Essay Instructions: SUBDOMAIN 310.1 - BUSINESS LAW
Competency 310.1.2: Organizational Forms - The graduate can select the appropriate form of organization for a business.
310.1.2-01: Differentiate between a sole proprietorship and general partnership.
310.1.2-02: Differentiate between a general partnership and a limited partnership.
310.1.2-03: Identify the distinguishing characteristics of C-corporations.
310.1.2-04: Identify the distinguishing characteristics of S-corporations.
310.1.2-05: Recognize the characteristics of a limited liability company (LLC).
310.1.2-06: Determine the appropriate business form for a given situation.
As you work on this task, ask yourself why one form of business organization would be selected over another, particularly for a small business. What are the advantages and disadvantages of each form?
The business entity characteristics owners should consider fall into these seven categories:
• Liability: What are the limits on liability and protection of not only business assets, but personal assets and future earning power of the owner beyond this particular business?
• Income taxes: What are the features of each business entity that affect the amount of federal, state, and local income taxes paid by the business and/or owners?
• Longevity or continuity of the organization: What features of each form relate to forced dissolution of the business organization?
• Control: Who has ultimate control over important decisions? How much control does the owner have to grant to others?
• Profit retention: What portion of the profits does the owner have to give up because they have to be shared with others? How does this affect return on investment?
• Location: What are the implications for moving or expanding the business into a different state? Will a separate legal entity have to be created or new documents filed in the new state? Are there advantages or disadvantages regarding how state taxes will be assessed?
• Convenience or burden: What additional requirements or extra workload are placed upon the organization to comply with all reporting, meeting, and other regulatory requirements?
A manufacturing business produces a variety of wood moldings, hardwood doors, high-end kitchen cabinets, and specialty cabinets and bookcases for dens, home libraries, offices, etc. The business owner has been operating as a sole proprietorship, but is thinking of changing to a different type of organization. The company has been quite profitable for its size. Profit before taxes for the coming year is expected to be just over $600,000.
While considering this change, the owner has thought about the various functions of the business operation and different types of risks and potential liability that accompany each function. For instance, trained employees usually install cabinets, but when the company has a backlog of work, the owner must occasionally hire outside installers on a subcontractor basis. Although the company has not yet had such a problem, the owner has wondered what might happen if an installer were to make an installation error and a cabinet
were to fall off the wall and injure someone. Also, all of the delivery drivers possess licenses required for the trucks they drive. The owner is concerned about a delivery truck becoming involved in an accident. In addition, the owner is concerned about a shop worker being injured on a saw or shaper, or a load falling off of a forklift and injuring someone.
The owner is unsure what would happen with bills and other liabilities if the business were to fail for some reason. Although the company has ample insurance, the owner has heard of juries awarding judgments that exceed the insurance coverage and wipe out all personal assets.
The owner is planning to expand the business, both by expanding its market geographically and by adding a second factory in an adjoining state. To accomplish this, the owner will need to increase the investment in capital assets. One way of obtaining funds would be to sell a share of the business to a partner, but the owner is not sure how that will impact potential liability. Another possibility is to sell stock in the company. This way the owner might be able to retain control of the company by having family members serve as officers in the corporation.
The owner is also concerned about profit that will be shared with partners or investors, the amount of income tax each year, and continuation of the business under control of the officers in the corporation if the owner were to die.
The owner is aware of terms like S-corporation, C-corporation, LLC, and limited and general partnerships that describe different forms of business organizations but does not fully understand the business forms.
The owner has hired you to explain the advantages and disadvantages of each type of organization compared with those for each of the other types, including the type of organization the company is currently using. In your report to the owner, format your response so that it is easy to make comparisons among the six forms of organization. You should use a listing approach rather than discussing several concepts in the same paragraph.
A. Write a report (suggested length of 5??"7 pages) about the forms of business organizations listed below. Your report should have a subheading for each business form with a brief description of the business form and a brief discussion of the key characteristics, advantages, and disadvantages of that form of organization.
1. Differentiate among the following forms of business by explaining how at least six of the seven key characteristics listed in the introduction to this task apply to each of the following organizational forms:
a. Sole proprietorship
b. General partnership
c. Limited partnership
f. Limited liability company
B. Write a memorandum (suggested length of 1??"2 pages) in which you analyze your findings by doing the following:
1. Recommend a specific form of organization that should be used in the given situation.
2. Justify why that is the best business form for this situation.
C. If you choose to use outside sources, include all in-text citations and references in APA format.
Note: Please save word-processing documents as *.rtf (Rich Text Format) files.
Note: For definitions of terms commonly used in the rubric, see the attached Rubric Terms.
Note: When using outside sources to support ideas and elements in a paper or project, the submission MUST include APA formatted in-text citations with a corresponding reference list for any direct quotes or paraphrasing. It is not necessary to list sources that were consulted if they have not been quoted or paraphrased in the text of the paper or project.
Note: No more than a combined total of 30% of a submission can be directly quoted or closely paraphrased from outside sources, even if cited correctly. For tips on using APA style, please refer to the APA Handout Web link below.
