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Essay / Research Paper Abstract
A 4 page paper choosing a business form (LLC) for a new company and assessing the liability positions of senior managers at HealthSouth and RiteAid, two businesses operating a corporate form that could not protect senior management from charges of various types of fraud. HealthSouth's Richard Scrushy was the first to be tried under Sarbanes-Oxley; the RiteAid case began several years before the law went into effect. The point is that even though the corporate form of business ostensibly offers greater liability protection, it does not insulate corporate officers from being forced to assume liability for their actions. The LLC structure will be sufficient for protecting the owners from frivolous lawsuits, and they have no need to fear legitimate ones. Bibliography lists 4 sources.
Page Count:
4 pages (~225 words per page)
File: CC6_KSbusMDform.rtf
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Unformatted sample text from the term paper:
Introduction After researching business forms available to new companies in Maryland, the owners of the still-future durable medical equipment business have decided to
create the company under the guidelines of the limited liability company (LLC). The owners are aware that a corporate structure provides greater liability protection, but neither do they anticipate
a great need for such protection. The company will not be manufacturing a product for which it must accept responsibility, though it will be selling the products of such
companies. The owners further intend to operate the new business at the highest levels of integrity in all aspects of the business.
This includes not only the companys relationships with customers, but also with employees and suppliers. The owners see no need to protect themselves from consumer protection representatives or internal
"whistleblowers," because those entities are issues only in the presence of questionable - or outright fraudulent - business practices that the owners not only will not tolerate, but also not
practice themselves. Both of the two owners will be active in the business and will draw modest salaries from it on a regular
basis. They will take an equal portion of profits at the end of each fiscal year in an amount that totals not more than 25 percent of net profit.
Remaining profit will be used to build the business for the long term; the owners will secure their greatest gains if the company is sold in the future.
In that event, the two owners will equally share in the proceeds of the sale. Corporate Form Considerations It was difficult to sue
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