Business Entity Implications for Contracts.docx BUS-FPX3021 Business Entity Implications

Business Entity Implications for Contracts.docx  BUS-FPX3021  Business Entity Implications for Contracts  BUS-FPX3021  Introduction  For every business entity and element, the contract management and administration are extremely significant. This contract management is a procedure of systematically and capably dealing with the formation of agreements, their execution, analysis, and investigation to increase financial budgetary and useful and functional performance and furthermore limit the dangers included, i.e., negotiate, support, and resolve the contentions and conflicts related to contracts. (Glover, & Kusterer, 2016).  Sole Proprietorship  In this type of business, the person running the entity bears all the assets, and he/she is the one owning the debts incurred. He/she bears all kinds of liabilities involved and receives the gains. Consequently, he/she is the person who makes, and negotiates contracts in the business, since the business is not a separate entity with relation to law. The person owning the sole proprietorship business signs the business contract, although the business when owned by a couple, they are both involved in signing the contracts. All the consequences connected to the contract is possessed by the owner. He/she is accountable for the results in line with the  contract signed (Abdullah, 2017). A business owner can sue or be sued in the sole proprietorship name owner. When it comes to selling the entity, the owner has no restrictions, and he/she makes the decisions when and how he/she is going to