Individual Assignment Business Entities Laws and Regulations Paper

Individual Assignment Business Entities Laws and Regulations Paper

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Business Entities, Laws, and Regulations 1 Running head: BUSINESS ENTITIES, LAWS, AND REGULATIONS Individual Assignment: Business Entities, Laws, and Regulations Paper Sam University of Phoenix August 23, 2010 BUS/415 Facilitator Bob Smith
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Business Entities, Laws, and Regulations 2 Restaurant/Bar Scenario A partnership firm would be the best choice for Lou and Jose sports bar and restaurant business. The reason this is the best choice because neither of them have much money and Miriam is willing to be the investor who will not participate in the business but will expect in return a percentage in return. Lou and Jose as partner will earn a percentage of the sports bar and restaurant profits. Lou, Jose, and Miriam must consider the laws and regulations in starting the business, and all the risks the involved because they must protect themselves against all risks. Because there are, two types of partnerships Lou and Jose must choose which general or limited partnership. Lou and Jose should enter general partnership because this will leave equally liable for the businesses and any future debts or judgments that may occur against the business. In order for Lou and Jose to start their business as a partnership firm, some laws, and legal regulations need considered on both partners before making a contracts of partnership. Laws and Legal Regulations According to Partnership (n.d.), “The first step in creating a partnership is reserving a name, which must be done with the secretary of state's office or its equivalent” (¶1) the next step would be to form a written agreement. Lou and Jose will need to write a partnership agreement. However, before doing this they should consult a lawyer because this will allow Lou and Jose to
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This note was uploaded on 08/19/2010 for the course BUS 415 taught by Professor Bobsmith during the Spring '10 term at University of Phoenix.

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Individual Assignment Business Entities Laws and Regulations Paper

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