The business entity that represents the best choice for each
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The business entity that represents the best choice for each business
Taking control
Taxation
Take liability issues into consideration.
Identify laws and regulations each business must consider in starting the business
Identify risks against which each business must protect itself
Identify and discuss the employment laws and regulations with which the business must comply in making a decision
Scenario #1 Restaurant/Bar: Lou and Jose plan to open a sports bar and restaurant where customers socialize and watch sporting events on large-screen TVs that hang around the bar. They do not have much money, but they do have Miriam, a wealthy investor who does not have time to participate in the business, but wants to provide capital to start the business in return for a percentage ownership.
Scenario #2 Professional Practice: Akiva and Tara have just completed all educational and experiential requirements to be licensed as obstetricians. They want to open a birth clinic together. They will take out a large loan to finance start-up costs.
Scenario #3 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 positionâ??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 high school diploma; Felipe, who is 38, speaks no English, has no high school diploma, but is experienced with a jackhammer; and Nick, 23, a college graduate who is epileptic, and has no experience with a jackhammer.
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Solution Summary
The business entity that represents the best choice for each business
Taking control
Taxation
Take liability issues into consideration.
Identify laws and regulations each business must consider in starting the business
Identify risks against which each business must protect itself
Identify and discuss the employment laws and regulations with which the business must comply in making a decision
Scenario #1 Restaurant/Bar: Lou and Jose plan to open a sports bar and restaurant where customers socialize and watch sporting events on large-screen TVs that hang around the bar. They do not have much money, but they do have Miriam, a wealthy investor who does not have time to participate in the business, but wants to provide capital to start the business in return for a percentage ownership.
Scenario #2 Professional Practice: Akiva and Tara have just completed all educational and experiential requirements to be licensed as obstetricians. They want to open a birth clinic together. They will take out a large loan to finance start-up costs.
Scenario #3 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 positionâ??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 high school diploma; Felipe, who is 38, speaks no English, has no high school diploma, but is experienced with a jackhammer; and Nick, 23, a college graduate who is epileptic, and has no experience with a jackhammer.
Solution Preview
The business entity that represents the best choice for each business
Taking control
Taxation
Take liability issues into consideration.
Identify laws and regulations each business must consider in starting the business
Identify risks against which each business must protect itself
Identify and discuss the employment laws and regulations with which the business must comply in making a decision
Scenario #1 Restaurant/Bar: Lou and Jose plan to open a sports bar and restaurant where customers socialize and watch sporting events on large-screen TVs that hang around the bar. They do not have much money, but they do have Miriam, a wealthy investor who does not have time to participate in the business, but wants to provide capital to start the business in return for a percentage ownership.
Scenario #2 Professional Practice: Akiva and Tara have just completed all educational and experiential requirements to be licensed as obstetricians. They want to open a birth clinic together. They will take out a large loan to finance start-up costs.
Scenario #3 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 positionâ??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 high school diploma; Felipe, who is 38, speaks no English, has no high school diploma, but is experienced with a jackhammer; and Nick, 23, a college graduate who is epileptic, and has no experience with a jackhammer.
Solution:
#1 -
The biggest issue with a bar is liability. The type of entity chosen needs to be the strongest to protect against liabilities. The owners would definitely want to form a Limited Liability Company, treated as a partnership. By forming an LLC, the bar is separate from the owners, and ...
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