Based on the in-depth reading of the relevant case, the best form of business organization which will be able to protect me for starting an ice cream store is Limited Liability Companies. LLCs is the best choice because of limited liabilities, flexible and lower taxations, flexible ownership structure and ability to end the company. First of all, unlike other business forms, members of LLCs do not have personal liability for the companyâ€™s debts and obligations.
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In other words, members are just liable for the debts, obligations and liabilities of the company only to the extent of their capital contributions. For example, Roberto copied the logo on a cheese package, so someone in that cheese company might sue us because of the violation of the intellectual property protections. If I lose the case, they cannot take my personal assets for Robertoâ€™s liability because my business is LLCs with limited liability. According to the U.S. Small Business Administration (SBA), â€œan LLC is not a separate tax entity, so business itself is not taxed.â€ This means that the income or losses of the company will flow through to membersâ€™ individual tax returns, and then they are to pay it through the personal income tax. Furthermore, Roberto and I also can elect how the company is taxed either as a corporation or as a corporation. This illustrates that our company is still able to avoid double taxations. In term of the flexible ownership structure, our LLC can be either a member-managed LLC or a manager-managed LLC. However, it does not matter what type of the structure of the company is. Roberto and I still have a say in management without losing our limited liability. Each member will have equal rights to manage the company. According to the website www.nolo.com â€“ a website composed by many legal lawyers, â€œunder the laws of many states, unless your operating agreement says otherwise, when one member wants to leave the LLC, the company dissolves.â€ This means that if I have some troubles with Roberto or do not want to continue operating the company, I will be able to leave the company. No one can prevent me from doing that unless the operating agreement between Roberto and I says so.
I should take Trademark for my business name and logo because it allows me to get legal protection for the name and logo of the company. According to the United States Patent and Trademark Office (PTO),
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