Nobody downloaded yet

Legal Ethical and Regulatory Issues in Business - Case Study Example

Comments (0) Cite this document
Summary
The author of the present case study "Legal Ethical and Regulatory Issues in Business" states that general partnership is an unincorporated business organization set up by general partners who share profits and losses as per their partnership agreement…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95.1% of users find it useful
Legal Ethical and Regulatory Issues in Business
Read TextPreview

Extract of sample "Legal Ethical and Regulatory Issues in Business"

Download file to see previous pages All partners in a general partnership have the equal right towards decision-making considering that each partner equally participates in management and control of the organization affairs.
It is noteworthy that the general partnership has unlimited liability and as such failure of the company to clear its debt obligations the personal property of the partners will be confiscated by the creditors (Cheeseman & McDonald 86). John Albert and Matthew Baker will be directly liable for all the liabilities of Lending Store. Failure of the general partners to clear the claims of the creditors will certainly make them lose their personal property to settle the debt. This means that the liability of general partners is a direct responsibility of the partners and as such, the partners must stand up for the responsibilities once they occur. 
Forming a corporation involves many paperwork and legal requirements unlike partnership and sole proprietorship. The first step in forming a corporation in Arizona starts with searching for a business name. The chosen name must be checked with the registry to ensure that it is not used by another company or does not infringe another company’s name or trademark. The second step involves registering the business name. The third step involves choosing of directors who can make vital policies and financial decisions such as authorizing stock issues. The fourth step involves filing the corporation’s “articles of incorporation” with the Arizona state corporate filing office. The fifth step involves writing corporate by-laws. The corporate by-laws are the guiding principles of the daily affairs of the organization. The sixth step involves creating a “shareholders’ agreement” which helps the owners address various corporate issues such as voting rights, and intellectual property rights. The next step involves convening the first meeting of the board of directors. The seventh step involves the issue of certificates to the equity owners. This stage is important because a corporate is required not to commence business before officially dividing owners’ interest in the organization. The next step involves obtaining business licenses and permits for the corporation from the relevant authorities that is the federal government, the state of Arizona and the local government. Then afterwards a business can begin operations.
Once Albert and Baker have formed a corporation, the company will be personally liable for its own liability. This means that Albert and Baker will not be personally liable for the debt of the organization. This is because corporate bodies normally have a separate life from its owners and as such, it can operate everything that a human being does on its own. In other words, corporate bodies are artificial persons and as such, they can sue or be sued for failure to honour their obligations. The liability of the corporate owners is limited to the amount of money they have contributed to the acquisition of company assets and other investments (Cheeseman & McDonald 112). ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Legal, Ethical, and Regulatory Issues in Business Case Study - 1”, n.d.)
Legal, Ethical, and Regulatory Issues in Business Case Study - 1. Retrieved from https://studentshare.org/business/1432682-legal-ethical-and-regulatory-issues-in-business
(Legal, Ethical, and Regulatory Issues in Business Case Study - 1)
Legal, Ethical, and Regulatory Issues in Business Case Study - 1. https://studentshare.org/business/1432682-legal-ethical-and-regulatory-issues-in-business.
“Legal, Ethical, and Regulatory Issues in Business Case Study - 1”, n.d. https://studentshare.org/business/1432682-legal-ethical-and-regulatory-issues-in-business.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Legal Ethical and Regulatory Issues in Business

Legal and Ethical Issues

...? Smoking in care setting for older people: legal and ethical issues Introduction In accordance with the report prepared by the Centres for Disease Control and Prevention (CDC) and the National Association of Chronic Disease Directors, nearly 13 million British smokers are people who are older than 50 years (Draft National Quality Standards, 2007). In the UK there was an essential drop of smokers’ rate after a smoking ban was acclaimed in 2007 (Draft National Quality Standards, 2007). A more scaring fact is that nearly 70% of deaths among older people in America and the UK resulted from smoking (Draft National Quality Standards, 2007). Therefore, social and medical workers direct all...
6 Pages(1500 words)Essay

Legal, Ethical, and Regulatory Issues in Business

...?Case Any form of employment termination without justifiable cause is prohibited by law. This issue is not new to us anymore. There are thousands of employees filing complaints against their employers for termination without reasonable grounds. But the existence of an Employment At Will, can be a good defense against the claim of termination without sufficient reason or no reason. An at-will employment or employment at will means that in the absence of contract or agreements that indicate conditions of employment, the employment is assumed to be voluntary and indefinite for both the employers and employees under the Doctrine of Employment at Will. In this type of set-up, employees may quit their job anytime and for any,...
2 Pages(500 words)Case Study

