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Essay / Research Paper Abstract
This 5-page paper discusses various business set-ups and liability issues, as well as employment laws. Bibliography lists 1 source.
Page Count:
5 pages (~225 words per page)
File: AS43_MTsetubusi.rtf
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Unformatted sample text from the term paper:
right choice, while the construction scenario involves employment laws as well. Business #1 - Frank the Wealthy Investor Frank is a wealthy investor
who wants to open a chain of exterminating businesses across the United States. Frank needs to consider forming either an S Corp. or a limited liability company, or LLC. There
are two reasons for this, both involving liability. First is the issue of the product hes offering, which is pest control. This requires chemicals, and it requires employees who are
likely going to have to handle the chemicals. If there is an accident with the chemicals, it will end up being the controlling entitys responsibility. With either an S corp.
or LLC, the entity itself is the controlling factor, and Frank doesnt get taken to the cleaners if the employee decides to sue.
There is also the liability issue when it comes to customers - again, with chemicals and pest-killers, anything is possible. If a dissatisfied customer wants to sue, Frank can rest
assured that his entire life savings wont go up in smoke. For tax purposes, a corporation form is going to be better as
well. If Frank decides to be a sole proprietor, he ends up paying self-employment tax for FICA. But as a corporation, the corporation pays the tax. But overall, the liability
issue is the most important in this particular case. Many businesses these days are deciding on an LLC as opposed to a full-fledged
corporation, because it offers the same protection as a corporation with a lot less hassle and paperwork. There are differences in terms of "pass through" taxation, and differences in terms
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