Liability Essay

The LLC remains a limited liability company from a legal standpoint, but for tax purposes it can be treated as an S-Corp. Be sure to contact the state 's income tax agency where you plan to file your election form. Ask about the tax requirements and if they recognize elections of other entities (such as the S-Corp). Advantages of an LLC: •Limited Liability. Members are protected from personal liability for business decisions or actions of the LLC. This means that if the LLC incurs debt or is sued

PASS.com will a member run Limited Liability Corporation (LLC). By using this business structure our founding members are able to blend the advantages of a partnership with the advantages of a corporation. This form of business offers our founding members many of the benefits of a sole proprietorship/partnership while reducing the exposure to unlimited liability. Moreover, LLC’s offer many of the advantages of both the closely held forms of business (Sole Proprietorship, Partnerships, and limited

Research question: What form of business configuration (Franchise or Limited Liability Company - LLC) is more effective, and which type will be more successful in this situation? Executive Summary There are several different aspects of Franchises and LLCs discussed including: how Franchises and Private Limited Companies are formed, taxation, profit distribution etc. I have assessed which form of business is more likely to be successful. I have also addressed the three sectors of production; Primary

Case Analysis: DixieLands Glory, Limited Liability Company Overview of Company Herein will begin with an overview and introduction from personal knowledge of DixieLands Glory, LLC; a small family owned and operated business for the purpose of owning and managing rental properties. The company was initially operated as Warf’s Rentals; in 2003 the business was renamed and incorporated to become DixieLands Glory, LLC. The business is operated from a small office located in the family’s home, which

Liability in contract and liability in tort are civil wrongs where the injured party will bring a civil suit for damages. The two forms of liability require the presence of for conditions which are guilt, relation of the illegal act and loss suffered an illegal action and prejudice. Both forms of liability require compensation for the prejudice suffered by the innocent party and should cover the damage caused as well as the benefits which were not realized. In both caes liability arises out of a

There are several categories under which business entities can be formed. Sole Proprietorship, Partnership (General or Limited), Limited Liability Companies (LLC) and S or C Corporations are the options entrepreneurs have to give legal form to their business. Each has distinctive characteristics on their tax treatment and legal procedures. The decision of what kind of entity form affects the daily operations and investment opportunities for the business, hence the importance of selecting the entity

possible lawsuit involving an area of law known as negligence and liability. This memo outlines the principles of this area of law in order to be properly prepared should the firm face any legal consequences. It aims to illustrate under what circumstances can the firm be affected with potential legal action in this area. SHORT ANSWER In legal context, “Negligence” is behaviour that falls below the reasonable standard of care and “liability” refers to who can be held accountable for any damages occurred

There are four essential sorts of business possession: sole proprietorship, association, company, and Limited Liability Company. Every one has its focal points and disservices. In the event that you are to begin a business there are a couple of inquiries in which to ask yourself. What is your vision in regards to the size and nature of your business, the level of control you wish to have, the level of structure you are ready to manage, and so forth.? First and foremost, what is a sole proprietorship

to meet the needs of an ever changing society which needs an unbiased court of Law. Statutes and common law has its own advantages and disadvantages in the development of civil and criminal liability. In this essay I will explore murder, rape and rape in criminal liability and contract and tort in civil liability. Contractual agreements can be analysed by the use of offer and acceptance. A binding contract is created when one party makes an offer and the other party accepts it. An offer is made

Insurance and Liability As previously noted, we anticipate that the instances of car accidents will decrease with the use of HAVs. Nonetheless, car accidents are always a possibility and car accidents with HAVs pose the unique question, “Is the driver liable or is the manufacturer liable?” HAVs will ultimately develop into more autonomously functioning vehicles, operating without much human assistance. If such an autonomously functioning car were part of a car accident, the manufacturer 's liability would