Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Legal underpinnings of business law

07/11/2020 Client: papadok01 Deadline: 3 days

Running head: LEGAL UNDERPINNINGS 1

LEGAL UNDERPINNINGS 2

Legal Underpinnings of Business Law

Law suits can cause an organization a great deal of money, time, and stress. The costs associated with defending an organization can be very high in spite of innocence or guilt, or in the ability to win the case posed against them. This paper will compare and contrast my personal liability exposure in a breach of contract lawsuit in a variety of different organizational structures, as well as, how best to limit this liability exposure within each particular business organizational form.

Tinker’s Home Security Service (sole proprietorship) Tinker &Tailor’s Home Security Service (general partnership) Tinker & Tailor’s Home Security Service (LP) Tinker & Tailor’s Home Security Service, Inc. (corporation) Tinker & Tailor’s Home Security Service, LLC (LLC) Personally Liable for breach of contract and all of my assets, personal and business are subject to the lawsuit Split liability with partner for breach of contract and all assets of my partner and self, business and personal are subject to the lawsuit If I were the “limited partner, than I would have limited liability only to the value of my investment, and the general partners alone are subject to claims, or the lawsuit against the partnership. Limited liability to me personally. Liability is in shares of stock and personal assets are not included Limited liability to me, personal assets would not be subject to the lawsuit

Although there are pros and cons to all of the above scenarios, the LLC is the preferred form to limit liability for most businesses. To limit liability in each of the proposed business forms: a sole owner, partnership or group of partners should form a Limited Liability Company (LLC), as then only the business assets are at stake, and not the personal assets of owners, (Finch, 2012). A company can also purchase liability insurance to further protect the company from the mistakes of its employees and/or owners.

Low interest rates and properties selling far below the assessed value of just a few years ago have sparked interest in buying and investing in a property management company. Before analyzing which business type is best for a particular business, one should contact a trusted accountant or attorney for advice, (Seaquist, G., & Coulter, K., 2012). LLC’s owners are called members and are regulated at the state level; these organizations are gaining in popularity and would be of interest in this type of organization.

“LLC interests may wisely be transferred to family and revocable trusts, trusts alone do not offer the asset protection of an LLC. A LLC can limit the owners' exposure to lawsuits by vacation home users and creditors (limited liability). A LLC can impose transfer restrictions and prevent an owner from unilaterally selling an interest in the vacation home, making it easier to keep the vacation home in the founder's line (no right to partition). A LLC, as an entity rather than a property interest, can hold operating funds and effectively report sharing of income and expenses among the vacation home owners at tax time. A LLC has perpetual existence. A LLC operating agreement can establish rules for expense sharing, scheduling, ' dispute resolution and agreement modification without court intrusion” (Gardner, R., Welch, J., & Daff, L., 2010. p. 38).

There are also tax advantages to a Limited Liability Company. Business policies can be established that will provide income to owner upon retirement or to the surviving family upon his/her death, (Ellentuck, 2012). According to Judith Freeman (2000), “The LLC is a hybrid entity designed to combine the tax advantages of partnership with the benefits of limited liability, (p322).

This type of organization is not the easiest structure to form as it does require the help of an attorney and preferably an accountant as well. However, considering the tax advantages, business policies that can be established for family members, as well as the limited personal liability of its members; the disadvantages of having additional costs associated with structure organization and the complications of following state rules to comply with both state and federal filing laws deems it worth is weight. Therefore, in spite of its inconveniences, creating a Limited Liability Company for a management property would be the appropriate choice.

References

Ellentuck, A. (2012). Lifetime tax planning for LLC owners. Tax Adviser,

43(6), 412-414.

Finch, J. (2012). Managerial Marketing. San Diego, CA: Bridgepoint Education,

Inc. Retrieved from: http://content.ashford.edu/books

Freedman, J. (2000). Limited Liability: Large Company Theory and Small Firms.

Modern Law Review, 63(3), 317.

Gardner, R., Welch, J., & Daff, L. (2010). Keeping the Vacation Home in the

Family—Another Use for Limited Liability Companies. Journal Of Financial Planning, 23(2), 36-38.

