Business law and its scope
Discussion
From my experience, my ideas and perceptions have changed towards business law and its scope. Mainly, individuals think business law is all about the laws that govern how one should start and run a business. However, I have come to understand that there are other laws that people don’t know about that relate to different types of business that one may consider. Being a lover of skating, I have always loved to start a firm that will deal with the sale of skating boards and skating to children between the age of 10-17 years. Having understood the different rules associated with the business, I have started to rethink the idea of starting the market since I don’t want to be held liable for anything if one of my clients gets an injury during training. Also, if I consider starting the business with my close friend, I don’t want to subject any burden to him or her.
I am having learnt the different benefits and limitations associated with a sole proprietorship, partnership, and limited company. I will evaluate the best form type of business I will consider that will not subject to any danger in the future. As described earlier, a sole proprietorship is own by one person, and thus, the person is held responsible for the business. One is also required to oversee all the operations of the company. The owner is required to provide the needed capital to run the business. In the case of a partnership, in the case of a general partner, one is required to run all the operations of the market and also held liable. For the limited partner, one only provides capital and is not involved in the daily activities of the company. However, one is held responsible in case the business is faced with issues. In the case of a limited company, the owners have unlimited liability(Beatty, Samuelson &Abril, 2018). In the future, when I will decide to start up my skating firm, I will consider a limited liability company since, with this, I will be assured of company continuity, and I will not be held liable for any drastic thing that may happen within the company.
References
Beatty, J. F., Samuelson, S. S., & Abril, P. (2018).Business law and the legal environment. Cengage Learning.