Business Entities, Laws, And Regulations Paper

1112 words - 5 pages

Business Entities, Laws, and Regulations Paper

University of Phoenix
BUS 415
January 2011
Mauri Hawkins

Business Entities, Laws, and Regulations Paper
Businesses in every industry have to deal with entities, laws, and regulations. Management teams have to take into account items such as consideration of control, taxation, and liability issues among others. The purpose of this paper is to discuss the restaurant/bar, professional practice, and construction scenarios. For each scenario the business entity that represents the best choice for each business, ownership structure, taxation, and liability issues for consideration. Identification of laws and regulations each business ...view middle of the document...

Laws and regulations the business must consider in starting the business deal with duration that technically a general partnership terminates with withdrawal of a co-owner, death or disability and sharing profits.
Scenario 2
Professional Practice
Renaldo and Naomi have just completed all educational and experiential requirements to be licensed as obstetricians. They want to open a birth clinic together. They will take out a large loan to finance start-up costs (University of Phoenix, 2010).
Renaldo and Naomi are newly license as obstetricians and want to open a birth clinic together. Both will need to take out a huge loan to finance their start-up amounts. Renaldo and Naomi would be best to create a limited liability partnership (LLP) to organize their business. By forming the LLP, the partners protect themselves from liability beyond their initial capital contribution should the partnership fail or face a lawsuit. Members of an LLP are also not personally liable for the malpractice of one partner and states require LLP to carry substantial liability insurance in exchange for this limited liability. The limited liability protects Renaldo and Naomi from taking personal responsibility for the loan they will take out should the business become insolvent (Cheeseman, 2010).
Forming an LLP ensures that Renaldo and Naomi retain control of their business because they are the only shareholders. For tax purposes, an LLP is not taxed as a separate entity so Akiva Renaldo and Naomi will only pay tax for the business profits on their individual tax returns. To form their LLP, Renaldo and Naomi will need to write and file articles of partnership in the state in which they wish to operate. If they choose to conduct business in another state, they will first need to register as a foreign LLP with that state. Organizing their business as a limited liability partnership offers Renaldo and Naomi the best combination of liability protection, tax benefits, and control of their business (Cheeseman, 2010).
Scenario 3
Construction Scenario
Mei-Lin is the hiring manager for Surebuild, Inc., a new construction company. She has advertised a position as a jackhammer operator. The position’s description states that the successful applicant must have a high school diploma. The following people apply for the position: Donna, 35, who appears to be pregnant, is a high school graduate, and was formerly employed as a jackhammer operator; Duane, 55, who is experienced with a jackhammer, but has no high school diploma; Rick, who is 38, does not speak English, has no...

Other assignments on Business Entities, Laws, And Regulations Paper

Adminastration Essay

802 words - 4 pages company. COMMANDITE COMPANY A Commandite Company is a type of company established to carry out a business under a trade name. Whereas the liability of some shareholders is limited to the capital subscribed and paid by the shareholder (commanditer), for some shareholders there is no limitation of liability. The liability of legal entities will be in proportion to their shares. There is no minimum capital requirement. The rights and obligations of the

Limited Liability Corporation And Partnership Paper

901 words - 4 pages of owning and operating a business. The different entities described in the paper showed what one could expect when deciding on, which would be the right one for the perspective business. A limited liability corporation is the way for those who have more to lose on a personal level, while the partnership is for the individuals whom have the same ideas of other individuals to make a profit. References Feigenbaum, e

Fundementals Of Macro Paper

646 words - 3 pages government would actually be low and not cause that much damage. Majority of the time it is the government that is doing something that causes for the layoffs. The government usually implements some kind of regulations or policies that raises taxes on business and small business. Which in turn causes the business to lay off workers, in the state of Illinois the tax on businesses are so high majority of people are moving their home offices to other states

Doc, Docx, Pdf, Wps, Rtf, Odt

432 words - 2 pages properly. For example:- * Follow applicable laws, regulations standards. * Maintain professional competence * Prepare complete and clear reports after appropriate analysis * Follow applicable laws, regulation and standards. 2) Confidentiality: - is the non-disclosure of some information except to an authorized person. For example:- * Ensure that subordinates do not disclose confidential information * Do not use

