John Albert and Matthew Baker have been friends for many years

Business entity would impact each partner on a

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business entity would impact each partner on a personal basis with regard to any liabilities owed by the new company. a. Both partners would be responsible for sharing the profits and losses equally. Unless they had another agreement. 3. Another possible approach would be for Albert and Baker to form a corporation for their new business. Explain the steps these individuals would be required to take in order to get the corporation legally formed and ready to open the doors for business. a.i.1. Choose a name and check its availability. a.i.2. Then they will need to reserve the name. a.i.3. Then they will need to submit the articles of incorporation to the AZCC. a.i.4. They should get a transaction privilege tax number from the AZDoR a.i.5. They will need to register their business in with their local city and get a business license. a.i.6. They will need to go to the IRS and get a tax ID number. a.i.7. They will need to open a bank account in the name of their corporation. a.i.8. They will need to advertise their new incorporation in a newspaper. 4. If Albert and Baker actually formed a corporation, explain what their personal obligation would be for any liabilities owed by the new company.
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  • Fall '10
  • williams
  • Business, Corporation, Types of business entity, partner, John Albert, Matthew Baker

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