Business Form (30 points) Think of a business you would like to start. Assume yo
ID: 335289 • Letter: B
Question
Business Form (30 points)
Think of a business you would like to start. Assume you will rent space for your business in a strip mall or 3-story office building in Fairfax County, Virginia. Explain the type of business you would like to start (e.g., hookah bar, yoga studio, IT consulting, financial advisor, etc.). Pick a name for your business consistent with your business form. Review the chapter 14-15 material and decide what type of business form you would like for your start-up business (general partnership, LLC, corporation, etc.). Assume you will be an owner and an employee of your business. Explain the following:
1. What business form you have selected and why.
2. What level of liability exposure does your business form create?
3. Explain the legal name for you as the owner based on your business
form (Partner, Member, Shareholder, etc.).
4. As an employee, what will your role be (President, CEO, Vice
President, Manager, etc.)?
5. How many employees will you have and what will your employees
do?
6. Explain one Federal statute that we covered in class that your business
must follow and why.
Contracts: 30 points
Draft one contract clause that relates to a specific area of your business and is essential for your business to operate. (Hint: Think of what type of contracts a business like yours might have and then draft it in your own words). Make sure your contract has all the necessary components for binding contracts. Explain:
(1) who is meant to sign this contract;
(2) what the importance of this contract is, and;
(3) what legal protections it gives your business.
Use your own words. Do not copy or paste from any source.
Discrimination: 20 points
Draft 2 guidelines for your Human Resource department to follow and explain how these guidelines prevent discrimination for protected classes. One guideline should address a policy for hiring, another for firing an employee.
Ethics 10 points
Your business has expanded overseas to the country of Belai. During a visit to your overseas location you find out for the first time that children, ages 10 and under, are working for you. You know child labor is against the law in the United States, but it is completely legal in Belai where your business is operating. Replacing the children with adults, would cost twice as much. What ethical issues does this raise for you and how will your business go about solving them?
Subject- Business Law
Explanation / Answer
Business form
Name of the organization - Seeking Alpha Investment Consultant LLP
1-I have seleceted LLP(Limited Liability Partnership), in this form liability of the partners will be limited to the extent of holding of the partner in the business. It will not make other partner liable for the negligence of other partners.
2-Liability will be limited to the extent my holding in the firm and my personal assets will not be liable for the business. Here liability will be limited unlike general partnership where liability is unlimited.
3-I will be the principal partner in the busines
4- My role as employee will be Chief executive officer .
5- I will have 50-60 employees. Some will develop the system and software for my business they will be software developer and IT maintainance. There will be a team of financial research who will analyse the stock market and business and recommend our client on investment. There will be a business development team.
6-US securities Act 1933.
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