victim of a lawsuit—for example, a patron, client

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    Essay on Cross 9e TBB Ch17

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    17 Small Business Organizations N.B.: TYPE indicates that a question is new, modified, or unchanged, as follows. N A question new to this edition of the Test Bank. + A question modified from the previous edition of the Test Bank. = A question included in the previous edition of the Test Bank. TRUE/FALSE QUESTIONS 1. A sole proprietor does not own the entire business. ANSWER: F PAGES: Section 1 TYPE: N BUSPROG: Analytic AICPA: BB-Legal 2. In choosing a form of business organization

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    In the space below, explain each of the following terms and provide an example. Forms of business ownership (5K marks) 1. Sole proprietorship • A business that is just owned by only one person, who receives all the profit for everything. Example of a sole proprietorship can be a hairdresser that buys a chair for their business and can get customers directly for them. 2. Partnership • When a business contains more than one owner it is a partnership as they share all responsibilities, profits

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    community of Janesville with delightful cupcakes required self-discipline, grit, and determination. Therefore, you ventured forth and created a sole proprietorship, the simplest and easiest business structure there is. While the sole proprietorship has its advantages, such as individual control of all business decisions and lower tax rates compared to corporations, it also presents the

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    In today’s era they’re many business structures like sole proprietorships, partnerships, limited liability companies (LLC), and corporations in which individuals uses to start their own business. Any types of business structure that you may choose will have legal and tax implications (SBA, 2016). If I were to start my own business, I would choose a business entity structure like Limited Liability Company (LLC). A limited liability company is a mix type of legal structure that provides the limited

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    provides the simplest organizational structure for starting a business when two or more individuals decide to associate for the purpose of owning and operating a business. Like a sole proprietorship, a general partnership is not legally separate from its owners (partners). Consequently, partners are personally liable for the debts of the partnership. Unlimited personal liability represents one of the major disadvantages of organizing a business in the form of a general partnership. Similar to what we

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    receptionist implied authority to process credit documents on her behalf (Clarkson, 2015, p. 643). Therefore, Maria will be held liable regardless of whether or not she was aware of her receptionist’s actions. 12. Tiffany hires Tim to drive her car for business purposes. Tim informs Tiffany that his driver’s license if suspended, but Tiffany disregards that and still permits him to drive her car. Who will be held liable if Tim gets into an accident who will be held liable? Tiffany will be held liable because

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