Types of business entity

incorporation limits the personal liability of corporate directors, officers and employees for actions taken by the business. However, business owners can still be liable for business activities if they failed to follow corporate guidelines, commingled assets or acted recklessly (eHow,2015). The courts typically do not look behind the veil of incorporation if there a separate legal entity. But in certain circumstances, the court is willing to ‘lift the veil of incorporation’. The courts will…

questions of business organization has been involved with markets for merchandise, has assumed that business behavior in every market is explicable as an endeavor to maximize profits there, has understood monopolistic markets as involving the exercise of variable degrees of monopoly power by one or a lot of business enterprises, and has appraised issues of monopoly power within the lightweight of sure conceptions of noncompetitive exploitation on one hand, and sure conceptions of business…

Business communication The iceberg model An iceberg has only one-fourth of its volume above water and the rest of its volume is beneath the surface in the sea. Culture has some components which are visible like custom and behaviors but other components like attitude, thinking styles, self-image etc are hidden beneath the surface. In an inter-cultural business environment, people tend to judge foreign people’s behavior based on their own cultural background. I have learned this theory in the…

Introduction The decision to start a business is not one that shall be taken lightly and should be considered with much thought and prayer. Shania has a litany of considerations to determine before she can even open her doors for her first day of business. Accordingly, Shania must consider what type of business forms she shall fall under, consider a franchise route, her business name applicability, and finally what type of staff she should surround herself with. Like all things, research and…

Edelweiss Tokio Life – Protection – Overview Edelweiss Tokio Life – Protection is a non-linked, non-participating, term insurance plan. This pure protection plan offers complete protection to the loved ones in the event of the demise of the life insured (primary breadwinner of the family). This cost friendly solution allows the family to realise their dreams and maintain the same lifestyle even in the absence of the life insured. It provides a lump sum amount to the nominee on the death of the…

under you are the responsible party. Legally the owner and the business are the same. Two Advantages Two advantages to a sole proprietorship would be that they are easy to create and costs are low, and the owner is the company, all responsibilities are under one individual. Two Disadvantages Two Disadvantages would be that there is no way to bring a partner into the business, it can only have one owner no shareholders etc. The business is not transferrable, it cannot be passed on to family. If…

and Evaluating the Implications of the General Ecosystem and Competitive Environment No business operates in isolation and they are all part of an ecosystem coupled with a network of organizations which includes distributors, suppliers, customers, competitors, stakeholders, etc. (Pitt & Koufopoulos, 2012) General External Ecosystem Analysis Interacting in this external world creates challenges for a business and a need for flexibility and adaptability to maintain survival and remain…

Marketing has the 4 Ps which are product, price, placement and promotion. In the insurance industry, the products are the policy documents, the wordings of which are fixed and cannot be changed by any insurance company. Placement and promotion of the insurance products is almost same for all companies and thus the main aspect to be considered is price. Due to the cut throat competition and price being fixed and non-negotiable, the insurance companies then have two option in front of them, which…

In response to learning activity 1 question 1, I agree that Beta Corporation is the principal. It is clearly stated in the text that “under corporation law the officers and all employees are agents of the corporation” (Advanced Business law and the Legal Environment, 2014, pg. 1325). However, I do not agree with your evaluation of the employees as principals. Arnold, Carol, Dave, and Erin are all agents of Beta Corporation. However, I may be inclined to argue that Carol, Dave, and Erin are all…

BCS/CD-700 Michigan Limited Liability Company Form Form BCS/CD-700 Michigan Limited Liability Company carries articles necessary for the formation of Limited Liability Company in the Michigan State. The form has 5 articles governing various features. Filing duly completed form with the Bureau of Commercial Services is necessary for its execution. However, it attracts filing fees of $50. Expedited review and filing facilities are available at higher filing fees. The document is stored…