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Business Entities, Laws, and Regulations - Term Paper Example

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Business entities, Laws and Regulations Insert Name Task Tutor Date Business Entities, Laws, and Regulations Introduction Business involves all activities related to buying and selling of goods in order to make a profit. There are different types of businesses which people can operate…
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Download file to see previous pages This paper intends to look at different business scenarios and the regulations required by the government for one to run the business. Restaurant A restaurant is a place where people visit to get refreshment and get some delicious meals. In some restaurants, the proprietors can introduce other entertainment facilities to offer best sites for recreation. Miriam, Jose, and Luo plan to open up a restaurant that will offer recreational activities like watching of a large screen while enjoying. There are different types of partnership that the business entrepreneurs can form and run their businesses as a group. For example, they can form a General partnership or a limited partnership. General partners will work closely together every day and share all the responsibilities of the business. General partnership does not have any liability protection (Hillman, 1997). This means that all members are responsible for any loss that the company may incur (Howard, 2004). On the other hand, limited partnership has some of the members actively participating in the daily running of the business while others remain dormant and deal with duties not related to the business enterprise. These dormant partners may contribute some amount of capital to enable the business run. They then share the profit that the business gets through the agreed procedure. It is very possible for the three to open up their enterprise and run according to their wish. In this context, they will form a general partnership whereby Miriam does not have ample time to stay at the restaurant frequently, investigative partner, while the other two will be the managing partners. Formation of a general partnership for Miriam, Joe, and Luo can be completed through a certain procedure. First, they must be more than one person, they must be business partners, they should be co-owners of the business and the business must be for income generating purpose only (Drinker, 2002). Since Miriam has enough capital and the other two can work at the restaurant, it is possible for them to share the returns that arise from their work. Each person reports only the share of the total business profit on his or her returns. This is because partner ships do not have any tax liability. Thus, each individual is required by law to file a report with the government to explain all profits and losses that arise from the partnership. This is to enable the government to trace the partner’s tax on income. In the second scenario, Tara and Akiva want to start a birth centre for the expectant mothers to get services. The two have the obligation to come together and form a general partnership where they will be able to share all the profits and losses together in the course of running the business. It indicates that the business will have unlimited liabilities. Akiva and Tara will have to share responsibilities to enable smooth running of the business. Since this is a general partnership, it is necessary for the two to agree on how to handle issues of the birth centre (Hillman, 1997). Tara can be involved in employment and employee management while Akiva can deal with patients and their issues. The partners expect to take up a large loan to provide the business with the capital required. It law requires that Akiva and Tara should have a document that indicate they are in partnership. They must have minutes of their meeting ...Download file to see next pagesRead More
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