Seaquist, G., & Coulter, K., (2012). Business Law for Managers. San Diego, CA:

Bridgepoint Education, Inc. Retrieved from: http://content.ashford.edu/books

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Buy Coursework Help
Quality Homework Helper
Essay Writing Help
Top Grade Essay
Writer Writer Name Offer Chat
Buy Coursework Help

ONLINE

Buy Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer
Quality Homework Helper

ONLINE

Quality Homework Helper

Hi dear, I am ready to do your homework in a reasonable price.

$62 Chat With Writer
Essay Writing Help

ONLINE

Essay Writing Help

I am a qualified and experienced Writer, Researcher, Tutor, analyst and Consultant. I hold MBA (Strategic Management) (Finance and Marketing) & CPA.K (Accounting and Finance.)

$62 Chat With Writer
Top Grade Essay

ONLINE

Top Grade Essay

Working on this platform from a couple of time with exposure of dynamic writing skills gathered with years experience on different other websites.

$62 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

John naisbitt megatrends 2000 - A pharmaceutical manufacturer is concerned that the impurity concentration - A common problem with talent management information systems is that - River club homeowners association - North devon tree fella - Burke litwin model strengths and weaknesses - 8 archeology questions - Research paper - Cardinia shire fire restrictions - List and discuss three prominent application areas for text mining - Nahco3 hcl net ionic equation - Woolworths fuel discount 8 cents - Arco paypoint ca - Internet/Web Access Management - 8.2 relative frequency homework answers - Reply to Health Care Insurance - Emerging threats and countermeasures - 12v to 24v converter jaycar - Discuss the use of cloud backup strategies - Invictus tea scene - Harley davidson case study answers - Literature Review - 1938 dymaxion value - Four basic concepts of nursing - Respond to the text lab project 16.2 (objectives 1 and 2) on page 529. - C11 Week 5 Discussion - Unilever and ben and jerry's takeover success - I ain t crashing bout no ho song - The elements of narrative - Where to find crn number - Cites article 10 certificate - What is a nursing diagnosis - Neural - Movie recommender system using python - Insomnia - Nursing community week 2 - Herrmann brain dominance test - University of adelaide harvard referencing - Week 1 CS quiz - Spark notes animal farm - Stuyvesant students describe the how and the why of cheating - Eye spy riverfire cruise - Byron bay cookie company uk - Ohio state academy program - Suppose that omar's marginal utility for cups - How to skin a possum - Recreation and wellness intranet project requirements traceability matrix - Explain how using edi facilitates electronic transactions in healthcare - Mitre 10 graphite powder - Banking vocabulary words with meaning - Homework - How to calculate oxidation state of coordination compounds - Accounting for extractive industries journal entries - What is a6 size - Quantum hall effect ppt - Http www pbs org wgbh aia part4 4p2967 html - What is a document scope - Gautrain bus routes midrand - Best literacy test manual - William h turner technical arts high school uniform - Swot analysis of fila - 24 bogart drive wendouree - Hive empire pty ltd - Occupational crime in engineering ethics - Litterature - Berchtold s35 service manual - Human resource test - Handbook of informatics for nurses & healthcare professionals free pdf - On its acquisition-date consolidated balance sheet, what amount should trudata report as goodwill? - Organizational Analysis Paper - Advantages of steam power plant - Is li-f polar covalent - Unisa business career mentor program - Jimmy possum leather sofa - Erik erikson impact on child development - What is brand equity management system - .45 hectares to acres - Heading up 2 answers pdf - Week 5 Discussion Forum: Peer Review For Cultural And Ethical Perspective Inquiry Draft - Fox news on fios - Financing in Healthcare - Constructs and operational definitions - Human resource management midterm exam - Combat fire inc manufactures steel cylinders - Juvenile rheumatoid arthritis slideshare - Writing assignment - W8PAD530 - Sales tax calculator javascript - Accounting for decision makers acfi1001 pdf - Assignment: Advocating for the Nursing Role in Program Design and Implementation, NURS 6050 Policy and Advocacy for Improving Population Health - Introduction to human communication perception meaning and identity pdf - Merrill lynch supernova case study summary - First Draft of a Review Assignment - The backchannel can present challenges for business presenters because - Cost of racq vehicle inspection - Iowa waste reduction center - A 10000 n vehicle is stalled one quarter - Headway academic skills level 2 - Http citationmachine net index2 php reqstyleid 2&newstyle 2&stylebox 2 - Who was monica's first kiss