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Legal Ethical and Regulatory Issues in Business - Case Study Example

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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…
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Legal Ethical and Regulatory Issues in Business
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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
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