BACKGROUND

Every day we hear information about business activities, such as mergers and acquisitions, employment issues or introduction of new technologies. We are also engaged on a daily basis in business activities, whether in our role as an employee in an employment relationship, or as a consumer of goods with warranties, or as policyholders of an insurance. Understanding the basic concepts of business law will prepare you to not only be better business administrators, but also more cognizant participants in the business activities you engage in on personal and professional matters. This assignment is designed as a survey of the knowledge you have gained throughout this course and as a means to explore its practical application.

SUMMARY

For this assignment you need to watch the video case study “I have a great business idea! Now WHAT?” and prepare a list of recommendations on the major business law questions an entrepreneur needs to address when deciding to open a business. Your proposal should (1) outline the most urgent decisions the entrepreneur has to make, (2) describe the available options for each decision and (3) provide a recommendation for each decision. Your proposal should be written in the form of a paper that follows strictly the APA rules for formatting and citations. You need to start with a cover page and include a reference list.You need to use a minimum of 8 different references to support your arguments and recommendations, of which minimum 4 references are academic and minimum 4 references are to established professional organizations. Please refer to the grading rubric for a full review of all requirements for this assignment.

STEP-BY-STEP DIRECTIONS

• Introduction (1 paragraph)
  • Describe briefly the business case and your goals for the proposal.

• How to organize the business? (minimum 1 page)
  • Define the four options for organizing a business.
  • Explain the pros and cons of each option in terms of formation and liability.
  • Make a recommendation on how to organize the business and explain your reasoning.

• How to arrange employment? (minimum 1.5 page)
  • Describe the three options for arranging employment.
  • Explain the duties and liabilities of employers in employee-employer arrangements, and compare them to the principal’s duties to agents and third parties in agency arrangements.
  • Make a recommendation for arranging employment and explain your reasoning.
  • Emphasize the importance of adopting non-discriminatory practices and list three specific strategies for avoiding discrimination in employment.

• How to decide on the business real property? (minimum 0.5 page)
  • Describe the two options for the business real property (office space).
  • Provide the key legal steps for each option.
  • Make a recommendation. Which one is more appropriate in this case, and why?

• How to deal with personal property? (minimum 0.5 page)
  • Describe the term “creation of property.”
  • Recommend an action step to protect the created product.

• How to plan the sales activity? (minimum 1 page)
  • Describe the difference between “sales of goods” and “contract for services.”
  • Explain which one fits the business idea
  • Emphasize the key legal considerations in regards to consumer protection.

• How to protect the business? (minimum 0.5 page)
  • Discuss at least two risks the business might face.
  • Define risk-bearing devices.
  • Recommend one risk-bearing device the entrepreneur should consider, and explain why.

• Conclusion (1 paragraph)
  • Conclude your proposal with a reminder of your goals, a summary of what you have achieved, and a suggestion to the entrepreneur for next steps.