Week Two Learning Team Reflection on Personal Liability

Week Two Learning Team Reflection on Personal Liability Law/531 October 2, 2012 Week Two Learning Team Reflection on Personal Liability Benefits to Commerce Team C colleagues decided on the following opinions in respect to the advantages of commerce using shareholders and other entities for protection against personal liability losses. Commerce is the buying and selling of goods or services within cities, states, and globally. The legal structure of a business will establish the liable responsibilities of the business owner. When a business is established as a Corporation or an LLC this structure separates business owner’s personal assets from the business debit and liability. The benefits of commerce acquiring†¦show more content†¦Those with experience and know-how would simply remove themselves from management responsibilities, creating a vacuum for less qualified individuals, increasing the potential for torts to occur. Shareholders confidence would wane, stock markets would falter, and the economy would suffer a financial meltdown. Team C members also concur that corporations have protection f or their shareholders regarding their personal information, but they do not hold the shareholders responsible if the corporation goes bankrupt or shuts down. Shareholders are only responsible for the amount of money they have invested in the company. Piercing the corporate veil is the doctrine stating that if the shareholder uses the corporation improperly, the court of equity disregards the corporate entity. The shareholder is personally liable for the corporation s debts and obligations (Cheeseman, 2010). This is also known as the alter ego doctrine because the corporation becomes the alter ego of the shareholder. Still today sole proprietorships are the most popular form of starting a business and having ownership. The definition is a business owned by one person and not incorporated with any others. In the business world sole ownership is not separate and cannot be split apart from the owners personal assets (Fairfax, 2011). The unincorporated business is exposed to unlim ited liabilities and loss of personal asset protection. In today’s commerce environment having unlimitedShow MoreRelatedBusiness Law Reflection693 Words   |  3 PagesLearning Team Reflection Amin Vohra, Michael D. Thomas, Ryan McCullum, Joe Nguyen, Shantel Singh LAW/531 February 8th, 2012 Mr. James Blevins Learning Team Reflection This learning team reflection will discuss the compliance issues associated with the Foreign Corrupt Practice Act of 1977 (FCPA). What is Foreign Corrupt Practice Act? For those who don’t know might ask, well, the Foreign Corrupt Practice Act of 1977 which was introduced in the U.S Senate as S.303 by Mr. William Proxmire (DRead MoreContract and Electronic Reserve Readings. Essay2348 Words   |  10 Pages |Contemporary Business Law | Copyright  © 2011 by University of Phoenix. 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