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Kelly and Karla were roommates at Lynn University and graduated last May. While on a post-graduation celebration trip to Costa Rica, the two women began exploring the idea of opening a restaurant on South Beach in Miami, Florida. Neither has any previous experience in starting or operating a restaurant, but both have extensive connections in the Miami-Dade area because of the many friends they made while attending Lynn. They intend to attract health-minded, college-age students to their new restaurant, The SoBe Health Hut. Kelly and Karla agree that each will invest equally in terms of time and money. However, in addition to these equal contributions, another $100,000 is essential for the restaurant to succeed.
- Explain the key elements of and the differences between — a sole proprietorship, a general partnership, a limited liability partnership, and a corporation. (65%)
- What type of the above four business entities is best suited for The SoBe Health Hut and why? In your answer, explain who will manage the store and what personal liabilities will Kelly and Karla face and why? (35%)
You shall be graded on your complete and proper explanations, research and language usage, all as noted below. The report must be no more than 1,000 words and is to be submitted in typed, double-spaced form. A report that does not follow this form will be deducted per the grading rubric.
BUS 372 Business entities rubric
| Criteria |
Ratings |
|
|
This criterion is linked to a Learning OutcomeSole proprietorship / SLO 2.3, 9.4
|
| 15.0 pts
100%
Fully and completely explained, contrasted in full with other entities.
|
11.25 pts
75%
Mostly explained, contrasted mostly with other entities.
|
7.5 pts
50%
Partially explained, contrasted in part with other entities.
|
3.75 pts
25%
Very little explanation, no contrast to other entities.
|
|
|
|
|
This criterion is linked to a Learning OutcomeGeneral partnership / SLO 2.3, 9.4
|
| 15.0 pts
100%
Fully and completely explained, contrasted in full with other entities.
|
11.25 pts
75%
Mostly explained, contrasted mostly with other entities.
|
7.5 pts
50%
Partially explained, contrasted in part with other entities.
|
3.75 pts
25%
Very little explanation, no contrast to other entities.
|
|
|
|
|
This criterion is linked to a Learning OutcomeLimited liability partnership / SLO 2.3, 9.4
|
| 15.0 pts
100%
Fully and completely explained, contrasted in full with other entities.
|
11.25 pts
75%
Mostly explained, contrasted mostly with other entities.
|
7.5 pts
50%
Partially explained, contrasted in part with other entities.
|
3.75 pts
25%
Very little explanation, no contrast to other entities.
|
|
|
|
|
This criterion is linked to a Learning OutcomeCorporation / SLO 2.3, 9.4
|
| 15.0 pts
100%
Fully and completely explained, contrasted in full with other entities.
|
11.25 pts
75%
Mostly explained, contrasted mostly with other entities.
|
7.5 pts
50%
Partially explained, contrasted in part with other entities.
|
3.75 pts
25%
Very little explanation, no contrast to other entities.
|
|
|
|
|
This criterion is linked to a Learning OutcomeGovernance applied / SLO 2.3, 9.4
|
| 30.0 pts
100%
Choice fully explained, full review of liabilities
|
22.5 pts
75%
Choice mostly explained, partial review of liabilities
|
15.0 pts
50%
Choice partly explained, little review of personal liabilities
|
7.5 pts
25%
Choice or liabilities not explained in any meaningful manner other entities.
|
|
|
|
|
This criterion is linked to a Learning OutcomeFormat and language usage
|
| 10.0 pts
100%
See rubrics at end of syllabus.
|
7.5 pts
75%
See rubrics at end of syllabus.
|
5.0 pts
50%
See rubrics at end of syllabus.
|
2.5 pts
25%
See rubrics at end of syllabus.
|
|
|
|
|
Total Points: 100
|
