business law reflection essay

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

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

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

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

high; the sole proprietor assumes unlimited personal liability for the breach of contract lawsuit and, under this business entity, puts all personal assets at risk for the sake of the organization itself. Liability had to deal with certain responsibilities of one party or a group of an organization that deal with financial compensation. A sole proprietorship is a business or business owned and operated by one individual ((Mancuso, 2014). There is limited partnership, this is being sued for breach

BYLAWS of the Youth Law & Leadership Institute ARTICLE I NAME AND PURPOSES Section 1.01. Name. The name of the organization is YOUTH LAW & LEADERSHIP INSTITUTE, INC. Section 1.02. Purpose. The Corporation is organized for the charitable and educational purposes of providing a relevant curriculum of basic human rights, legal concepts, advocacy and leadership skills to high school aged youth. ARTICLE II MEMBERS Section 2.01. Qualifications. Membership may be granted to any individual that

Business Law I (MGMT235 -1602A -02) Instructor: Leslie Cooper-Blood Unit 4- Business Organizations & Regulation Amanda Kranning April , 2016 Introduction of Proposed Business With the increase in demand for healthier alternatives than processed foods, I am happy to announce the opening of The Dirt Patch, LLC in Indiana. During this new and exciting time, my partners Robert Peters, Larry and Vicky Reynolds and I, Amanda Kranning, plan to open a year round produce market providing locally grown

When considering most of the law cases filed in court, business law cases have formed greatest percentage due to their frequency of occurrence. Agreements formed before the start of the business are broken in the course of running the business which leads to a law case especially for those businesses operated by more than one individual. Partnership form of business is the most adopted one at the state level where we have two or more people starting a business where they share profits and loses equally

negligence or breach of contract. However, the business legal structure of a given organization greatly determines the risk of exposure to personal liability (Bevans, 2006). The paper investigates and compares the risk of exposure to personal liability in five business entities and explores how the risk can be mitigated. Business personal liability risk is classified as limited and unlimited. In unlimited liability, the personal assets in addition to business assets can be seized (Hillman & Loewenstein

Business Entities: Advantage and Disadvantages Dwayne M. Morris BUSN 370: Business Law Regent University Clement Abrams April 17, 2016 Abstract The four legal business entities are reviewed and compared to outline the advantages and disadvantages of each type for business owners. The Sole Proprietorship, Partnership, Limited Liability Company, and Corporation will all be outlined. Furthermore, details regarding ownership structures, options for raising capital, taxation, and the impact an