Reference no: EM132329941

Assignment - Billy Wildermon's Rafting Business

Next are some helping notes for the Paper that is on Entity Forms. Below is the prompt. To achieve the best grade, you should read the Rubric, Prompt and my Announcements. The prompt is the minimum and if that is all you follow you will be graded accordingly.

"Billy Wildermon is a sole proprietor with a successful river-rafting business on a remote river in southern Colorado; he has three river guides, two bus drivers to drive the customers to the river and then pick them up, and two administrative assistants. He is concerned about personal liability, and wants to know what corporate form is best based on the following considerations:

• He may want to offer some equity to some of his employees or to other investors so he can expand his operations. He also wants to reduce his taxes.
• He has a couple of potential foreign investors and may want to support Trout Unlimited as a non-profit in some way.
• He wants to make sure he is following the law in terms of licensing, and also wants to know what other types of protection beyond a certain business form of organization might help him as well.
• He has heard a little bit about a 'B' Corporation, but knows little about it. He doesn't want much interference with his operations or hoops to jump through - the simpler the better for now is his philosophy, although he hopes the business will grow and is open to a different form then.

To help yourself understand where you are going you should list the topics in the opening paragraph of the facts. List and number. Then place what law might apply.

Next The bullet points have several points that you should list and figure out what legal topic applies.

You may have to look at other areas of the law to fully find these aspects. Keep in mind we are concentrating on Business Form Issues. The points in the facts help point to the best form to use.

Write a paper that analyzes Wildermon's legal business form issues and provides a recommendation as to which form is the best option for his operation.

Points:

1. You are to decide what is the best form for Wildermon's business. Now there are a total of 5 basic Business forms set forth in Jennings in Chapter 16. Those basics are divided into subsections of the basics making the options available up to about 10 or more.

Thus, I want you to focus your attentions on the following to decide which is the best form of business here in this situation. Look at B Corporations, C Corporations, S Corporations and Limited Liability Companies. Also look at the fact that he is currently operating as a Sole Proprietorship. Your paper is supposed to be 3 pages. You will use that much and probably more for in making this analysis.

2. I have listed below some of the factors you will want to take into consideration in making your decision as to the best form.

A. What are the advantages of your particular assigned business structure over the other possibilities? Are there disadvantages or restraints placed upon them by this new structure?

B. Are there formal filing and/or licensing requirements to create your new structure? Without necessarily creating the documents, identify them and summarize their contents.

C. Beyond the essential documents for creation, are there other documents or written agreements that should be considered at this time? How do they bring in new participants or release departing ones?

D. Are there tax consequences to your assigned business structure? What recommendations would you make to prepare any necessary tax returns? Under your new structure, who is liable for taxes? Who is entitled to the profits?

Attachment:- Assignment File.rar