Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tom, Dick, and Harry have been best friends since kindergarten. Tom is the business brain of the group. Dick is the mechanical one and Harry

Tom, Dick, and Harry have been best friends since kindergarten. Tom is the business brain of the group. Dick is the mechanical one and Harry is the creative one. All grown-up, the boys decided that they should start making some serious money to provide for their expanding families. The boys decided that they salvage small scrap metal pieces, nuts, and bolts from junkyards and salvage yards which Harry would design and Dick would cast and weld into decorative art pieces. Tom will raise money from friends and family and look for distribution channels. Dick has a step-daughter, Dorothy, who is 16 and mechanically inclined as well. Dorothy could be Dick's apprentice. Harry's wife, Helen, is a recent BBA graduate from Yorkville University specializing in marketing and she could be recruited to help with sales and marketing. Helen's good friend, Fern, is an award-winning designer with a national home decor chain who the group might be able to induce to join them. Tom's twin brother, Tim recently won the lottery and is pursuing his dream to be a photographer. Dick's wife, Janine, is a real estate agent; she believes she has found an old warehouse in the industrial part of town that could be turned into their headquarters. The owner of the warehouse, Jordan, is retiring and open to the idea of selling or renting the space. 1. How might the business be structured? 2. What might be some of the legal issues that could arise in operating the business and selling the product? 3. What are some of the agreements that might be needed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Law Of Contract

Authors: Paul Richards

14th Edition

1292251484, 978-1292251486

More Books

Students also viewed these Law questions