ne of the most common ways in which business managers are involved with business law is in relation to contracts. Organizations of 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. The type of legal entity can significantly impact:For this assignment, assume that you work as a manager in a relatively small, privately owned U.S. business. The company president (who is also the owner) inherited the company from his mother and has never started a business. He is considering creating a spin-off business (possibly with one or two associates) but is unsure about what form of business entity would be best to use for the new business. It is expected that contracts will play a major role in the success of the business, as it utilizes numerous suppliers and distributors. The president knows you took a university-level business law class and has asked you to write a briefing analyzing the four most common business entities in the context of contracts to help him decide which type of organization to choose for the new operation.Research each of the following forms of business entities:Write an executive briefing of potential factors and issues associated with four types of business entities in the context of U.S. contract law. Analyze the following for each type of business entity.Step 1: Explain the creation, negotiation, and approval of contracts for the most common types of business entities.Step 2: Explain contract liability for the most common types of business entities.Step 3: Explain how the income of each type of business entity is taxed, specifying whether the entity, the owner, or both, are taxed.Step 4: Explain the effects of the type of business entity on the ability to contract for the sale of the business.

Overview One of the most common ways in which business managers are involved with business law is in relation to contracts. Organizations of 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. The type of legal entity can significantly impact:For this assignment, assume that you work as a manager in a relatively small, privately owned U.S. business. The company president (who is also the owner) inherited the company from his mother and has never started a business. He is considering creating a spin-off business (possibly with one or two associates) but is unsure about what form of business entity would be best to use for the new business. It is expected that contracts will play a major role in the success of the business, as it utilizes numerous suppliers and distributors. The president knows you took a university-level business law class and has asked you to write a briefing analyzing the four most common business entities in the context of contracts to help him decide which type of organization to choose for the new operation.Research each of the following forms of business entities:Write an executive briefing of potential factors and issues associated with four types of business entities in the context of U.S. contract law. Analyze the following for each type of business entity.Step 1: Explain the creation, negotiation, and approval of contracts for the most common types of business entities.Step 2: Explain contract liability for the most common types of business entities.Step 3: Explain how the income of each type of business entity is taxed, specifying whether the entity, the owner, or both, are taxed.Step 4: Explain the effects of the type of business entity on the ability to contract for the sale of the business.