Term Paper on "Business Entities Laws and Regulations"
Term Paper 3 pages (1038 words) Sources: 3
[EXCERPT] . . . .
Business Entities, Laws and RegulationsRunning a business is a challenging process, with many financial and legal frameworks to follow. Whether it is starting a corporation, hiring workers, or incorporating a small business, managers and owners need to carefully follow the rules and regulations that guide corporate practices. This paper will explain some of those practices through three scenarios: Frank, a movie star who wants a business named after his most-famous character; Irene, a hiring manager working for Frank's business; and Paul, a sole proprietorship owner looking to incorporate.
Because Frank knows nothing about the construction industry and only wants to further his fame and acting career, he needs to ensure that the business he invests in is an entirely different entity and that he has as limited liability to the company as possible -- he does not want to lose more if the company goes bankrupt or is sued. He also is in the business for the main purpose of increasing his name-recognition, so it's unlikely that he wants any control over the company; he will get others to run everything for him.
With all of this in mind, Frank would be wise to enter into a Limited Partnership or a Limited Liability Company. Both would minimize the amount of risk and responsibility he has associated with Stonecraft Builders, while still providing him with the name and a possible source of income. With a Limited Partnership, Frank could allow others to be the General Partners, who make the decisions and run the company, while he, as the primary investor, is a Limited Partner with access to a percentage of the net income (Jones, 2003). If Stonecraft Builders wer
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Assuming that Frank takes either approach and gives control of the company to others, Irene will have a difficult decision process to work through when it comes to hiring the jackhammer operator. She needs to ensure that the best person is hired for the job, but she also is limited in the questions she can ask employees, even though some of these questions would help with her choice. It is against the law for her to ask any personal questions involving the interviewer's race, color, national origin, religion, gender, age or disability ("Job Interviews," 2010), and therefore she would not be allowed to ask about Michelle's pregnancy or Eric's epilepsy. However, she is able to ask about the candidates' work experience and is allowed to describe what the job will consist of and then ask the candidates if there would be any limitations to them performing the work. By doing this, she will be able to lawfully determine if each candidate is capable of doing the job.
Looking at the four candidates, it is clear that not all of them are cut out to operate the jackhammer. Nick should not be hired… READ MORE
Quoted Instructions for "Business Entities Laws and Regulations" Assignment:
“*****¢Write a 900 word paper in which you discuss the business entity that represents the best choice for Frank. Scenario below. Consider the control, taxation, and liability issues. Be sure to complete the following in the paper:
Identify laws and regulations that Frank must consider in starting the business, and identify risks against which Frank must protect himself.
For the hiring scenario, discuss the above elements, and identify and discuss the employment laws and regulations with which the business must comply in making a decision. What relevant questions might Irene be prohibited from asking the candidates?
Evaluate the candidates for the jackhammer operator job, and decide which person Irene will hire.
List the steps Paul will have to take to incorporate the quarry business. Discuss the procedure he must follow to liquidate his business if he is unable to find a buyer for WeRock when he is ready to retire.
What additional record-keeping requirements does Paul need to comply with? What are the potential consequences if he fails to meet these requirements?
Explain the legal issues that will arise if a customer files a lawsuit over the lesser quality of marble used in a project?
Scenario
Frank is a wealthy movie star who wants to invest in a construction company and call it Stonecraft Builders*****naming the company after Lucas Stonecraft, the character he played in his most famous film. He knows nothing about construction, but feels that having a company named after his character will enhance his fame. He plans to hire someone else to run the company.
A year later, Irene is the hiring manager for Stonecraft. She has advertised a position as a jackhammer operator. The position*****s description states that the successful applicant must have jackhammer experience and a high school diploma. The following people apply for the position: *****, 35, who looks like she might be pregnant, is a high school graduate and was formerly employed as a jackhammer operator; Eric, 55, who is experienced with a jackhammer but does not have a high school diploma; Felipe, who is 38, speaks no English and does not have a high school diploma, but he is experienced with a jackhammer; and Nick, 23, a college graduate who is epileptic and has no experience with a jackhammer.
Paul is the owner and sole proprietor of WeRock, operating a marble quarry that provides Stonecraft with marble for use in construction. Paul has been in business for many years and intends to retire in 5 years, but is worried because he has learned that one of his employees has been filling orders for his best quality marble with marble of a lesser quality*****without advising the customer. His sister advises him to incorporate the quarry business.
How to Reference "Business Entities Laws and Regulations" Term Paper in a Bibliography
“Business Entities Laws and Regulations.” A1-TermPaper.com, 2011, https://www.a1-termpaper.com/topics/essay/business-entities-laws-regulations/787967. Accessed 27 Sep 2024.
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