Introduction to Business Organizations

1
Introduction toBusiness Organizations

• Chapter 1

2
Introduction

• Business is vital to the economic health of all
  nations.
• Businesses can be as simple as a sole
  proprietorship or as complex as a multinational
  corporation.

3
Overview of Business Organizational Models

• A sole proprietorship is a business that is owned
  and run by a single individual. It is one of the
  simplest business forms to create and dissolve.

4
Partnerships

• A partnership consists of two or more people
  working together in a joint business venture.

5
Limited Partnerships

• A limited partnership combines the basics of a
  typical partnership with the concept of limited
  liability.

6
Limited Liability Companies

• A limited liability company (LLC) is a cross
  between a partnership and a corporation, owned by
  members who may manage the company directly or
  delegate to officers and managers who are similar
  to a corporations directors.

7
Corporations

• A corporation is much more than another business
  model. A corporation is considered to be an
  artificial person.

8
Professional Corporations

• Similar to a limited liability company,
  professional corporations offer professionals the
  chance to pool resources and to protect the
  personal assets of their members.

9
Forming a Corporation

• Creating a corporation requires careful attention
  to detail and a solid understanding of your
  states laws.

10
The Role of the Legal Team in Creating a Business

• Businesspeople often seek legal advice for many
  different issues.
• As a paralegal in a business firm, you will be
  called upon to engage in a wide variety of
  activities to help create a business.

11
Registering the Company Name

• In most states, when a person wishes to name a
  business something other than his real name, he
  must apply with the state for a fictitious name
  certification.

12
Acquiring a Web Site

• Part of the service offered by the firm might
  include registering a domain name with the
  Internet Corporation for Assigned Names and
  Numbers (ICANN).

13
Searching for a Trademark

• If the client wishes to register a trademark for
  his company, the firm must conduct a trademark
  search in order to ensure that no other company
  has already registered the same or a
  substantially similar image.

14
Obtaining Licenses and Permits

• New business owners are often ignorant of the
  many different types of business licenses and
  permits that are required to run a business.