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Business Organization Project Businesses can take several different forms. Each type of formation has a unique set of characteristics that are important for the entrepreneur to consider before starting a business and to know to maintain the business form. Liability exposure, responsibility for taxes and division of management responsibilities are just a few of the areas that differentiate the business structures. You have signed up for a specific business organizational form. You will research and create the business model that you have chosen. For purposes of this project, all businesses are headquartered and do business in the state of Texas. You will function as an entrepreneur who is setting up the assigned business organization or an expert on your chosen form teaching to others about your type of business, using your fictional company as the illustration. I have included a list of factors that you will need to address and include in your paper. The list below is not exclusive, so you may include other interesting information, but you MUST include the following: Limited Liability Company. 8. What type of formation agreement or document is required to start your business? (Contract Law) 9. What is the personal liability for you in your designated position within the company? (Torts + Unit 4) What is the personal liability for others involved in your business? Explain. (Torts + Unit 4) 10. What is the management and control structure of your business? How does this affect their personal liability? Discuss. (Torts + Unit 4) 11. What are the duties assigned to the owners? How are these decided and documented? (Unit 4) 12. How are profits distributed in your form of business? (Unit 4) 13. Who pays taxes on the profits in your organization? Discuss. (Unit 4) 14. Are there tax benefits and/or disadvantages to this type of organization? Discuss. (Unit 4) 15. What are the business benefits and disadvantages to your organization? (Unit 4) 16. What is the procedure for terminating your business? How do you wrap-up or dissolve it? (All units) 17. Give an example or examples of well-known businesses who operate the same form of business. (Please list companies that operate this type of business in their current format - not how they started.)