Business can be conducted by different type's approaches, which give rise to common forms of businessЖ sole proprietorship, laminated liability company, and corporations. These types of business have different characteristics
A sole proprietorship is a business owned by an individual who comes up with ideas of the kind of business he or she wants to run, finances themselves, hence making their own decisions on how the business should be handled (Missouri Bar Center, 2008). It does not require any formalities. A limited liability company is a business where the limited partners share the profits but do not partake in the administration of the limited partnership. Members in this business are protected by the Missouri law which shields a partner from an individual duty or misconduct making everyone liable to their own transgression (Missouri Bar Center, 2008).
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A corporation is an intricate business that allows multiple owners but centralized management. The stockholders who are the owners of the business have to elect directors; the directors elect officers who are in charge of managing the affairs of the business (Missouri Bar Center, 2008). However, to form a corporation, those interested have to put in writing a formal written document known as Article of Incorporation which is submitted to the Secretary of state for approval after which the business is given a certificate of incorporation giving them the right to run its businesses. This makes it a legal entity separate from its stockholders.
Business being legal entities should enjoy some of the rights that citizens enjoy under the Fifth Amendment. Already, businesses enjoy some rights that people enjoy such as the ability to enter into contracts through acts of their authorized agents (Judicial Education Center, n.d.). The can sue or sue in a court of law (Citizens United v. Federal Election Commission 2010; Pinsker, 2015). Corporations also enjoy the right to freedom of speech (Quattlebaum, 2012), can even support a political candidate the way private citizens do (Quattlebaum, 2012; Pinsker, 2015). However, it is important to limit the kind of rights business organization enjoy since, unlike people who are organically created business are artificial and do not have a conscience of their own. Due to their financial muscle, they can abuse some of the rights (Pinsker, 2015).
References
Citizens United v. Federal Election Commission 558 U.S. 310 (2010). Retrieved from http://www.oyez.org/cases/2000-2009/2008/2008_08_205
Judicial Education Center (n.d.) Contract Law. University of New Mexico . Retrieved from http://jec.unm.edu/education/online-training/contract-law-tutorial
Missouri Bar Center (2008) Forms of Business Organizations. Findlaw . Retrieved from http://corporate.findlaw.com/corporate-governance/business-organizations.html
Pinsker, J. (2015, April 1). How Corporations Took Over the First Amendment. The Atlantic. Retrieved from https://www.theatlantic.com/business/archive/2015/04/how-corporations-took-over-the-first-amendment/389249/
Quattlebaum, J. (2012). Do corporations have First Amendment rights? Retrieved from http://www.annenbergclassroom.org/speakout/do-corporations-have-first-amendment-rights
