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You Are Asked to Provide Two Friends Who Are in Business

question 34

Essay

You are asked to provide two friends who are in business together with advice regarding what they need to do to legally in order to form a limited liability company. Although your friends like the general notion of limited liability in the operation of their business, they are totally unfamiliar with the legal processes for forming a LLC, so you need to provide them with the basic requirements for LLC creation. What specific advice would you give them?


Definitions:

Cognitive Dissonance

The mental discomfort experienced by an individual who holds two or more contradictory beliefs, ideas, or values.

Fundamental Attribution Error

The tendency to overemphasize personality-based explanations for behaviors observed in others while underemphasizing the role of situational factors.

Defensive Attribution

A psychological process by which individuals tend to ascribe greater blame to the victims of misfortune for their own victimization when they feel threatened by the likelihood of a similar event happening to them.

Observational Learning

A learning process through which behaviors, attitudes, or skills are acquired by watching and imitating the actions of others.

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