MGT 6010 The Ethical & Legal Environment of Business

Starting a business involves planning, making key financial decisions, and completing a series of legal activities. Scroll down to learn about each step.

The business structure you choose influences everything from day-to-day operations, to taxes, to how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits.

The Uniform Law Commission (ULC, also known as the National Conference of Commissioners on Uniform State Laws), established in 1892, provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law.

Partnership Act (1997) modernizes the Uniform Partnership Act of 1914, adopted in every state except Louisiana. It also establishes a partnership as a separate legal entity, and not merely as an aggregate of partners.

Limited Liability Company Act permits the formation of limited liability companies (LLCs), which provide the owners with the advantages of both corporate-type limited liability and partnership tax treatment. To find the Limited Liability Company adopted by a particular state, search "Limited Liability Company (insert name of state)"

The majority of states have adopted the MBCA as the basis of their state statutes. https://corporations.uslegal.com/basics-of-corporations/state-corporation-laws/
To find incorporation law for a particular state: https://corporations.uslegal.com/basics-of-corporations/state-corporation-laws/