Kathleen Dunham, Brandi Harris, Ivan Oliney, Nichole Pitts, Praveen Viswanathan, Ramprakash Shanmugasundram LAW/531
February 14, 2013
Team B Reflection Week One
The objectives for week one was to understand the major components of the legal system and differentiate between legal forms of business. The other objective was to obtain a thorough understanding of alternative dispute resolution (ADR) including advantages and disadvantages. Team B has collaborated on the discussion questions listed below and will reveal the team’s findings and opinions throughout this paper. What are the benefits to commerce of having shareholders—and other entities that shield their members—protected from personal liability? The benefit to commerce of allowing shareholders and other entities to go protected is to produce more investors, build more businesses, and boost economic growth. States like Nevada and Delaware are adopting and revising the uniformed statutes and applying them in ways to distribute the responsibilities of torts and other disputes to their respective parties, but at the same time keeping the entrepreneurial field attractive to investors. The advantage of shareholders protected from personal liability certainly will influence the investors to invest in an organization with less risk and limited to their financial investment in the organization. This helps any organization in providing the initial capital and operating cost expenses to run or start a company. The main benefit of having the shareholders and other entities shielded from personal liability is that the investors do not have to fear of potentially losing his or her personal assets if the company turns into a loss making entity and becomes financially liable. This liability shield allows individuals to invest their money into other companies and thus creating a good climate for business growth. The economy thrives on the development of new businesses,...