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Business Entities, Laws, and Regulations Paper

Essay by   •  December 5, 2011  •  Research Paper  •  1,211 Words (5 Pages)  •  1,471 Views

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Business Entities, Laws, and Regulations

There is no difference in when or what type of business someone opens, the person or persons must possess incentives, longing, and ability. There is plenty of good quantity of research, and preparation involved going in every business plan. The opportunity of opening a company is not easy, and it takes time. Putting together a complete, carefully planned business plan will increase the chance of a successful business. In addition a comprehensive business plan will increase the changes for the owner or owners when trying to obtain investors to establish a business. In order for a business to be successful each proprietor must follow the policies and set of laws established to guard their assets.

Restaurant/Bar Business

Lou and Jose have an enormous amount of work to open the sports bar and restaurant they desire. Miriam will facilitate with finances because Lou and Jose do not have much money. Lou, Jose, Miriam will have a partnership agreement because all three will be considered partners in the business. A Partnership is identified by the Indian Partnership Act, 1932, as "the relation between persons who have agreed to share profits of the business carried on by all or any of them acting for all" (Definition, 2010.) All three have agreed that although they all are partners in the sports bar and restaurant, just Lou and Jose will have the majority of the control. Lou and Joe will maintain complete control because Miriam is merely providing the money for the bar/restaurant for a return profit that she will not have a control of the business. Although all three Lou, Jose, and Miriam will be partners with only two of them possessing having the main control all three will have liability issues in the company because they all have something to lose.

The first step in opening a sports bar or any kind of bar is attaining a liquor license and a license to provide and sell food on the property. The local Health Department has placed rules that any facility must meet and pass to acquire a license. Once the licenses have been obtained both must be placed in plain view of any and all customers. Food handling classed and alcohol management class will have to be attended by all who will be employed. All employees must pass these classes prior to starting work in the sports bar. Lou and Jose in addition will have to employ security for themselves and their customers like similar bar and restaurants do where alcohol is served. It is of crucial importance that Lou and Jose employ dependable, responsible, and trustworthy people to work for their company so that their business can be profitable.

Extermination Business

Frank will have to start his exterminating business under a sole proprietorship across the United States. According to Sole Proprietorship, 2010 a sole proprietor is an individual who owns an unincorporated business by him or herself. Frank will have solitary control of the whole exterminating business. This will help because Frank will be able to file the business taxes under his own. Opening up and extermination business will be an enormous hazard to Frank who will be financing the business form his own private account. In order to open the extermination business Frank must acquire a Commercial Pesticide Applicator License. In order to obtain the license needed Frank will need to pass the entire state exam and assessments needed and pay the necessary cost required, and this must be done yearly. All staff working for Frank will also need to take the required test and pass. Any member of the staff cannot work for Frank if the test are not obtain and passed. Another problem that Frank will face is the safeguard and insurance he will have to have when working with certain

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