What do need to do to make this a legal formal business

Assignment Help Business Law and Ethics

Reference no: EM133926569

Part 1.

A man is to open his own business.

1. Restaurant

He start out as a sole proprietorship

2. For the sole proprietorship what advantages it will have for the owner over other forms of business and the disadvantages?

3. What do need to do to make this a legal formal business?

Part 2.

The owner has decided to expand his business and needs more capital to do so. Sam and Bob are interested in becoming partners with you. Your business is now worth $50,000. You need another $50,000 to do the expansion. Sam is willing to provide $30,000 and Bob is willing to provide $25,000. Sam will only join if he can have some say so in the company; while Sam doesn't really care about that. Turn your business into either a partnership or a limited partnership.

4. Why did you choose either a partnership or a limited partnership?

5. To make it legal what do you need to do?

6. What may be some disadvantages of doing business in this form of organization?

Part 3.

It is some time later. He needs more money to expand. Convert his business into either a limited liability company, a corporation, or an S corporation?

7. Why did you choose the form you did?

8. What steps are needed to make this a legal LLC, Corp., or S Corp?

9. What advantages do you see in operating in this form and what disadvantages?

10. What do you need to do to make sure that you are not sued by an employee for discrimination?

Reference no: EM133926569

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