Ask Question
BusinessBusiness
20 August, 00:37

A. Identify the main types of business entities and discuss the advantages and disadvantages of each.

B. Recommend a specific business entity for Arcadia Sports and include your reasoning.

C. Based on the characteristics of each type of business entity, determine the type under which Jeb and Josh would be personally liable to Jane for damages.

D. Based on each type of business entity, analyze the ability of Jeb's personal creditors to seize the assets and/or profits of Arcadia Sports.

+5
Answers (1)
  1. 20 August, 03:05
    0
    See explanation section

    Explanation:

    Requirement A

    1. Sole proprietorship: Advantage: Can make quick decision.

    Disadvantage: Having unlimited liabilities.

    2. Partnership: Advantage: Access to knowledge, skill, and experience.

    Disadvantage: Having unlimited liabilities.

    3. Corporation: Advantage: Limited Liabilities and a massive amount of money.

    Disadvantage: Double taxation.

    Requirement B

    From the case, we can recommend the limited liability partnership for Arcadia Sports. As Jeb has winding power and contributes more money, he does not need to involve in the daily operations. Josh will be the operator of the business. A significant characteristic of limited liabilities of partnership is that no partner is responsible for the company's obligations.

    Requirement C

    Based on the characteristics of each type of business entity, it is a partnership business because Jeb and Josh would be personally liable to Jane for damages. According to the partnership business, it has unlimited liabilities, and partners are responsible for any customers' damages. Therefore Jane might sue the partners.

    Requirement D

    Based on each type of business entity, I could say that the ability of Jeb's creditors to seize the assets and profits of Arcadia Sports might be a general partnership. Jane, one of Jeb's creditors, can recover the damages against both the partners as every partner has unlimited liabilities for each partner's obligations.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A. Identify the main types of business entities and discuss the advantages and disadvantages of each. B. Recommend a specific business ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
15. What is the time for the employee to build 8 units with this learning curve using the cumulative average-time method? A) 49 hours B) 25.33 hour C) 31.8 hours D) None of the above
Answers (1)
After graduating with a marketing degree, Andrew Smith was hired by a well-known public relations (PR) firm offering the opportunity to do PR work for large and small companies. According to Theory Y, Andrew's supervisor would expect him to a.
Answers (2)
If a good that generates negative externalities were priced to take these negative externalities into account, its A. price would decrease, and its output would increase B. price would remain constant and output would increase C.
Answers (1)
Bulldog Corporation reported taxable income of $500,000 this year, before any deduction for any payment to its sole shareholder and employee, Georgia Brown. Bulldog chose to pay a bonus of $100,000 to Georgia at year-end.
Answers (1)
What is the best source of information for deciding whether a product meets your needs?. A. the product's advertisements. B. the product's brand name. C. the product's label
Answers (1)
New Questions in Business
Glass walls a. can be easily broken and with the elimination of those barriers, people can get ahead. b. enable peoples talents and success to be seen by those on the other side. c.
Answers (1)
Which of the following statements correctly describe discouraged workers? Check all that apply. (If none of the choices apply, leave all of the checkboxes blank.) They have given up on looking for a job.
Answers (1)
You Just won a prize that will pay you $800 today and $500 a year for the next three years. Which is the correct formula for computing the present value as of today at 6 percent? PV = $500/1.06 + $500/1.062 + $500/1.063 PV = $800 PV $800/1.06$500/1.
Answers (1)
Which of the following phrases describes money? A. A way to control the government B. A form of communication C. A system of investment D. A stable standard of value
Answers (1)
Financial measures such as ROI are generally better than nonfinancial measures of key success drivers such as customer satisfaction as leading indicators of future financial performance. a. true b. false
Answers (1)
Home » Business » A. Identify the main types of business entities and discuss the advantages and disadvantages of each. B. Recommend a specific business entity for Arcadia Sports and include your reasoning. C.
Sign Up Forgot Password?