Case-1. Dear Fred and Sally,. Thank you for appointing

Added on - 18 Sep 2019

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Case-1
Dear Fred and Sally,Thank you for appointing me as an attorney to assist you in the formation of the new business. Iwill be providing you the detailed guideline on the following topics, which are the essentials tostart on a new business. The topics covered herewith are: -Types of business entitiesSole Proprietorship, Partnership, and Corporation is the main business entities. As the namesuggests the Sole Proprietorship is where there is a single owner liable for all the businessdecisions and have the sole right to the property, on the other hand, Partnership is between twoor more persons, and is generally divided into two categories and they are General Partnershipand Limited Partnership. General Partnership is one where two or more partners have the duty toshare the management and is personally liable for all the debts, but, in Limited Partnerships thepartners are only limited to the amount they contributed towards the capital and in this type ofpartnership one partner is not involved in the daily activities and the other partners acts like thegeneral partners. The third main business entity is the Corporation, where a separate legal entityis formed and the investors buys the stocks and the board manages the business.Product liabilityProduct liability makes the seller or the manufacturer of the product, being held liable forproduction of the defective products into the hands of the consumers. So, the manufacturer isprimarily responsible for any defects as to the product. In her, your product Fred’s Miracle