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Business Entities, Laws, and Regulations Paper

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Business Entities, Laws, and Regulations
The purpose of the paper is to review the restaurant/bar and extermination businesses and discuss the entity that best suits the business. I will also review the construction scenario and discuss if Surebuild is in violations of any employment laws.
An entrepreneur’s main goal is to manage a successful business and also to protect his or her investments. After making a decision to start up a business the next crucial step is to decide on what type of entity is best suited for my business and below are the various options available to choose from.
Sole proprietorship
The owner of the company has the absolute power, and the business is not a legal separate entity. He or she has the rights to profits earned from the business, unlimited liability for debt incurred, has minimal liability protection, and can easily sell or transfer his or her business without any additional approvals.
General partnership/Limited liabilities partnership
Occurs when two or more people decide to go into business together as co-owners for a profit. When entering into a partnership there are certain rights and duties included in the partnership agreement as well as by the law. General partners are also personally liable for debts/obligations associated with the business as well as have rights in how to carry out the business. General partners invest his or her capital, help manage the company, and are also personally liable for debt. Limited partners invest his or her capital and are not personally liable for any of the partnership debt nor the management of the business.

Corporations
Privately owned for profit is a company that various owners that hold shares of stock in the company. The shareholders elect a board of directors to direct the corporation and hire the upper management staff. It is also seen as an individual

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