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Take home exam - Essay Example

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An LLC is a business structure which combines the sole proprietorship with the limited liability of a corporation or the pass-through taxation…
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Download file to see previous pages On the other hand, Megan can also run the company alone with the financial help as a loan from Tom and Rashida given that a limited liability company can have one director if there is only one member, and one shareholder which can be the same person who is the director.
Considering that Megan may have other personal assets from the current business, the LLC will not tie her personal assets to the company. In the UK, an LLC limits liability to the total value of unpaid shares
More flexible: An LLC has a more flexible management as compared to a corporation. In this regard, this permits the business owner to develop a structure based on the needs of the business owners, and has the potential for growth (Shenkman, Weiner and Taback).
Little compliance issues: In most cases, an LLC does not require to an annual general meeting or a board of directors. In addition, there is less paperwork as well as record keeping needed in comparison to a corporation.
Perpetual existence: An LLC can continue to exist even if the owners die or sell their shares and can only cease to exist if struck off the Register, terminated or liquidated (Shenkman, Weiner and Taback 223).
The LLC is a credible and business trusted structure since it has a standard structure which the international business community is familiar with. This means that Megan, Tom, and Rashida can expand their business to other countries.
There are various ways in which Megan can protect herself from current employees’ potential competitive actions. An employee’s competitive actions need to be governed by contracts between the employer and employee (Norrbom and Copenhagen 41). Megan needs to ensure that the employees sign an enforceable non-compete agreement. In the same way, the enterprise should use restriction of competition clauses. Therefore, this will protect the business against the competitive actions from former employees. Megan also needs to ensure validity of the non-competition ...Download file to see next pages Read More
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