BUS FPX 3021 Assessment 3 Business Entity Implications for Contracts

BUS FPX 3021 Assessment 3 Business Entity Implications for Contracts

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Capella university

BUS-FPX3021 Fundamentals of Business Law

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Date

Business Entity Implications for Contracts

Sole Proprietorship

Sole proprietorships operate solely under the discretion of one individual, who makes all decisions regarding contract creation, negotiation, and approval. While this structure offers considerable flexibility, it also exposes the individual to unlimited liability for any contractual obligations the business incurs. Profits from the business are reflected on the individual’s federal income taxes, simplifying tax management but potentially increasing the tax burden. The sale of the business, whether in part or whole, is the sole responsibility of the individual, minimizing obstacles to sale negotiations.

General Partnership

General partnerships resemble sole proprietorships but involve at least two individuals, each with equal authority to engage in contract activities. However, without binding partnership agreements or conflict resolution mechanisms, disagreements among partners can impede contract processes. Like sole proprietors, partners face unlimited personal liability, share profits equally, and are taxed individually. Selling one’s share requires agreement according to partnership terms or state law, with unanimous consent needed for selling company assets.

Corporation

Corporations are governed by a board of directors responsible for contract creation, negotiation, and approval. While board diversity enhances decision-making, it may slow progress compared to partnerships. Corporations limit liability to the legal entity, protecting personal assets from lawsuits except in cases of serious misconduct. Corporate profits are taxed at the corporate rate, often lower than individual rates, benefiting larger businesses. Stock ownership facilitates investment but complicates sales, requiring shareholder approval for significant decisions.

BUS FPX 3021 Assessment 3 Business Entity Implications for Contracts

Limited Liability Company (LLC)

LLCs operate similarly to general partnerships, with managers handling contract matters as designated in state documents. This structure suits individuals seeking ownership without direct involvement in management or those desiring external management assistance. LLCs limit liability to the business entity, safeguarding personal assets. Unlike corporations, LLCs lack boards of directors and stock issuance, with profits taxed at individual rates. Sale negotiations mirror those of general partnerships, with ownership transfer subject to agreement terms.

References

Rabil, J. (2020, January 9). 4 types of business entities. Launch PLLC. https://www.launchstrategylegal.com/2020/01/09/4-types-of-business-entities/.

U.S. Small Business Administration. (n.d.). Choose a business structure. SBA.gov. https://www.sba.gov/business-guide/launch-your-business/choose-business-structure.

BUS FPX 3021 Assessment 3 Business Entity Implications for Contracts

ADDITIONAL INSTRUCTIONS FOR THE CLASS

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• Discussion Questions (DQ)

Initial responses to the DQ should address all components of the questions asked, including a minimum of one scholarly source, and be at least 250 words. Successful responses are substantive (i.e., add something new to the discussion, engage others in the discussion, well-developed idea) and include at least one scholarly source. One or two-sentence responses, simple statements of agreement or “good post,” and responses that are off-topic will not count as substantive. Substantive responses should be at least 150 words. I encourage you to incorporate the readings from the week (as applicable) into your responses. BUS FPX 3021 Assessment 3 Business Entity Implications for Contract

• Weekly Participation

Your initial responses to the mandatory DQ do not count toward participation and are graded separately. In addition to the DQ responses, you must post at least one reply to peers (or me) on three separate days, for a total of three replies. Participation posts do not require a scholarly source/citation (unless you cite someone else’s work). Part of your weekly participation includes viewing the weekly announcement and attesting to watching it in the comments. These announcements are made to ensure you understand everything that is due during the week.

• APA Format and Writing Quality

Familiarize yourself with the APA format and practice using it correctly. It is used for most writing assignments for your degree. Visit the Writing Center in the Student Success Center, under the Resources tab in Loud-cloud for APA paper templates, citation examples, tips, etc. Points will be deducted for poor use of APA format or absence of APA format (if required). Cite all sources of information! When in doubt, cite the source. Paraphrasing also requires a citation. I highly recommend using the APA Publication Manual, 6th edition.

• Use of Direct Quotes

I discourage over-utilization of direct quotes in DQs and assignments at the Master’s level and deduct points accordingly. As Masters’ level students, it is important that you be able to critically analyze and interpret information from journal articles and other resources. Simply restating someone else’s words does not demonstrate an understanding of the content or critical analysis of the content. It is best to paraphrase content and cite your source.

• LopesWrite Policy

For assignments that need to be submitted to Lopes Write, please be sure you have received your report and Similarity Index (SI) percentage BEFORE you do a “final submit” to me. Once you have received your report, please review it. This report will show you grammatical, punctuation, and spelling errors that can easily be fixed. Take the extra few minutes to review instead of getting counted off for these mistakes. Review your similarities. Did you forget to cite something? Did you not paraphrase well enough? Is your paper made up of someone else’s thoughts more than your own? Visit the Writing Center in the Student Success Center, under the Resources tab in Loud-cloud for tips on improving your paper and SI score. BUS FPX 3021 Assessment 3 Business Entity Implications for Contract

• Late Policy

The university’s policy on late assignments is a 10% penalty PER DAY LATE. This also applies to late DQ replies. Please communicate with me if you anticipate having to submit an assignment late. I am happy to be flexible, with advance notice. We may be able to work out an extension based on extenuating circumstances. If you do not communicate with me before submitting an assignment late, the GCU late policy will be in effect. I do not accept assignments that are two or more weeks late unless we have worked out an extension. As per policy, no assignments are accepted after the last day of class. Any assignment submitted after midnight on the last day of class will not be accepted for grading. BUS FPX 3021 Assessment 3 Business Entity Implications for Contract

• Communication

Communication is so very important. There are multiple ways to communicate with me: Questions to Instructor Forum: This is a great place to ask course content or assignment questions. If you have a question, there is a good chance one of your peers does as well. This is a public forum for the class. Individual Forum: This is a private forum to ask me questions or send me messages. This will be checked at least once every 24 hours.

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