What Type of Business
What Type of Business?
#1 Every organization is formed into an entity of some sort, and is usually done to protect individuals from liabilities connected with business operations. If you were starting your own business, which entity formation would you use–sole proprietorship, partnership, LLC, or corporation? Why? Which entity formation would you never use? Why?
#2 Contracts are the backbone of every business. Most are in writing but even those that are oral are just as important. Contracts are the tools that enforce promises between all parties included. However, there are formal requirements that must be fulfilled for a contract to be considered enforceable. Typically an offer, acceptance, consideration, legality and capacity are required. Do you believe contracts should require fewer formalities to be enforceable? Lastly, have you ever experienced a breach of a contract? How did you handle the consequences from the breach?
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