Legal Social and Economic

Legal, Social, and Economic Environment of Business    

Legal, Social, and Economic Environment of Business    
Bridget Cochran
American InterContinental University

Legal, Social, and Economic Environment of Business                                                           p.1
                                                                         

Abstract
    The 3 prong power cord was invented in the 70’s. It was made to be used for high powered appliances. Before there was a 3 prong power cord there was the “2 prong power cord that has safety issue.”   (Busn105 Scenario)  
  This invention was made for the safety of people and their household. There are a lot of advantages and disadvantage being in a partnership. When in a partnership the company you and your partner have a lot of decisions to agree on.

Legal, Social, and Economic Environment of Business                                                               p.2

    A sole proprietorship is the most common type of small business in the United States as of 2010, according to the All Business website. A sole proprietorship is a type of small business that often is a one-person operation, although some also include a handful of employees.
  A disadvantage of sole proprietorship is that there is no legal separation between business and personal liability. If you borrowed money or purchased supplies on credit, your creditors can sue you personally if you default on your obligations.
    Some advantages of partnerships are relatively easy to establish. With more than one owner, the ability to raise funds may be increased, both because two or more partners may be able to contribute more funds and because their borrowing capacity may be greater. Partnerships provide moral support and will allow for more creative brainstorming. (Chris Joseph, the Houston Chronicle, 2011)
    Some disadvantages of partnership are. Business partners are jointly and individually liable for the actions... [continues]

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