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Business Operations

In: Business and Management

Submitted By milliwalla
Words 1897
Pages 8
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Business operations

Introduction
Businesses can expand and originate from various entity types. Limited or general partnerships, corporation, sole proprietorship, nonprofit organizations, Limited Liability Company (LLC), and Limited Liability Partnership (LLP) may be a few examples of the styles available for business shareholders and owners to choose from in order to carry out their business operations. Each and every style may have its own gains and setbacks as regards taxation, liability and government regulations and laws. In a bid to answer your question, I might have to make use of two different business examples which comprise of different operation styles and guidelines. The two businesses include a bar business and professional practice and may be detailed on the basis of basic requirements necessary for successful business formation. I would also be keen at outlining the entity choice for each of these businesses as a way of providing advantages over the other. A detailed explanation of how each of the two scenarios controls the taxation, liability and business issues would also be in order. To add on that, the regulations, laws and potential risks that may be involved in every business style may be identified.
Bar business
The best business entity choice for Miriam, Lou and Jose in their business operation could be forming a Limited Partnership. Jose and Lou would then perform the role of general partners hence manage the operations of the business on a daily basis. Miriam on the other hand, may act as a partner limited on a limited liability basis thus, invest her capital in this venture, and still maintain her legal rights in the engagement of business management in the way she might desire. An amendment done in 2001 that led to the Revised Uniform Limited Partnership Act (RULPA) gives an allowance to limited partners to...

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