Describe the nature of your business. What are your objectives? Will you organize the business as a sole proprietorship, partnership, limited
Describe the nature of your business. What are your objectives? Will you organize the business as a sole proprietorship, partnership, limited liability company (LLC) or a corporation? Thoroughly explain your choice including the advantages and disadvantages to your chosen form of business organization. · What legal steps must be taken to start your business? What steps must be taken legally to ensure proper formation (creation)? · Describe who has ultimate control over important decisions as well as day-to-day operations for your chosen business organization. · Describe your own personal liability for any debts incurred by the business. Are your personal assets safe from creditors? Do you have any options for protecting your personal assets? · Discuss how the profits will be distributed between the company and the owners/shareholders. · Describe the legal steps involved in the dissolution (or “winding up”) process for your chosen business organization. Can the business continue on after your personal interest is terminated? · Discuss any ethical issues that might arise in your business. What tools or models has this class given you for resolving ethical dilemmas that might arise? What can you do, as the business founder to create an ethical climate for your business?
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APA
500 Words