LAWS 310 Business Formations

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LAWS 310 Business Formations
A business may take one of the following forms: sole proprietorship, general partnership…

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LAWS 310 Business Formations

LAWS 310 Business Formations

Discussions Week 2 All Students Posts – 31 Pages 

A business may take one of the following forms: sole proprietorship, general partnership, limited partnership, corporation, or limited liability company. Choose one of the business formations and identify how it is created and the characteristics of that business formation. Provide support for your discussion.

Starting a business is tough.. no matter what the market… do you think that people get sufficient legal advice before they start a business?  Why or why not?  Why is a “Limited Liability Company” (LLC) such a popular business formation?

Given the various legal entities available for business organization, such as corporations, sole proprietorships, limited liability companies, etc., propose an appropriate entity for a one-person, professional-service start-up operation, assessing typical merits and risks associated with this endeavor.
With that in mind, please consider the following scenario:
Howard just graduated from horticultural school. He received all A’s in his classes and is extremely talented at landscape design. He now wants to open his own landscaping business. He does not have much money, but he does have a lot of enthusiasm and ideas. He thinks he will have to hire at least a few employees during the busy seasons but may not be able to keep them on the payroll year round.
What business formation should he consider? Why? What are the benefits? What are the negatives?

General partners can come about in business a lot… and each partner has rights…In general.. what are the rights of a general partner…. And also, should partners put their partnership in writing… ?Why or why not…?