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Given the hypothetical situation below, address the following basic elements of business formation in a 1,000 to 1,250-word paper:
1.) Idea/vision for the business;
2.) Identify legal and regulatory issues to be considered in creating/modifying this business;
3.) How you would select professionals to rely upon for business advice, and who would you choose; and,
4.) What legal entity choice would you make for this business and why, including why the other possible entity options were not chosen.
Hypothetical Situation:
Five friends have gotten together to form a commercial construction business. Two of the friends have sizeable assets, but little construction experience. These two also have some experience in running companies. The other three friends have a small amount of capital to invest. Their major contribution to the group is that all three formerly worked for very successful homebuilders, and one individual headed the local division of a national construction company for the past two years. Even with their combined savings, the group realizes that they will need to either obtain bank financing or outside investors. Bank financing will require that the five friends put up their personal assets as collateral. Outside investors will not demand personal collateral, but will demand control. The five friends believe that the company will be a success. Yet, even without having to give a bank personal collateral, they are concerned that if the business fails, they could lose everything they have accumulated.
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