BULW 301 Final: BLaw 301 Final Exam.pdf
Document Summary
Choice of business organization: a person starting a new business should be aware of the advantages and disadvantages of alternative business forms, considerations include: Ease and expense of formation and maintenance. Personal liability of owners for business debts. Entitlement to income and assets: sole proprietorships (not a legal entity, unincorporated entity. Joint venture a gp organized for a limited purpose. Limited liability company ( llc : corporation (an incorporated entity) Limited liability company: corporation- entity required to file formation documents with the state of incorporation. A sole proprietorship is a business form where ownership and control are vested in one person. It is an unincorporated business with no separate legal identity from its owner: a person who owns a business by himself that is not a separate legal entity has a sole proprietorship. See case in point (p. 381): garden city boxing club, inc. vs. dominguez.