Legal/ Ethical Issues in Business

...? Legal/ Ethical Issues in Business (Add (Add (Add Legal/ Ethical Issues in Business Introduction Medical sales representatives often face criticism on the grounds of morality and ethics. These days, on any given day, medical representatives offer so many dollars and a car trunk full of promotional gadgets to get a prospect’s time, and to make him prescribe the medicine to a number of patients. This practice of giving and receiving gifts is often considered unethical. However, a deeper look into the issue reaches the age old ‘chicken or egg’ question. Doctors are not to...
8 Pages(2000 words)Research Paper

Legal and Ethical Issues

...Describe the legal issues that are involved in this case Tatiana was killed by Prosenjit Poddar in Oct, 1969. The parents of the victim reported through that Poddar confessed his crime to Dr. Lawrence Moore, a psychologist employed by the Cowell Memorial Hospital at the University of California at Berkeley. The parents also claimed that the psychologist deliberately avoided the revelation of the details to the court and public. Legally, the case was stronger for the parents, and it seemed that it was rational for them to protest and seek punishment against the murderer and the person who deliberately hide the identity of the murderer. Legally Poddar was under...
5 Pages(1250 words)Case Study

Ethical and Legal Issues

...in how the consent is made. In the earlier discussions, consent has to be acquired clearly and the individual has full knowledge of the facts and possible effects and ramifications of his giving his personal information for sale. The supermarket would not have satisfied the legal and ethical requirements, as we simple go there to shop. Indeed, by analyzing our receipts and past purchases and piecing them together with our financial information through our payments, credit card use, etc., the supermarkets have as much information as they or anyone else would need to take advantage of the information we unwittingly give them. There is presumably an element of trust involved when we make purchases at our...
7 Pages(1750 words)Essay

Legal and Ethical Issues

...LEGAL AND ETHICAL ISSUES IN NURSING of Health Insurance Portability and Accountability Act (HIPAA) is designed toenable the researchers to obtain Protected Health Information in the course of their research. These researchers include those in medical and other health related disciplines. They require access to certain information about heath that people may view as private and intend it to be confidential. The information is contained in disease registries, government archives of important medical records and other databases that contain hospital discharge records. The HIPAA rules are a response to public concern over potential abuses of the privacy of health information. To understand...
2 Pages(500 words)Research Paper

Regulatory, Legal, Ethical, and Accreditation Issues in Research

...Regulatory, Legal, Ethical, and Accreditation Issues in Research Research work is vital for monitoring analyzing,evaluating and coming up with ample solutions to various problems. The field of research makes use of various skills including but not limited to data collection, interpretation and thorough analysis of the same data. Research work is divided into three categories based on the kind of results you hope to achieve. Descriptive research precedes the other two in most scenarios. This is because as the name the name suggests it describes data as it is without been analyzed or evaluated. Description research cannot tell what/when/why and how the situation been study...
1 Pages(250 words)Assignment

Ethical and Legal Issues

...Ethical and Legal Issues A policy restricting employee internet use is ethically sound. Employee monitoring has appeared as a requirement, and it is still a controversial issue because of widespread use and complexity of technology. Employees are apprehensive of Code of Conduct compliance and proper employee behavior relative to their industries and other organizations. This is the reason why more and more employers are utilizing monitoring devices to keep track or check the actions of their employees. Most of the employers feel that too much utilization of internet for activities that are not job related while on the job is not beneficial. It is also...
2 Pages(500 words)Assignment

Legal and Ethical Issues

...operations of solar panel manufacturing (Anderson, 2012). Conclusion This study sought to analyze the Solyndra in the legal and ethical perspectives. It had described the company’s business activities from the time it started up to when it closed the doors. It has evaluated the legal and ethical issues that relate to what the company has gone through. In introducing the company, the study found that the company had a great political influence that made it suffer financially after some time. It faced stiff rivalry from Chinese solar manufacturing enterprises that made the solar prices drop. Even if the production costs were going down,...
7 Pages(1750 words)Term Paper

Legal regulatory , and etical issues

...of the Civil Rights Act which outlaws workplace discrimination and advocate for equal treatment of employees. In my capacity as a leader, I would like to recommend that such unfortunate incidents can be eliminated by providing legal education to all the departmental heads and informing them on the angers of such violations (Branch, 2008). Besides, as a leader, I would act as a role model by creating a discrimination-free working environment for everyone else to emulate. References Branch, T. (2008) Pillar of Fire: America in the King Years 1963–65, New York: Simon & Schuster. Burstein, P. (2005) Discrimination, Jobs and Politics: The Struggle for Equal Employment Opportunity in the United States since the New Deal,...
1 Pages(250 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Case Study on topic Legal Ethical and Regulatory Issues in Business for FREE!

Contact Us