Please read the attached in preparation for this week. Be sure to read and review the Wrap-Up posted on Saturday.

Introduction

Read Chapters 20 and 21 inIntroduction to Business Law.

Two Discussion Questions Due

One Assignment Due

OVERVIEW

BUSINESS ORGANIZATIONS

This week we also focused on differing ways of doing business. Briefly, there are only so many ways to conduct a business and all involve the law.Summarily, the different types of conducting business are:

A.Sole Proprietor

B.Partnership

C.Limited Liability Partnership

D.Corporation (Close)

E.Corporation (General)

F.Limited Liability Company (LLC)

Each type of entity is a creature of the state, meaning that they exist in their own right separate and apart from individuals.They have their own identify and identifying characteristics, just like individuals.For example, each person in the United States has a birth date and a social security number.Corporations, partnerships, and LLC's, etc., like individuals have a birth date, i.e., the date of filing of the Articles of Incorporation and a social security number, i.e., an employer identification number.