Legal Forms of Business Paper

| A general partnership is comprised of a group of two or more individuals who enter into an agreement to start a business. The partners and the business are legally the same. The partners enter into an agreement called the articles of partnership and are typically equally active in the business and the business’s management, unless otherwise stated in the partnership agreement. All profits and losses are shared by the partners in a joint business venture.

This is the type of business entity that the owner should adopt because it is the most common and since this is the owners first time he should choose this type of entity in my opinion.

* Limited partnerships have the convenience of allowing multiple investors as limited partners to assist with cash available to run the business and support improvements or other investments into the company. The burden of running the business falls on the general partner.

Waller, J. (2012). Business Formation Benefits and Risks: LLC most flexible, corporation most protective. Alaska Business Monthly, 28(6), 20.

John, when starting a business one has several options in the type of business structure to use. The different types of business structures are the sole proprietorship structure, the partnership structure, the corporation structure, the S corporation structure, and the limited liability company structure. Each structure has advantages and disadvantages and possible tax consequences.

The words “limited” and “partnership” appear in both the limited partnership and the limited liability partnership. Yet these two forms of business organizations are distinctly different. Moreover, both of these forms of business organization are distinctly different. Moreover, both of these forms are also distinctly different from the general partnership. The first URL given below will take you to an article on the web site of ALLLaw.com titled “The Difference Between a Partnership and a Limited Partnership.” Read through the article and then answer the following questions:

The company will be set up as a Limited Liability Corporation. This ownership will protect the personal assets of the partners.

Thinking about starting your own business? Do you prefer to work alone? Or do you prefer to work with a partner? If you choose to work with a partner then the best business structure for you would be the partnership structure. First you must ask yourself; do we have the same vision or objectives on how to run the business? Are we able to communicate well with each other? Most important question of all, do you trust this individual? If two of these three questions is no then maybe the partnership structure isn’t for you and you should set the business up as a sole proprietorship.

Starting a business requires some research on licensing, state laws and regulations and finally getting things started. It also requires looking into the business entities, taking control, taxation, and of course taking liability issues into consideration. It is important for the business to be able to protect itself. In this paper, an extermination business, a restaurant/bar business and a construction scenario will be discussed based on the requirements of stating a successful business.

If this is a new business, what is the legal structure and what method of accounting (Cash Method versus Accrual Method) will you use and why?

As a business owner, some are faced with many important decisions, including what business structure to use in your company formation. While many countries allow the typical structures of partnership, sole proprietorship, or corporation for business ownership,

Limited Partnerships – Investors are easily attracted because they are only responsible for their amount they put into the business. Partners who fall under a general status are more geared to the business while limited partners reap the rewards. This means

When developing and establishing a business, a business owner must first consider what type of legal business that they would like to create and own. In the United States, businesses that vary in form are recognized and represented in court in varying ways. In some forms of business, the personal assets of the business owner are not protected, where in others, a business owner could never risk losing assets outside of their businesses. Of the various forms of businesses that can exist, five of the most popular forms are sole proprietorships, franchises, partnerships, limited liability companies, and corporations. Different businesses all around the

The process of starting a business can be a challenging one. From choosing a business name, identifying the product to sell and where all require thoughtful decisions. All these decisions also need legal and practical considerations. To understand more about the different forms of business, it is important to consider the right structure for the business (Legal Forms, 2006).

* Agreement:- Whenever you think of joining hands with others to start a partnership business, first of all, there must be an agreement between all of you. This agreement contain so the amount of capital contributed by each partner;