Business / Business Entities
Autor: phantom1020 23 May 2011
Words: 1153 | Pages: 5
Successful companies require a strong core in order to operate their companies efficiently. Companies must take in consideration the following aspects when starting up: taking control, taxation, and liability issues. Both businesses and the construction company must make sure that they are in compliance with law and regulations; as well as identify the risks in which they must protect themselves from. The construction company must also identify and discuss employment laws and regulations they will have to comply with when starting their company.
The restaurant/bar will be opened by Lou, Jose, and financed by Miriam (wealthy investor who does not have time to participate in the business and wants his share of the company). This company is just starting out, has three owners (Lou, Jose, and Miriam), and should be constructed as a limited partnership. According to Cheeseman, H. R. (2010), “A partnership has to file an information return with the government, telling the government the amount of income earned or losses incurred by the partnership”. Lou and Jose must take control of their positions as owners by making sure the law is enforced in their establishment. Enforcing the following functions of the law will ensure safety of both consumers and employees: Keeping the peace, shaping moral standards, promoting social justice, maintaining the status quo, facilitating orderly change, facilitating planning, providing a basis for compromise, and maximizing individual freedom. Having an operation that is morally and ethically correct according to our law will increase patronage from hard working citizens. By having a bar where people drink there will be some liability issues with customer behavior while drinking. For instance, this business is in the market to make a profit and to do so they must sell drinks to customers no matter if they seem intoxicated or not. The establishment will also be liable for the food, drinks, and injuries (caused by n...