Business Entities, Laws, and Regulations Paper Essay Example
Initiating a business endeavor requires comprehensive research into licensing, comprehension of state laws and regulations, and assistance in its initial stages. It also demands an examination of the company's structure, management, tax system, and importantly addressing possible liability issues. Prioritizing self-protection is essential for the organization. This passage intends to delve into the procedures necessary to form a thriving enterprise with examples from industries like pest control service, hospitality industry including bar/restaurant operations and construction businesses.
Frank, a prosperous investor, has intentions to establish a range of pest control companies throughout the US. Despite requiring intense work, this industry can yield high profits. By familiarizing himself with the licensing requirements, laws and regulations of each state, he can kickstart his business. Creating a franchise allows Frank not only
...to expand his reach across the US but also earn revenue from franchisees via royalties. Possessing a strong business strategy and marketing plan is critical for navigating towards success.
Every business needs to consider insurance as a critical factor. Commencing a marketing strategy by engaging with Realtors can be an excellent initiative. This is due to the necessity of termite clearance whenever a house is sold to finalize escrow. Focusing the marketing strategy on Realtors could significantly improve business growth and success. One crucial component in all businesses is pricing. Being a franchise could offer Frank advantages related to taxation and liabilities, enabling all its inspectors to function as independent contractors. Meanwhile, Lou and Jose intend to launch a sports bar and restaurant where patrons can socialize and enjoy watching sports on large TVs displayed around the venue.
Despite being cash-strapped, Lou
and Jose have Miriam, a prosperous investor. She lacks the time to be actively involved in the enterprise operations but aims to extend her monetary support to kickstart the venture in exchange for partial ownership. In this specific situation, a partnership must be established among Lou, Jose, and Miriam. They should evenly divide the ownership into three parts. While Lou and Jose manage the operational aspects of the business, Miriam contributes financially.
Miriam, Lou, and Jose share equal responsibility for vital business choices. Both Lou and Jose will supervise the everyday activities. Each one of them is required to fulfill their tax duties based on their personal earnings. It's a necessity to comply with all license regulations, inclusive of those related to alcohol sales as well as adherence to state rules and laws. The restaurant/bar must abide by labor laws which mandate that any staff serving alcoholic drinks should be no less than 21 years old.
Employees are strictly forbidden to consume alcohol during their working hours. It is recommended for companies to form an at-will employment contract with each staff member. If the organization plans on providing alcohol, additional insurance may be required. In the construction sector, Mei-Lin serves as the recruitment manager at Surebuild, Inc., a rapidly growing building company. She has openly declared a vacancy for a jackhammer operator role; candidates must have completed high school education to be deemed suitable for this position.
The following job applicants are currently being reviewed: Michelle, a 35-year-old high school graduate who appears to be pregnant and has prior experience operating a jackhammer; Eric, a 55-year-old individual skilled in using a jackhammer
but without a high school degree; Felipe, aged 38, non-English speaking without any high school credentials yet experienced with the use of the jackhammer; and Nick, a 23-year-old college graduate suffering from epilepsy having no previous exposure to working with a jackhammer. As per the definition given by jackhammer.com, it is stated that the primary function of a jackhammer is to drill into rock or ore within mining or quarrying environments as part of blasting operations.
Operating a jackhammer demands abundant strength and prior experience with the machinery, given its high-risk nature. This tool links to water and compressed air or steam lines to function. Therefore, a diligent recruitment manager is required to select the ideal candidate for the role, considering all necessary skills and attributes. It's also imperative for the operational business to conform to all relevant employment and business legislation. Because of the number of applicants aiming for the jackhammer role, the optimal choice would be an individual possessing both education and experience.
Given her previous experience and secondary school qualification, Michelle is a perfect fit for the job and can commence as soon as she finishes her maternity leave if the role's urgency allows. If an immediate replacement is required, Felipe could be considered due to his sufficient English language skills that meet the job's requirements. Eric also exhibits significant potential because of his expertise in jackhammering. Even though Nick has impressive educational credentials, his absence of relevant experience makes him less desirable for consideration.
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