Most business owners want to set up a business entity to protect the personal assets of the owners.
Legal Environment of Business LAW
Assignment (3 pages )
This project is about creating a business. You will go through many of the initial steps in preparing to set up and run a business. Your group will be given a weekly assignment to be completed as a part of the group project. These will not be submitted to the instructor automatically, however the instructor may request your assignment from any given week at any time to view and discuss with your group the progress you have made. Of course, you are always welcome to ask the instructor questions or for insights related to the project. Near the end of the term your group will collect all of the assignments and compile them in a suitable, professional format for presentation as the final, submitted assignment. One assignment will be submitted for each group to the instructor by the due date. This presentation format would be something you may submit to a lender (bank) or investor to convince them why they should invest in your business idea.
Assignment 1:
1. Pick a business type – what will your business do or sell?
2. Pick a business name.
3. Most business owners want to set up a business entity to protect the personal assets of the owners. Often they will set up a corporation, a limited liability partnership, a limited liability company, etc. Interview an accounting professor, and ask for their advice about what business entity they recommend based on the type of business you will pursue and tax considerations. Have them explain the reasons for their recommendation and document this information.
4. Use the WestlawNext Database * through the school’s online library to search the Alabama Code for the requirements of the type of business entity you select for your business. What are those requirements?
Document the information and advice you got from the professor and their basis for their recommendation as well as what your research yielded about the legal requirements for forming such an entity.
Present your answer as a 3-page (maximum) double-spaced report as a WORD attachment .
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APA
875 words