Write a 2-3-page briefing of potential factors and issues associated with four types of business entities in the context of U.S. contract law.
Introduction
One of the most common ways in which business managers are involved with business law is in relation to contracts. Organizations of almost any size will most likely need to create, negotiate, review, approve, adhere to, and resolve conflicts associated with contracts. A business determines its legal standing by determining what type of legal entity it should be identified as. The type of legal entity can significantly impact:
How lawsuits can be brought.
How contracts are handled.
How the courts interpret contract.
How the organization enters into contracts.
How the income from the organization’s contracts is taxed.
How liability for breach of contract is assigned.
How the business is sold.