Bus. Law

Business Entities, Laws, and Regulations Paper

University of Phoenix
August 13, 2011

Business Entities, Laws and Regulations
Once they have decided to start their own business they will have to carefully consider the rules and regulations that will apply to their business to ensure success. In this assignment we will discuss how two new business entities should be created and the issues that should be carefully considered to make the business a success. We will also examine another business hiring practices and compliance.
Lou and Jose Sport Bar and Restaurant
Lou and Jose want to open a Sport Bar and Restaurant where sports fans within the areas can come and have a good time. There is one major problem to accomplish their plans; they do not have the resources to fund their project. Miriam a wealthy investor goes to Lou and Jose and tells them she is willing to invest in the Sport Bar and Restaurant but wants to remain a silent partner and to receive a return on the money she invested.
Lou and Jose needs to come up with a name for their potential business and register it with the state they are opening the business in. There next step is to find a suitable location, and receive the required permits within that state. Lou and Jose will have to decide on their role within the business and the duties each will be responsible for. Once they have accomplished what is required, they can now apply for their employer identification number.
The next process in getting the business started is to employ a lawyer to handle the business and tax guidelines for employees and taxes required by the state. Lou and Jose must have their food and liquor licenses before they can open to the public.
Lou and Jose needs to consider the risk in their business, such as serving alcohol to minors and serving alcohol to customers who has had more than enough to drink already. They will need to obtain liability insurance to protect their business from any lawsuits. Miriam who is a...