business law reflection essay

Final Paper: Legal Forms of Business Samantha Simpfenderfer Cazenovia College   When developing and establishing a business, a business owner must first consider what type of legal business that they would like to create and own. In the United States, businesses that vary in form are recognized and represented in court in varying ways. In some forms of business, the personal assets of the business owner are not protected, where in others, a business owner could never risk losing assets outside

various products determine how the market will progress. All of this has lead to the modern day business structures which are utilized by all producers in order to obtain a successful and

Sole Proprietorship Description • Simplest and oldest business form to establish • Does not require legal expertise or fees when forming • Most popular type of business organization comprising • Excellent option for business that only have a small number of employees (Stevick, G.E., 2006). Two Advantages 1. The owner has complete control over the business, and has all decision-making power. 2. Owner retains all profits made by the organization. Two Disadvantages 1. Unlimited and unshared responsibility

Joint venture is the agreement in between the business organizations that tends to do work together by mutual contract. This is termed as the business agreement that is concerned with the development of mutual consent for the limited rime period. Considering the bigger picture Xtech is the leading Extrusion technology incorporation and the CEO of this incorporation has visited China for the development of XTech. It is termed as the leading global manufacturer that is based on the wide range of mechanical

own business. Also considered as there “own boss”, which applies to this sole trader as he demanded what was tasks were needed to be completed and how he wanted them done, when I observed the workforce at several different times throughout a particular day. Also…. Mentions that they can run their own business how they please without the interference of others as they don’t need to consult with directors or shareholders due to being the only individual with a financial interest in the business. ……

it can be said as they are in partnership type of business. The legal forms of the business are named UNINCORPORATED AND INCORPORATED FORMS AS: 1. Unincorporated form a. sole trader b. partnership c. trust d. franchise 2. Incorporated forms a. incorporated not for profit associations b. cooperatives (non-profit or business) c. company/corporation (registered under the corporation’s act 2001) The partnership is an unincorporated form of business as they are not incorporated under the corporations’

importance to all Americans. Specifically, this act addresses the fundamental need of our nation’s workforce as it relates to work/life balance; therefore, by providing the context of the reasons why such a law emerged, identifying the collaborating actors in the creation and implementation of the law, articulating the process of enactments, as well as outlining out its path to enactment using the Analytical Framework, this exploration will increase its reader’s competency of knowledge about what transpired

Private Business Form Comparison Introduction In the business world, many distinctions separate one firm from the next. Competition, products, services provided is not the only factors that differentiate businesses. Structure and type are another. This paper will discuss and compare the three major forms of businesses (sole proprietorship, Partnership, and C-Corporations) and provide a brief summary of these three forms. Sole Proprietorship. This form of private business ownership carries the

liability exposure matrix then compare and contrast the personal liability exposure of an owner of each type of business (sole proprietorship, general partnership, limited partnership, corporation, and limited liability corporation). This paper will also analyze how to limit the personal liability exposure of the owner of five separate business structures. The following five types of business organizational structures are covered; sole proprietorship, general partnership, Limited Partnership (LP), corporation

unlimited personal liability, also for breach of contract lawsuits. Under this business entity all personal assets or put at risk for the sake of the organizations itself. liability deal with certain responsibilities of one party or a group of an organization that deals with financial compensation, a sole proprietorship is a business or business owned and operated by one individual (Mancuso, 2014). A number of business operations and behaviors can create liability exposure for diverse organizational