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Business Entities, Laws, and Regulations
Developing a new business entity is an undertaking that requires individuals to think critically about many aspects that pertain to forming and maintaining a business legally and ethically. A business can be defined as “An economic system in which goods and services are exchanged for one another or money, on the basis of their perceived worth” (BusinessDictionary, 2011, p. 1). In the initial contemplations, the owner(s) as well as investor(s), have to consider the different business types, laws, regulations, and liability issues that could affect the business endeavor before the concept becomes reality. To explain these responsibility about businesses the assignment is to consider two business ideas followed by a business scenario, which will be presented at the beginning of each subsection. In the evaluation of each business concept, there will be a discussion of which business entity would best represent the business in taking control, taxation, and liability issues that may arise during business operations. In the new start-up businesses and the given scenario the discussion will continue with identifying laws, regulations, and risks that must be considered to protect the business entity. Furthermore, in the business scenario, a discussion on employment laws and regulations will ensue on making an important business decision. As this assignment unfolds an individual will recognize that developing a new business is far more involved than a person(s) dream, but it involves the laws, regulations, and ethics that pertain to society.
Business Concept One: Extermination Business
Business concept one provided by University of Phoenix syllabus (2011), indicates “Frank is a wealthy investor who plans to open a chain of exterminating businesses across the United States.”
Frank’s goal is to build a chain across the

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