The Case Of Jeb And Josh Their Business - 933 Words

When choosing a business structure, it is important to understand the kind of liability that you might face. For example, in the case of Jeb and Josh their business venture is very risky, they should choose a business form that minimizes any potential personal liability. I think that a limited liability company (LLC) allows them the maximum protection for their personal assets without the formalities of corporate bylaws, directors and shareholders. Limited liability company is a separate entity that separates the owner of the business. LLCs are no longer new and untested legal entity, they recognized in all fifty states and have established case law and statutes. Jeb and Josh can be employed by their LLC. The tax deductions available to the LLC are plentiful: medical expenses, pension plan, business trips and entertainment. There are more sources of capital for an LLC than for a sole proprietor and partnership. With an LLC Jeb personal creditors’ cannot sue the company, and Josh is not liable for Jeb’s personal obligations. This business should protect the members’ personal asset from a lawsuit resulting from Jane’s injuries. There are many other forms of business entities available to entrepreneurs, the main type are sole proprietorship, general partnership, limited partnership, limited liability company (LLC), and corporations. Sole proprietorship is a business organization operated by one owner. For example, you start a landscaping business by yourself.Show MoreRelatedBasic Forms Of Business Organization1356 Words   |  6 PagesThree basic forms of business organization are sole proprietorship, partnership, and corporation. Sole proprietorship is the simplest form of business organization in which there is only one owner (Cheeseman, 2015, p. 570). Single person is responsible for all debts, liabilities, and obligations, as well as unlimited liability for business operations. If the owner is unsuccessful and acquires debt, creditors can pursue legal action and acquire access to personal bank accounts, real estate, and otherRead MoreCase Studies : Contracts, Business, And Laws5126 Words   |  21 Pages Case Studies Analyses Contracts, business, and laws are three simple little words, but when put together they have a substantial impact on our everyday lives. Below we will discuss three case studies. The first case is between Chris, Matt, and Ian vs. Donald Margolin, who was injured when he used an aftershave lotion that he bought off the internet called Funny Face. The second case is between Sam, his landlord, and a national chain store. Sam is being accused of conducting business from his apartmentRead MorePrinciple of Management Course: My Experiences1775 Words   |  8 Pagescounting on for essential work on performance evaluations such as the book report, interactive cases and the news report. What did we do to prevent the loss of one team member from destroying our entire team process? We re-assigned tasks and began to coordinate other ways of finishing the assignments. For instance, team members Will and Jeb were assigned Raquelà ­s interactive cases and team member Josh was assigned Raquelà ­s presentation for the news report. By creatively manipulating the StrategicRead MoreBill Clinton Were The Leaders Of The Free World From 1981- 20013779 Words   |  16 Pages2 Republicans and an Adulterer Josh Nooromid Mr. Smith 4/24/2015 Ronald Wilson Reagan, George H.W. Bush and William â€Å"Bill† Clinton were the leaders of the free world from 1981- 2001. Over the course of 2 decades these men had to solve several international and domestic issues while juggling personal issues, and the many other responsibilities of The President of the United States. Over the 20 years of reign by these Presidents, 8 years were ran under Democratic rule by Bill Clinton and