Business 415 Final Team Assignment

3320 words - 14 pages “human touch” in its simplest form - quality customer service. Operating in eight states, Washington Federal maintains a relatively small staff of 885 employees. As a financial institution, Washington Federal is highly regulated by certain federal agency regulations. This paper will explore the regulations currently in effect for financial institutions, as well as the origin, evolution, and efficacy of these regulations within Washington

Future Trends In Public Administration

1303 words - 6 pages established throughout decades in order to increase social changes and equality to all. Public services should be delivered to all equally regardless of personal traits (Shafritz, Russell & Borick, 2012). Public administrators and elected officials should ensure that laws, regulations and policies are implemented and followed (Frederickson, 2005). But even though public administrators are for the implementation of laws and policies that provide social

Term Papaer

3314 words - 14 pages significantly increased its revenue. In an attempt to achieve further growth, Enron pursued a diversification strategy. The company owned and operated a variety of assets including gas pipelines, electricity plants, pulp and paper plants, water plants and broadband services across the globe. The downfall of Enron Corporation began with its complex financial statements which were confusing to the shareholders and analysts. In addition, its complex business


7409 words - 30 pages Services extended the HIPAA privacy rule to independent contractors of covered entities who fit within the definition of "business associates".[17] PHI is any information held by a covered entity which concerns health status, provision of health care, or payment for health care that can be linked to an individual. This is interpreted rather broadly and includes any part of an individual's medical record or payment history. Covered entities must

Lit1 Task 310.1.2-01-06

3037 words - 13 pages are a relatively newer structure of business, and states are adopting new statutes and regulations as situations and laws change. This may be a burden to follow and keep up with. PART B (the memorandum) MEMORANDUM TO: John Doe From: Rich Townsend RE: Reorganization of the Business Structure Date: June 26, 2012 After careful evaluation of your current business, liability concerns, future growth and desire for

Should Audit Firms Be Required To Rotate On Public Companies

1560 words - 7 pages To: Professor Moffit From: Lloyd Johnson Date: February 26, 2015 Re: Should Companies be required to rotate their auditing firms on a regular basis? As an accountant entering the modern business world, a case instilled in our minds is the Enron Scandal. For accountants, this was an embarrassing scenario and by effect brought numerous reforms, laws, and regulations. Many of these rulings are apparent in the present corporate setting. The

Accounting Timeline

1525 words - 7 pages . Failure to do so could mean you’re exposed to unlimited fines as well as other collateral consequences, such as debarment from government business” (PwC, 2012). This act is one of the biggest changes to the UK business laws in history. It became into force on July 1, 2011 and replaces all common laws related to bribery instead replacing with crimes related to bribery. The Dodd-Frank Act 2010 The Dodd-Frank Act or Dodd-Frank Wall Street

Similar Documents

Business And Corporate Social Responsibility Research Paper

1413 words - 6 pages Business and Corporate Social Responsibility Research Paper Bussines and Corporate Social Responsibility 1.0 Introduction: Corporate Social Responsibility means the way in which business firms integrate environmental, economic and social concerns into their culture, values, strategy, decision making and operations in an accountable and transparent manner and, therefore, leading to better creation of wealth, an improved society and better

Role And Functions Of Law Essay

638 words - 3 pages law, common law, and administrative or regulatory law. After these laws are passed they are enforced by varies government entities such as law enforcement agencies and groups or organizations authorized to enforce the laws to include the U.S. Equal Employment Opportunity Commission (EEOC) and the Federal Trade Commission (FTC). The primary functions and roles of law is to protect individuals and business from negligent or intentional acts to

Privacy Regulation Essay

1028 words - 5 pages immature market that only a few companies accept bitcoins, such as Dell, Overstock, Newegg, etc. There are no laws or regulations to monitor the bitcoin exchanges, but New York State Department of Financial Services proposed virtual currency regulation to verify the identity of customers. * Escrow, a third party website that customers pay money to Escrow instead of directly to sellers. When items are shipped and both sides agree that the

Hippa Essay

415 words - 2 pages individual’s healthcare information by his or her providers and business associates. The law also gives each individual right’s in regard to their information. In this paper, the writer will summarize what was learned from the HIPAA tutorial, Why the Information is important, and how the information may be used in the future. Learned Information Information that was acquired from the tutorial was defined entities in reference to HIPAA