Business Entities, Laws, and Regulations Paper Term

traffic Entities, Laws, and Regulations - Term Paper ExampleThe next step is to fulfill these legal formalities by complying with the mentioned regulations and eventually to keep a track of the time period for submission of the taxes and brand fees to remain eligible for the protective covering and enforcement rights (Business, 2011). In the United States, there be non-homogeneous options for owning the rights in a stemma. The SBA website of US regimen highlights that apart from sole proprietorship and partnership form of business entity, one can form a Limited Liability Company (LLC), non-profit organization, S corporation or a cooperative (Follow, 2011). severally of these business ownerships require that it should be registered with the government within a stipulated time frame. 1.2) Trade Name/ earmark Search According to the United States Patent and Trademark Office, the business entity has to apply for trademark availability search. erstwhile the desired trademark has been allowed for adoption, the trademark is applied for registration in the name of the applicant. The registration of the trademark acts as a legal document which authorize the owner to use, manufacture, export, import, sell, license or assign the trademark and goods infra the trademark for a defined period. Those cases where the trademark used is the ownership of another applicant would be considered an irreverence of intellectual property rights which is penalized. Therefore, it is important for the business to take a thorough check of the availability of the trademark before the founding of the business entity. 1.3) Taxation The US Government have laid down the various taxes which a business entity has to pay on a frequent basis to remain legalized. An import or export business has to pay custom taxes, excise duties, and other related taxes upon every consignment or shipment of cargo. The restaurant business however, is required to charge sales tax on apiece aim and to file the sales tax returns along with business tax returns every fiscal year. Additionally, there are property and automobiles taxes which have to be paid accordingly. 1.4) Insurance The insurance is a necessary part of a business in the modern times. Particularly, in the import or export business the law requires that each consignment is fully insured to remain protected of the future unprecedented occurrences. 1.5) Risks Business involves risks. However, one has to discover them and take necessary precaution to avoid any losses. 1.5.1) Failure In a newly launched business of a restaurant, the first and primary risk is of failure in business which ends up in farting up and withdrawal from the market. Due to high opposition in this field and high demand of prime(prenominal) food, there are high risk factors that signal towards loss. Nevertheless, the sports obstruction concept act as a competitive edge to the business and can help it to remain afloat. 1.5.2) Entry of New Competitor s Other risks take the copy-cats or the entry of new competitors in the business copying the similar method of forming a sports bar with a different and advanced style. This is the most expected risk in a business which is the unprompted force for strengthening or failure of the business. 1.5.3) Lowering of Profits Another risk is of increase of competition leading to lowering of