With the end of exams and many people feeling festive as we approach the New Year, people like to have a special treat to unwind. NSCC students are no different. You are four classmates who formed a study group throughout your Business program. You work really well together and each bring a different skill and expertise to the group. One of the members of your group brought treats to your study session before the final Business Law test. It was a delicious drink that tasted just like a gingerbread eggnog colada, but it's vegan and non-alcoholic! What a great surprise. You could drink 20 of these and still wake up the next day feeling bright and ready for your test. One member of the group is such a fan, they suggest it should be sold at farm markets throughout the month of December. The drink maker is thrilled by all the compliments and would love to spend time making a delicious treat for others to enjoy. One friend offers to do the social media marketing, another says they will do the finances, and the third is eager to do sales at farm markets and other events because they love to meet and chat with new people. It seems everyone is excited and a new business is born. They're already chatting about the potential for other seasons and holidays, as the vegan and non-alcoholic beverage market is fast growing. •Negotiate through some of the important considerations about how the business will run, including what structure makes the most sense for the business - a partnership or a corporation? If it's a partnership, what kind of partnership and why? • What do you, the owners, need to agree on between yourselves, other than the business structure, to ensure the business runs smoothly and you all stay friends?
How you think the company should be structured and why and what sort of things will be important for you to agree.