Business Enterprise And Employment
Basically there are several set ups to consider when setting up a business and these are: sole proprietorship, partnership (general, limited etc) and corporation generally (Vause; 2009). The majority of all small businesses begin in a Sole Proprietorship set up. The primary advantages that set apart the sole proprietorship from the other legal set up are as follows: the convenience with which it could be set up, the freedom of the owner to formulate decisions, and the allocation of profits (the owner take everything). Other advantages, of a sole proprietorship are that it is the cheapest and most convenient way to set up a business. Sole proprietors are in complete control, and within the parameters of the law, may make decisions as they see fit. However, a down side with sole proprietorship is that the owners have unlimited liability and are lawfully accountable for all debts. Both the business and personal assets are at risk. Funds and drawing high-caliber employees are also part of the initial challenges.
In a Business Partnership, two or more people divide up the ownership for a single business. In the same manner as sole proprietorships, the laws do not differentiate between the owners and the business. Some of the advantages of a partnership include: relatively easy to establish, funds are easier to generate and the profit of the business flows directly to the personal tax returns of the owners. Nonetheless, setbacks for partnerships include: the liabilities of the partner could from time to time extend to the liabilities of the other partner; there is a high possibility for discord to occur. General type of partnerships also has the same benefits. Limited partnership on the other hand limits the extent of the liabilities of the partners and is more expensive to create.
Other types of business set ups are corporations and LLCs (Vause; 2009). Corporations are generally composed of more individuals or shareholders and is not usually the primary choice for two people setting up a business since this is more expensive and entails a great deal of work. LLC or Limited Liability Company limits the liability of the owners at the same as allocating profits based on different grounds and accordingly to the owners. The most appropriate type of business enterprise in the given case would that be of an LLC. This is because there is proper allocation of liabilities and profits and for the following grounds: Owners have limited personal accountability for business debts although they participate in management; Profit and loss could be distributed differently rather than the ownership interests
2. The following claims could be used as grounds for the termination of the employee provided in the second case regardless of race and gender. Some of the common grounds for termination are as follows (Ford et al.; 2000):
Processing your request, Please wait....
