Business Entities Laws And Regulations

Business, Entities, Laws and Regulations Paper
BUS/415 Business Law
Tiff either
January 30, 2012

Restaurant/Bar
The best business entity in the scenario for Lou and Jose who plans to open a sports bar and restaurant with limit monies to cause a business with Miriam, a wealthy identifyor who has the capital to invest in the sports bar and does not have any time to participate in the business and wants a ploughsh atomic number 18 of ownership for providing the capital would be a confine and worldwide partnership. A limited partnership is one(s) who
invest capital barely do not participate in management and are not personally liable
for partnership debts beyond their capital contributions (Cheesman 2010). The rewrite Uniform Limited Partnership Act (RULPA) affects the liability of the limited partnership holding the limited partners liable only to the expiration of their capital contributions, in this case Miriam, who give be providing the capital. chthonian the RULPA, the limited partners must execute a certificate of limited partnership [RULPA Sections 201, 206], which is legal and binding. The parties will also form a limited partnership agreement which outlines the duties of each party and tack forth rights, interest; terms and conditions regarding the operation, termination and the dissolution of the partnership.





In the partnership all of the business decisions and the control of the company will be taken by Lou and Jose. Miriam is merely the investor and has agreed not to participate in the everyday operations of the business wherefore losing control of operational decision making.

A general partnership is filed with the appropriate secretary state of office and according to the evaluate policy; limited partnerships are not taxed at the entity level, but on its income and losses flow through to the members individual income tax returns to avoid double taxation (Cheeseman 2010).

The liability of Lou and Jose are boundless when it comes to the organization...If you want to get a full essay, order it on our website: Ordercustompaper.com



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