I’m studying for my Business Law class and need an explanation.
To assist in this process, Winnie and Ralph asked you to assess several business structures and their characteristics, advantages and disadvantages for Green Clean. Those structures are:
- General Partnership
- Limited Partnership
- Limited Liability Partnership
- General Corporation
- Limited Liability Company
Evaluate and synthesize this information, and do the following 2 things.
1. Chart You Need to Prepare: Create a comparison matrix that shows the 5 types of business structures and compares and contrasts each type of business structure.
You may use the chart format in the hyperlink above, or create a similar chart, or create an excel chart.
The chart should include several areas for comparison, i.e., procedure for formation, cost of formation, etc. The chart should include various types of liability for comparison.
The chart should be an in-depth and comprehensive comparison.
Ensure the pros and cons of each organizational structure are easily and clearly compared on the chart.
2. Report You Need to Prepare: Write a report to GC owners:
A. recommending a business structure for GC that best minimizes tax and personal liability for the new business and its owners
B. explaining and justifying your recommendation, specifically and in detail.
Tips for Formatting Report: The report should use the following format
TO: Winnie James, Ralph Anders
FROM: (your name)
RE: Green Clean Business Structure
Week 8 Project
(2)Purpose: The purpose of this project is to reflect on, analyze and apply tort law, product liability law, agency and contract law, and their potential risks and liabilities in a business. The project requires you to identify and analyze legal issues and to make recommendations.
You will also develop skills in critical thinking to create an in-depth comprehensive analysis.
The project relates to the concepts covered in weeks 1-7. You should refer to assigned materials in earlier weeks of the course, including Instructor Notes.