Premium Essay

Traditional and Nontraditional Litigation

In: Business and Management

Submitted By 531kjm
Words 720
Pages 3
Legal Forms of Business Paper
531kjm
LAW531
January 1, 2010

Abstract
This paper looks at the various legal form of business. Each form of business is better suited to certain uses, and in this paper each form is matched with suitable business ventures. The different forms of business being examined are partnership, limited liability company, sole proprietorship, limited liability partnership, franchise, s corporation, and corporate form.

Legal Forms of Business Paper
Sole proprietorship is often preferred by individuals who are seeking to maintain managerial control. Ventures such as a small coffee shop, small restaurant, or a small store are good candidates for sole proprietorship. All of these generally have a low overhead, and are very unlikely to face liable issues. A sole proprietorship may also include the spouse of the individual who is standing as the sole proprietor (Ingram, 2012).
A partnership has to be carefully considered. There are many things which might cause this venture to become a disaster. A partnership often begins with two individuals with the same interests, and common goals. In some cases the main reason for the partnership to begin is that one person has the ideas and the other has the financial wherewithal. Two physicians may form a partnership to cut down on the overhead of paying for individual leases for the property. In a partnership all partners are liable for the actions of the others. If one gets charged with malpractice and the court finds against the physician all partners are equally liable to pay the damages assigned by the court. As the business is shared there are also other rights associated with the partnership. Participating in management decisions, the right to be reimbursed or to be compensated, receiving shares or profits, . It is important to have all agreements written down,
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