Reference no: EM133074006

Identify the section of the Constitution or its amendment that you have chosen. Discuss how this section of the Constitution or its amendments both limit and protect business in general. Describe an example of how the section of the Constitution or its amendment that you have chosen could be applied to your professional life (past, present, or future). In your example, discuss whether the section of the Constitution you have chosen to address limits business or protects it.

Part 1

I choose to discuss the 1st amendment that was adopted into the constitution in the year 1791. This amendment affords the Citizens of USA the right to freedom of speech, religious practices, and peaceful assemble to petition the state government for a redress of complaints. The USA first amendment protects companies by enabling the owners to run their businesses in the way they consider best. It allows the company to operate on beliefs it has chosen.

This means that the beliefs the company has selected to associate in running their business do not recognize how the customer lives their lives then they don't have to prop up that consumer. The business also can get engaged in political speech in that it can easily advocate for the issues that seem important to their overall success. Also, it protects business advertisements as part of the freedom speech (Brudney, 2018).

However, the 1st amendment can limit the business organization on the basis of various aspects. Although the 1st amendment protects corporations by allowing them to operate on their cultures and beliefs, it limits them from practices and cultures such as discriminating consumers that do not share the same cultures and beliefs as those businesses do. Also, it limits corporations from using culture and beliefs to discriminate candidates during recruitment process (Brudney, 2018). In my current place of work, we are given an opportunity to practice our religious beliefs, and any other things. this makes resolutions to different problems attained easily because there is freedom of speech. This example protects the business as good things emerge when people are given an opportunity to be heard.

When to form an LLC (Limited Liability Company) (Links to an external site.) discusses why the LLC is one of the most popular types of business entity. After reading the article and Chapter 30 of the textbook, compare an LLC with a C corporation and with an S corporation. If you were operating your own business, would you choose the LLC as the organizational form for your business? Explain your reasoning.

Part 2

A Limited Liability company (LLC) is one of the most popular business entities because of its flexibility in the business structure and the capability to protect personal assets of the owner of the business. Another reason why the LLC is popular is due to the fact that there are fewer restrictions and requirements, flexible management arrangement, and its flexibility to choose how the corporation is taxed (Keatinge, 2018).

C companies are separately taxable entities. These corps often file a corporate tax return and pay their taxes ate the corporate level. Also, these corporations experience the potentiality of double taxation when the corporate is disseminated to business owners as dividends that are deliberated as personal taxable income. On the other hand, S corporations are pass-through taxable entities and they often file the federal return, yet there is no income tax paid at the corporate level (Denis, 2019).

I think I can choose the S corporation because there is a great advantage of protecting personal assets. correspondingly there is no paying of both corporate and personal taxes. Also, I will have a benefit of paying myself wages and get a cut of profits that I cannot perform with a Limited Liability Company. I will not choose LLC because there is limited access to these benefits.