Akiva And Tara Are Equal Partners In The Business

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PROFESSIONAL/ PRATICE Akiva and Tara are equal partners in the business. Akiva and Tara are both have the same education and experiential requirements to start the birth clinic. Akiva’s and Tara’s name will be on the loan. Both are brining the same things to the table like education, experience, money and desire to own their own business. Akiva and Tara are entering into a general partnership with each other. They will have equal control and voting right with the business. The money earned from the business will be represented on their individual personal income tax returns. Within a general partnership each partner is responsible for liabilities jointly of the contract and debts of each partnership. This is important because each person in a partnership can be sued by a plaintiff if the plaintiff names each partner in the suit. The partners can be sued equally if this happens. If the plaintiff does not name all the partners in the suit then just the partner that is named will be sued. If any partner does not pay their part of a loss then the remanding partner may seek indemnification from him or her. Went a new partner joins a partnership the exiting debts and obligations of the partnership are liable only to the extent of his or her capital contribution. But when an incoming partner joins a partnership the partner is personally liable for debts and obligations incurred by the partnership after they have became partners. The Civil right Act of 1964 is laws that businesses need to make sure that they follow and consider while starting up a business. If a business does not follow the Civil Right Act of 1964 the business will not be protected from law sue. This also means that businesses have to offer equal opportunity in employment to all candidates. The government has several antidiscrimination laws for the people and if the laws are not followed then the employer can be sued. To sum it up Akiva and Tara needs to make sure that they follow all laws and regulations while opening up their birth clinic, by following the laws their clinic will not be at risk of getting sued.

Restaurant/ Bar Lou and Jose wants to open a sports bar and restaurant where people can come and socialize and enjoy themselves. Lou and Jose does not have enough money to start to business buy themselves so Miriam a wealthy investor will provide the capital that is needed to start the business. Jose, Lou, and Miriam will have a general and limited partnership. Jose and Lou partnership will be the general part because they will be running the business. Miriam portion will be the limited partnership because he will provide the capital and receive a percentage of the ownership. Miriam will not run or manage the business. All parts might or might not have equal voting right when it comes to the business this will be stated in the partnership agreement. Both the general partners and the limited partner will have to report their taxes on their personal income tax returns. General partners have unlimited liability for debts and obligations of the limited partnership. But general partner have unlimited personal liability for the same debts and obligations of the same partnership. Liability is from debts that cannot be satisfied by existing capital of the limited partnership. It is the opposite for limited partner they have limited liability for debts and obligations of the limited partnership. Limited partners also “are liable only for the debts and obligations of the limited partnership up to their capital contributions, and they are not personally liable for the debts and obligations of the limited partnership” (Cheeseman, 2010, p. 261). Every business needs to make sure they follow equal opportunity in employment. The government made it easy for business they set rules and regulation “laws” that they have to follow. There are laws in place to make sure business does not discriminate against anyone. The Civil Right Act of1964 states that no one
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