Business Entities, Laws, and Regulations Essays

Business Entities, Laws, and Regulations Essays Business Entities, Laws, and Regulations Essay Business Entities, Laws, and Regulations Essay Business Entities, Laws, and Regulations Name: Course: Instructor: Institution: Date: Business Entities, Laws, and Regulations Restaurant /Bar business: Lou, Jose and Miriam would essentially startup the business by signing a contract and thus forming a partnership. This would also be accompanied by memorandum of association stating the laws of the partnership, the interest chargeable on the individual drawings, interest on the capitals of the partners, the profit sharing ratios of the partners (Keenan, Riches, 2007). Various legal issues must be addressed to ensure the smooth operation of the business. The partners must establish the level of liability they should accrue from the business. They should also agree on the name of the entity, which will be able to hold the funds of the partnership until it is dissolved. Furthermore, the authority of the partners in the partnership should be deliberated upon in a meeting by the partners who should decide the responsibilities of all the partners. In addition, the partners should also decide on the aspect of decision making which could be based on the individual capital contributions of the partners. Furthermore, the partners need to deliberate and legally allocate the duties and responsibilities to the partners. Partners appointed as employees or managers of the partnership should be allocated a salary, which should be stated in the partnership agreement. Other legal issues, which should be resolved are dispute resolution mechanisms and how to arrive o n decisions by ensuring that all the partners have their interests looked after (Keenan, Riches, 2007). The individuals will contribute different amounts of capital. They are susceptible to arguments, which have potency to develop into full-blown conflicts given that some feel they are responsible for the startup due to larger capital share in the business than their partners. In addition, the entertainment industry is an aggressive market. Thus, the business should be able to maintain high standards of services and provide innovative products and services to the consumers to maintain a competitive edge. Extermination Business: Frank as a sole proprietor would be solely liable for his own taxes on his incomes accrued form his business. In addition, he is also liable for the taxes of the entity because he is a sole proprietor. Furthermore, the business is lucrative because he has the ability to make individual choices. Frank would be entitled to make individual changes such as expansion and cutting down on the expenses to save the business. In essence, he would be able to exercise independence and flexibility in terms of making decisions (Gillies, 2004). The legal issues involved in establishment of an individual enterprise involve the description of the type of business, which Frank is supposed to engage in. In addition, he is tasked with ensuring that he files tax returns for the establishment. In addition, the law provides that a sole proprietor be tasked with ensuring that the sole proprietor exercises his reasonable care in issue of services at appropriate costs to the consumers. In addition, the law also provides that as a sole proprietor, Frank should provide the source of information and the purpose of use of such information for business purposes. In addition he is also tasked with providing the costs and prices of the services of extermination to the American populace. In addition, he is tasked with the liability of issue of faulty services. Starting as an individual, Frank is bound to meet numerous challenges such as successful entry into the extermination market. In addition, he is bound to meet competition from established entities within the market. Professional Practice Business: Akiva and Tara after starting up their practice would essentially be termed as partners or associates within a professional setting. A professional enterprise is essentially treated as nay other kind of business. Hence, they should initially establish a name for their enterprise, which is likely to be an amalgamation of the two individual’s names. After deliberation of the name for the enterprise, the two are tasked with ensuring that they have gained licenses for practice as obstetricians. In addition, they are also tasked with ensuring that they have filed for income tax returns, which they are expected to remit based on the incomes they both accrue from the professional practice they have established (Gillies, 2004). In addition, they are also tasked with division of duties and responsibilities based on the individual capabilities and possibly on individual contributions of capital. In addition based on their individual contributions of capital they are tasked with ensuring that they develop mechanisms for profit sharing as well as charge of interest on both the capitals and drawings. In addition, before taking up a loan they should also provide their method of making repayments for the loan and the individual contributions to such payment. In addition in case of liabilities such as the loans, they are both liable because they are partners in the enterprise (Gillies, 2004). The startup of a new enterprise is set to be marked by the presence of numerous challenges because of the presence of other similar enterprises in the market. In addition, medical practices usually appeal to consumers of the services provided if the medical practitioners have adequate experience in the field. It is a challenge to bring in new customers for medical services because of the fear possessed by consumers about the presence of incompetence in practice and inexperience (Keenan, Riches, 2007). Essentially beginning a new professional enterprise is based on the individual competencies of the two individuals. They should be able to exercise and give sufficient and high quality services to their clients for them to succeed. Reference: Gillies, P. (2004). Business law. Sydney: Federation Press. Keenan, D. J., Riches, S. (2007). Business law. Harlow: Pearson Longman.