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Excerpt From Essay:
Total Pages: 7 Words: 2497 Works Cited: 7 Citation Style: MLA Document Type: Research Paper
Essay Instructions: Essay: Answer four of the five questions. Each essay should be from 1-2 pages single spaced, not double spaced. Uploaded notes to help.
1. In an agency situation, how do you determine if an agent is acting within the scope of employment with regards to liability that a principal has for the actions of the agent.
2. Describe the types of bailments that can be used and give a definition of bailment.
3. Describe the differences between the different types of business forms.
4. What can a tenant do if the landlord does not make repairs that are necessary?
5. What is the purpose of insurance and why is it necessary for business?
Excerpt From Essay:
Total Pages: 2 Words: 957 Bibliography: 1 Citation Style: APA Document Type: Essay
Essay Instructions: Kindly request Writer?s Username: researchpro
Legal Forms of Business Paper
Consider each of the following forms of business: sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate form. Develop scenarios in which each of these forms of business would be the preferred form. For each scenario, justify why the corresponding business form is preferred. Each scenario should be at least 150 words.
Excerpt From Essay:
Essay Instructions: Analyze and discuss small business growth in terms of growth strategy, business forms, short and medium term goals, financing assistance, organizational structure and staffing needs, customers and promotion, and ethics and social responsibility. Students are expected to apply business and management concepts learned in our course.
By completing this assignment, students will meet the outcome(s):
? identify the critical business functions and how they interact in order to position the organization to be effective in the current business environment;
? explain the importance of the integration of individuals and systems to organizational effectiveness;
? describe the ethical and social responsibilities that confront a business.
Required Elements of the Final Project:
? Read critically and analyze the case below, Planning for Growth;
? Review the project description listed above and review the final project grading rubric, which you will find in the Syllabus and under the Course Content area of our classroom;
? In your paper, answer the following questions:
? What steps should Kelly take to organize and prioritize her business growth strategy?
? What business form might make sense, given her expansion plans, and why?
? Focusing primarily on Kelly?s short-term goals, what kind of financial assistance might be available to Kelly? Which options would you recommend, and why?
? How might Kelly?s staffing needs change? What kind of organizational structure do you think Kelly?s expanded business should have, and what is the best way for her to organize, orient, and train her restaurant staff (e.g., functional categories, units, teams, flat or vertical hierarchy) to meet the needs of her new business?
? How should Kelly deal with her current customers in regard to the change? What kind of promotion should she consider in attracting customers to her new location?
? What are the ethical issues and potential social responsibilities highlighted by this change? (Consider customers, employees, the current and new communities, and other stakeholders.) How might these issues be dealt with most appropriately?
Required Formatting of Paper:
? This report should be double spaced, 12-point font, and four to five pages in length excluding the title page and reference page;
? Format in Microsoft Word or Rich Text Format (rtf);
? Title page;
? Follow this format for your paper (based on elements detailed above)
? Title page
? Body, in paragraph form. Use the following section headings:
? Growth Strategy
? Business Form
? Financial Assistance
? Organizational Structure and Staffing Needs
? Customers and Promotion
? Ethical Issues and Social Responsibility
? Summary paragraph
? Reference page formatted according to APA requirements. Include at least three
? This paper is to be written in the third person. There should be no words in the paper such as ?I and we;?
In-text citations from the course material. If you use additional sources from the Internet or the library, do not forget to use in-text citations and include in the reference.
? Paraphrase and do not use direct quotes.
Case Study: Planning for Growth
Kelly?s Sandwich Stop is one of the best-known and most loved sandwich concessions in town. In business for about five years, she sells sandwiches and other lunch items made from locally produced food from her mobile food trailer. Kelly?s passion and talent for creating reliably fresh, tasty lunch fare popular among a business clientele (largely employees and shoppers) has made her small enterprise a booming success.
In the last year, Kelly added a bicycle-towed concession that travels to different strategic locations in town, selling her popular sandwiches to customers who work beyond walking distance of Kelly?s Sandwich Stop. She now has a total of four employees, all part-time, working both concessions. Because she caters to urban customers, her concessions operate on week days from 10 am to 2 pm. To promote word-of-mouth advertising, Kelly uses Facebook to publish her daily menus and the locations of the bicycle concession.
As a sole proprietor, Kelly has been pleased with her lunch business success. Now it?s time to get serious about the future of her business. In the short and medium term, she wants to see it grow into a potentially more lucrative enterprise, implementing a greater variety of food products and services, and increasing her competitive edge in the region. Ever the ardent entrepreneur, Kelly?s long-term dream is to develop her creative, health-conscious culinary skills and services into a wider clientele outside the region.
An opportunity has arisen to lease restaurant space about 10 miles away from her trailer concession location, close to a mall and the suburbs and nearer to her local food producers. Kelly has jumped at the chance. While she has hired professional business consultants to help her set up the space, design the menu, and implement the opening of the restaurant, she must also consider the short- and long-term financial, HR, and management needs of such an expansion. Kelly is particularly sensitive to her relationship to her customers, employees, and the community.
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