All business entities must be aware of the regulatory landscapes impacting their industries. Even new business ventures must be cognizant of this as they begin exploring the legislative and regulatory environments surrounding them and their operations.

Scenario:

You and your best friend, whom you have known since the $5$th grade, have decided to make your childhood dreams a reality by starting a business together. You graduated business school with an MBA while your best friend recently earned an advanced degree in engineering. The company will design and manufacture revolutionary tailgating furniture that is made from a new composite material that has been recently patented by your best friend. With this new material, the furniture will fold and condense into a very small package. This will enable the average family sedan to hold a five$-$piece lounging set. You plan to handle business matters, while your friend handles design and manufacturing. As part of the business matters, you have located a financing and credit card company to contract to help your customers purchase your goods. You have also located a real estate agent to help you locate office space. You have decided to rent your space and authorized the agent to enter negotiations for you if he finds a space meeting your price point and retail space needs. Your friend has also located a manufacturing third party that will produce your goods.

For your course final you will create a $4-5$ page paper that demonstrates your comprehension of the various facets of the scenario described above.

For maximum points include the following information:

Decide the best entity type to which to start your business. Describe this in detail within your paper. Carefully speak to why this suits the business and why the other forms will not suffice.

Choose a state in which to incorporate. Locate some pertinent rules from that state. Go to the Secretary of State$$s office $($or equivalent in that state$).$ Describe a few discoveries such as fee, special requirements, required forms, etc.

Discuss why you chose this state.

In addition to the above, pinpoint at least $10$ major topics covered by the course readings that may impact your business. For instance, you may decide to research and discuss how product liability, negotiable instruments, the Uniform Commercial Code, etc. impacts your business.

Use at least five sources of information besides your textbook to support your assertions. At least one of these sources should be a court case. At least one source should be a rule or requirement of the chosen state. The other three sources can be from any credible source.

Be sure to carefully cite and reference all sources, including the course material and textbook.