Business Law Questions – Essay Example

Business Law Questions There are a number of forms which a business can take. They are: sole proprietorship, limited partnership, general partnership, and corporation. A sole proprietorship is when one person owns a business. They have unlimited liability and there is no distinction between their business income and their personal income. Partnerships are an extension of agency law. A partnership is the relation which subsists between persons carrying on a business in common, with view of profit. A limited partnership is when people are only responsible for their own problems, a general partnership is when everyone is responsible for everyone else. A partner can bind another partner. A corporation is best because there is no personal liability and you pay lower corporate tax rate and can control the debt and equity structure. I would always recommend a corporation.
2. In this situation it is best to carefully document her problems such as lateness. Have a copy of the companys code of conduct. Talk about her inappropriate relationship. Make sure to put it all in writing and have a witness there when you fire her. It is likely she will make a human rights claim under one of the various statutes that cover this. You will have to show that you had a bona fide cause for firing her. The documentation will help this.
3. In this class I have learned that businesses make the world go round. They are very important for the success of our economy and society in general. More significantly, businesses have to play by the rules and the rules are often designed to make things more efficient and to prevent people from cutting corners and abusing workers or customers. In the future I hope to start a large business that will be very successful. I want to make products and deliver services that improve the ordinary persons life and I want to make sure that I maintain a good reputation while doing so.