Business Entities And Law
Submitted by scarlettmb on September 20, 2011
- Category: Business
- Words: 387
- Pages: 2
- Views: 74
- Popularity Rank: 4091
Business Entities And Law
The various types of business entities that can be used to start a new business can be difficult to understand. For that reason, the legal system has been instrumental in helping new business owners to navigate the waters of the final decisions to be made by business owners.
Limited Liability Companies (LLC) are useful in many situations. In this scenario, Lou and Jose want to open a sports bar. Because they don’t have enough money to invest, they take Miriam on as a partner in the firm. Lou and Jose are general partners in the LLC and Miriam is a limited partners. She has invested the money and is taking a percentage of the profits. Lou and Jose keep control of the...
You must Login to view the entire paper.
If you are not a member yet, Sign Up for free!