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Fireworks

In: Business and Management

Submitted By cruzolgin
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Acme Fireworks Analysis
When the determination has been made to change a business’s entity it is important to understand what entity would be best suited for their business needs. Acme Fireworks is a sole proprietorship that is growing fast, the owner is considering changing the business entity. The decision that needs to be made is which entity will best suit their advancing needs. Acme Fireworks can choose between three entities: a partnership, corporation, and limited liability company (LLC). There are pros and cons for each of the different entities. When taking into account the current personal liability, if the contracts already in place are valid, employment needs to fulfill the large orders, and defining the different types of entities, my recommendation for Acme Fireworks would be to become a corporation.
Just about everyone in the United States has some personal experience with fireworks, either from Fourth of July or New Year's Eve celebrations. Fireworks have always been dangerous and have caused, and continue to cause, serious and tragic accidents. Every year injuries both minor and major are caused by fireworks. Potential personal liability for injuries to consumers caused by the firework products is inevitable. When the firework explodes, it can send out many burning hot embers, or if it is positioned in the wrong place it can set houses or nature on fire. Fireworks can even be a dangerous weapons in the hands of vandals. However, not all mishaps due to fireworks occur as a result of carelessness, negligence or ignorance. Simple precautions can help avoid these mishaps. Fireworks are designed to be a volatile product. They must be handled with care and used as they are intended. However, even under perfect circumstances improperly designed fireworks can often malfunction and cause severe harm. In this age of endless lawsuits and litigation from...

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