BUS415 Business, Entities, Laws, and Regulations - Copy

BUS415 Business, Entities, Laws, and Regulations - Copy -...

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Business Entities, Laws, and Regulations 1 Business Entities, Laws, and Regulations BUS/415 00:00:15 Business Entities, Laws, and Regulations When starting a business one must first develop a business plan and decide on which business organization would best suit the company. This would require conducting research on
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Business Entities, Laws, and Regulations 2 licensing, state and federal laws, and regulations. This paper will discuss two hypothetical businesses taking into consideration control, taxation, and liability as well as legal, regulatory, and risk issues for the businesses. Also included is a hypothetical corporation in which the hiring manager must choose from four applicants with different levels of qualifications, experience, and education based on the qualifications for a jackhammer operator along with the legal and regulatory implications that need to be considered. Restaurant and Bar Jose and Lou plan to open a sports bar with the starting capital being invested by Miriam, who does not have the time to participate in the business but wants to assist with starting the business in return for a percentage of ownership. Based on this scenario since Jose, Lou, and Miriam are an association of two or more persons carrying on a business as co-owners for profit they will benefit from forming a general partnership (Cheeseman, 2010). This partnership creates certain rights and duties among partners as well as third parties, and these rights and duties are established in the partnership agreement and by law (Cheeseman, 2010). Miriam would be the investing partner with Jose and Lou being the managing partners since they did not have much money to start the business. Jose and Lou will control the daily business operations with Miriam sharing in the business profits, however, each are personally liable for the debts and obligations of the business. This form of business organization does not pay federal income taxes, instead each individual partner reports income and losses of a partnership flow on their personal income taxes (Cheeseman, 2010). As a whole the partnership has to file an information return with the government stating the amount of income earned and losses incurred in order for government tax
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Business Entities, Laws, and Regulations 3 authorities to tell if partners are reporting their income and losses correctly (Cheeseman, 2010). A general partnership may face liability issues if a
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This note was uploaded on 08/22/2011 for the course BUS 415 taught by Professor Barnes during the Spring '11 term at Coastal Carolina University.

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BUS415 Business, Entities, Laws, and Regulations - Copy -...

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