Question
I need a tutor to help me understand business law and how to apply certain forms to the business on the below Jake and Logan.
I need a tutor to help me understand business law and how to apply certain forms to the business on the below Jake and Logan. I need a tutor to help find a business entity and then help with the forms that are needed. I gave the form pages I just want to make sure that the forms are correct.
Select a business entity type that balances the goals of (a) limiting the brothers' liability potential in the event of a lawsuit against them, (b) permitting the brothers to bring in an outside investor should one be found, and (c) allowing the business to easily expand into other states.
Find and complete the appropriate forms to create the entity. The business forms can be found at https://sos.wv.gov/Forms/Pages/default.aspx. Under "Form Category," select "Business and Licensing."
Jake and Logan
Jake and Logan Johnson are two brothers in Huntington, West Virginia, who started a lawn mowing business two years ago. The business has been booming! Starting with just ten lawns to mow per week, they now have 200 lawns each paying $50 per week for lawn care services in West Virginia, Ohio, and Kentucky. The growth means that Jake and Logan must both work at the business full time, and they have also hired 3 full time employees to help. They have also rented a garage for business use, located at 6000 State Route 2, Huntington, West Virginia 25702.
Jake and Logan have also been approached by an inventor that has developed an autonomous lawn mowing drone. The inventor is offering Jake and Logan the exclusive right to the technology for a ten year period. This technology will allow Jake and Logan to mow up to 1,000 lawns per week per drone, with limited need for human supervision. It would also enable Jake and Logan to expand their business into multiple states. The inventor is offering to license the drones to Jake and Logan for $1,000,000 per drone per year.
The brothers are intrigued by the idea of the lawn mowing drones, but they currently lack the capital to license one. There is no chance that a bank would loan them the money, so they would need to find an outside investor to provide the money. They also aren't sure about the safety of the drones. Logan in particular is afraid of getting sued by someone if a drone or human operated lawn mower were to injure a person or property.
Neither Jake nor Logan care much for the administrative work associated with the business, and they have asked you to be their business manager. You quickly realize that the brothers are operating without a business entity. While the brothers have a Federal Tax ID Number for their business (37-2222222) and a separate business bank account, they have not secured a trade name. Jake tells you not to worry about any tax formshis cousin is a CPA and is working on it.
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