Class 6 (Business Organizations 1 of 2)

Class 6 (Business Organizations 1 of 2) - BUS 320 SPRING...

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BUS 320 SPRING 2011 Class 6 EXAM 1 -- BUSINESS ORGANIZATIONS, Part 1 Overview - what to consider Formation Investment vehicle Personal liability Control of the business / duties to others in the enterprise Tax Dissolution Sole Proprietorship Formation easy, no formality Fictitious business name (dba) filed and published Business licenses Investment vehicle Not suitable Personal liability Unlimited Not a separate legal entity Control / Duties Sole control None Tax Ignored Doesn't pay Individual reports on Schedule C to own 1040 Dissolution Just stop the business But liability continues
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Scenarios. Vernon v Schuster - son not liable for warranty made by father General Partnership Definition: association of two or more persons to carry on as co-owners of a business for profit Example: rock band, law firm, two entrepreneurs in a garage Formation Note: can happen by conduct criteria are in the definition: 1. Association of two or more persons (compare: people ) 2. carrying on a business 3. As co owners
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This note was uploaded on 05/19/2011 for the course BUS 123 taught by Professor Mw during the Spring '11 term at S.F. State.

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Class 6 (Business Organizations 1 of 2) - BUS 320 SPRING...

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