final paper business law

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Southern New Hampshire University *

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BUS-307

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Business

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Jun 27, 2024

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docx

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Viruet Gonzalez 1 Najey Viruet Gonzalez Professor Robert Johnson Business Law II 307 February 19, 2022 Final Submission It is the purpose of this paper to explain how one can start a business that sells homeopathic cough syrup. This is probably because the product is more famous in your hometown and works better than any other one on the market. There are currently three basic types of business entities in the current business environment: the sole partnership, the partnership, and the corporation. In the form of a sole partnership, one person is considered the only owner of the profits and management of the business. She has complete control over every aspect of the company, which is one of the crucial characteristics of the proprietor. The only disadvantage of this system is that funds are limited since only one person can fund the business. Another drawback to a sole proprietorship business structure is that the individual who owns the business suffers all losses and shares in all the costs incurred. The term "partnership" refers to any business situation with connections between more than two people. Limited partnerships, business trusts, business cooperatives, joint ventures, and inkling cooperatives are just a few forms of partnership. Partnerships perform well based on several

Viruet Gonzalez 2 factors, such as being easier to form. Business funding can come from private sources, and a public ownership and control structure is also possible. There is a possibility of more than one person being involved in determining decisions. Therefore, choosing a partnership business structure is advisable since it provides a foundation for making the best choice. This is a disadvantage of working in a business with divided authority. To make decisions for the company, different parties usually need more time to assemble. A corporation is a legal firm established from the company's outcomes selling its shares to investors who later become the business's shareholders or owners. Corporations include subchapters' corporations and limited liability companies. The benefits of corporations include unlimited lifespan, access to funds and resources, and little liability protection. The disadvantages of corporations are that stakeholders have limited liabilities, are subject to substantial taxation rates, and have strict formalities that must be followed. Product liability law refers to the business liability that deals with products that result from harm to the consumer because of a defect. Any product may have an in-built weakness, which might harm the product's consumer. If such

Viruet Gonzalez 3 a situation happens, the organization will be accountable for a liability claim because of the defective merchandise. Before beginning to operate the business, Fred should be concerned with whether the business organization will be responsible for a liability lawsuit if they select to move on with the company. Therefore, I would recommend the inclusion of a warning or a label to the products to offer consumers information on the adverse impacts that result from a combination with aspirin, which will ensure that consumers evade consuming an aspirin as they select to use "Fred's Miracle Cough Syrup." I understand that I do not anticipate that the agency relationship will be directly connected to Sam's steps in Sam's case. Therefore, it will result in Fred hiring Sam as a worker in the organization, which he will then be able to turn into a partial owner of in the future. A possible obstacle to this is the zoning laws during the development process. To set up a home-based business, the business must comply with the requirements outlined in the regulation. As a result of Sam and Fred staying on the farm with their families, it is what is called a homestead. The law prohibits the following types of activities: displaying advertising on the property, electricity use, deliveries, noises, and parking. There is also the issue of the license that is required to be obtained to conduct business on the property. To ensure the legal operation of the company, a permit must be obtained. A formal transfer of ownership or possessory rights will not be needed to manufacture the

Viruet Gonzalez 4 magical cough syrup since the landowner is responsible for what the farmstead does. Fred incurs a simple interest fee on possessions, and it means that he got the right to live on the possessions for his lifespan. If Sam uses his vehicle for some reason, there will be a property problem related to a vehicle accident resulting from the car being used. Because of this, both Fred and Sam should determine whether comprehensive insurance is necessary for vehicles. Another issue I want to discuss is drafting a vehicle policy that will reduce the employer's liability by restricting the use of the vehicle for delivery of the organization's product against personal use of the car. If a policy is required concerning the vehicle's use, it is wise to have a flexible policy that can be amended. Using Sam's vehicle in the organization's operations eliminates the liability problem of unnecessary vehicle maintenance, thus protecting Sam and the organization from lawsuits. He is responsible for ensuring the car is in a condition to prevent him from losing a lawsuit for negligently maintaining the vehicle. In the case of the family and business farm, the titling of assets will emerge as a problem of estate planning. There will also be a challenge to make conclusions about the state amongst the members using the knowledge gathered amongst themselves or through online sources. Suppose Sally and Fred decide to transfer the ownership of their business and farm to the next generation. In that case, limited family partnerships and family trusts are the estate cars they can depend upon. As

Viruet Gonzalez 5 a family-limited partnership, it is advantageous on both sides because under that arrangement, as long as the partnership retains control, Sally and Fred have an assurance that they will be able to transfer to Sam the possession of Miracle Cough Syrup that Fred developed. There is a disadvantage associated with it: there will have to be extensive documentation. Establishing trust is a significant step because Sally and Fred will be able to protect their business from creditors and lawsuits. As a result, one of the disadvantages of a trust is that it limits the trustee's power. Consequently, for Miracle Cough Syrup for Fred, choosing a sole partnership entity as the business entity would be advisable. Due to Fred's primary objective of enabling Sam to run the business's everyday operations, both Fred and Sam are in the best position to handle the operations. It is necessary that the organization file a lawsuit against Jane regarding the fraudulent spending of the family's funds or attempting to achieve Jane's gambling debts if she is the perpetrator of a fraud. Jane's second deception is the cooking of the book accounts and the forging of the director's signature to conceal the deception. This action is contrary to the owners' and business' interests. As a result, Jane violated the values of competency, honesty, and accountability in performing her duties by acting unlawfully. Having the legal right to sue Don in the future because of his collaborative effort with Jane and his act of wickedness by accepting her money illegally, Sally and Fred have the right to sue. Sally and Fred are likely to be successful in their lawsuit against Don and Jane's fraud claims because of the

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