In forming a vexation entity one should look for the scoop entity for the life of the business and the indebtedness exposures that come along with certain types of business. Lou and Jose plan to founder a sports bar and restaurant. These deuce dont have much money to open the business but they have Miriam that is a wealthy investor and that go away provide the capital to start business and in paying back receive a percentage ownership. I would recommend these partners to ask a Limited Liability Company it provides the bar and restaurant to be an Limit Liability Company is a fragment legal entity (or legal person) distinct from its members [ULLCA Section 201] (Cheeseman, 2010, p. 267). Since Lou and Jose will course the day to day executions they can be managing partners of the operation and Miriam is also partner but not involved in the business operations but is exposed to all the liabilities of the business this seems to be best type of formation seems to be the best fit for Lou, Jose and Miriam. The bar and restaurant liability exposures are there. With a bar and restaurant you can be exposed to err and fall accidents if the floor is wet from spilled drinks or food that was tossed onto the floor, merchandising alcoholic beverage to minors, fights and mounted T.V.s not holding up.
You also have the exposure of selling too much alcohol to one person. You must be familiar the ABCs laws of serving alcohol in State of calcium. According to California Department of Alcohol Beverage Control (2011), No. all person who sells furnishes gives or causes to be sold, furnished or attached away, any alcoholic beverages to any habitual drunkard or to any obviously intoxicated person is guilty of a misdemeanor. (Section 25602) (para. Q. 81), so its critical and crucial for Lou and Jose to know and show the ABCs laws and regulations. Since, this can be a liability exposure to them for serving to much alcohol to a sponsor of their...If you want to get a full essay, order it on our website: Ordercustompaper.com
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