The following paper touches on two separate business scenarios, the start up of a professional practice, and the opening and expanding of an extermination business. Throughout the paper readers will learn what type of business is most beneficial for the different companies, what laws and regulations play a part during set up and operation, and how risks should be analyzed. Readers will also see and understand how complex hiring decisions should be evaluated and what types of laws a hiring manager should be consider when hiring applicants.
Business Entities, Laws, and Regulations Paper
Businesses can originate or expand into several types of entities. General or limited Partnership, Sole Proprietorship, Corporation, Limited Liability Company (LLC), Limited Liability Partnership (LLP) and franchises. Each style has its own advantages and disadvantages concerning liability, government laws and regulations, and taxation. The businesses discussed in this paper vary in operating styles and each must follow different guidelines. The paper will evaluate two hypothetical businesses and the organizational structure that presents the best choice for each business with consideration for control, taxation, and liability issues. Laws, regulations, and risks each business must face will be addressed. The paper will also include a discussion of a hypothetical situation in which a hiring manager must choose an applicant while considering laws, regulations, and the risks against which the business must protect itself when making the decision.
Akiva and Tara are newly licensed as obstetricians and want to open a birth clinic together. In order to start up the business Akiva and Tara will need to take out a large loan to finance the start-up costs. Akiva and Tara are both medical professionals, so it would be in their best interest to organize the business as a limited...