Business Entities, Laws, and Regulations Paper
Malia Thao
Business Entities, Laws, and Regulations Paper
Bus415
Shenia C. Kirkland, Esq
May 17, 2011
Every business has rules and regulations that must be obeyed and respected. These laws are made up not to restrict business from running the way they want to but to keep equality and safety as a priority. In our modern age the safety and equality of all individuals are held as first priority and in order to protect everyone rules and regulations are made in order to ensure safety. Another important aspect is for individuals to understand the risk and problems that can arise from owning a business. Everyone that owns or plans to own a business must understand that financial problems as well as criminal charges can result from poor practice and failed maintenance. A few scenarios have been chosen to exemplify how to resolve issues that may arise
Restaurant/Bar Scenario A sports bar can be a profitable business is it is well maintained and managed accordingly. As is every business the owners and investors must comprehend the risks and responsibilities that come with the territory. There are many responsibilities that require Lou and Jose to surrender most of their time in order to maintain the business. They also have to take into consideration the laws and regulations issued by their state Food and Beverage Associations. The alcohol permit alone will cost them a hefty fee and there is an annual renewal fee. On top of the all the permits, the two must be able to have a menu, inventory sheets, hire a staff, purchase all necessary equipment and pay rent. These things are essential to just begin. Lou and Jose must be able to present the concept and cost in a well formed business plan in order to convince anyone to give them money. If they team is able to get the money for the business then they will first have to find a good location. Location comes with a demographic of potential customers. If they were located in a rural community they would have to adjust
Business Entities, Laws, and Regulations Paper
Bus415
Shenia C. Kirkland, Esq
May 17, 2011
Every business has rules and regulations that must be obeyed and respected. These laws are made up not to restrict business from running the way they want to but to keep equality and safety as a priority. In our modern age the safety and equality of all individuals are held as first priority and in order to protect everyone rules and regulations are made in order to ensure safety. Another important aspect is for individuals to understand the risk and problems that can arise from owning a business. Everyone that owns or plans to own a business must understand that financial problems as well as criminal charges can result from poor practice and failed maintenance. A few scenarios have been chosen to exemplify how to resolve issues that may arise
Restaurant/Bar Scenario A sports bar can be a profitable business is it is well maintained and managed accordingly. As is every business the owners and investors must comprehend the risks and responsibilities that come with the territory. There are many responsibilities that require Lou and Jose to surrender most of their time in order to maintain the business. They also have to take into consideration the laws and regulations issued by their state Food and Beverage Associations. The alcohol permit alone will cost them a hefty fee and there is an annual renewal fee. On top of the all the permits, the two must be able to have a menu, inventory sheets, hire a staff, purchase all necessary equipment and pay rent. These things are essential to just begin. Lou and Jose must be able to present the concept and cost in a well formed business plan in order to convince anyone to give them money. If they team is able to get the money for the business then they will first have to find a good location. Location comes with a demographic of potential customers. If they were located in a rural community they would have to adjust
References: Georgia Department of Human Resources. (n.d). RIGHT FROM THE START MEDICAID. Retrieved from http://dhr.georgia.gov/DHR/DHR_FactSheets/FactSheetRSM_04.pdf Parsa, H. (2003). RESTAURANT FAILURE RATE MUCH LOWER THAN COMMONLY ASSUMED, STUDY FINDS. Ohio State Research. Retrieved from http://researchnews.osu.edu/archive/restfail.htm