Write a 3–page executive briefing of potential factors and issues associated with four types of business entities in the context of contract law.
One of the most common ways in which business managers are involved with business law is in relation to contracts. Organizations of almost any size will most likely need to create, negotiate, review, approve, adhere to, and resolve conflicts associated with contracts. A business determines its legal standing by determining what type of legal entity it should be identified as. The type of legal entity can significantly impact how contracts are handled, as well as how they are interpreted by the courts.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Competency 2: Evaluate the role of contracts in commercial transactions.
Analyze contract creation and negotiation for the most common types of business entities.
Analyze contract approval for the most common types of business entities.
Competency 4: Evaluate legal options to create a business entity.
Analyze contract liability for the most common types of business entities.
Analyze how choosing among the most common types of business entities affects the ability to sell a business.