Business Entities, Laws, and Regulations Paper - 856 Words

Business Entities, Laws, and Regulations Paper By: Edmond Akopyan BUS/415 December 15, 2010 Instructor: Mark Oertel 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. Frank is a wealthy investor who plans to open a chain of exterminating businesses across the United†¦show more content†¦In this scenario, a partnership needs to be formed between Lou, Jose and Miriam. The percentage should be split into three equal parts. Lou and Jose will run the business and Miriam will be providing with the funds. Miriam along with Lou and Jose should be equally involved in all major decisions related to the business. Lou and Jose will run the business on daily basis. All taxes would be paid individually based on their profits. Of course all licensing, including alcohol licensing needs to be met, along with state laws and regulations. The restaurant/bar would have to obey all employment laws as well. All employees have to be over 21 years of age to be able to serve alcohol drinks to customers. Employees can not drink alcohol during working hours. It is a good idea to have an at will employment contract with all the employees. Due to the fact that alcohol will be served, additional insurance may be required or necessary for the business to have. In the construction scenario, Mei-Lin is the hiring manager for Surebuild, Inc., a new construction company. She has advertised a position as a jackhammer operator. The position’s description states that the successful applicant must have a high school diploma. The following people apply for the position: Michelle, 35, who appears to be pregnant, is a high school graduate, and was formerly employed as a jackhammer operator; Eric, 55, who is experienced with a jackhammer, but has no highShow MoreRelatedBusiness Entities, Laws, and Regulations Paper1738 Words   |  7 PagesRunning Head: Business Entities, Laws, and Regulations Paper Business Entities, Laws, and Regulations Paper Abstract The following paper includes the consideration of control, taxation, and liability issues for two hypothetical businesses as well as legal, regulatory, and risk issues each of the two businesses may face. 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