multiple factors that contribute to decisions, to benefit a business. The Acme Fireworks have to weigh the advantages and disadvantages that will benefit their organization, as well as improving investment and financial stability. There are rules and regulations that need to be followed. These contracts set in place need to be assessed in the standard of employment and possible liability factors, The offer was made to Acme Fireworks and multiple individuals accepted this idea, by considering the pros
Sole Proprietorship and Limited Liability Company For the past two years, Acme has been working out of the owner’s garage as a sole proprietorship. Which means there is one entity and there is no separation of the company and the owner. The sole proprietorship and the owner are one and the same meaning the business is not taxed but rather it is the owner’s income. The sole proprietorship is the least expensive to form. This type of entity has disadvantages of the owner being liable for all the
Acme Fireworks Angelica DiMaggio Instructor Malvin BUS311: Business Law May 26, 2016 Acme Fireworks is a reputable fire work company that falls under the form of retailer. In order to gain consumers and sell their products they must put out ground display’s of their fireworks as well as a variety of aerial fireworks, especially their larger products. This company started out as a small family owned business in the back of a man’s garage and as he grew and drew in more consumers he
Fiorentino 12/1/2014 As the manager of Acme Fireworks, I need to gather information to help the owner determine whether or not he should continue to be a sole proprietorship or if he should switch to another business entity. I will help him do so by explaining each entity and how they relate to his business situation. I am the manager of Acme Fireworks, a fireworks retailer who sells fireworks, puts on ground display fireworks, and large aerial display fireworks. The company started in the owner’s
agency law. Finally, my final task as manager will be to recommend a new business entity and recommend that Acme Fireworks company should not operate as a sole proprietorship. Create an outline of the major headings with a two- to three-sentence description of what you will discuss under each heading: Common law or Uniform Commercial Code (UCC): Here I will explain why I think Acme Fireworks should use Common Law. UCC and common law have many differences for example common law requires a description
Introduction Acme Fireworks sells fireworks in all their myriad forms. Single-use, aerial display, ground display; if there 's a need, Acme Fireworks supplies it. Starting out as a garage endeavor, Acme Fireworks is a sole proprietorship that is looking to change its entity status due to a recent influx of bigger business contract requests that would mean a larger employee base, more liability risk, and higher demand of a dangerous product (prompting evaluation of insurance protocols and coverage)
what type of business to form. Due to the dangerous nature of the product produced by a fireworks company possible liability would need to be evaluated so the proper insurance could be purchased. Because the business is also expanding from a garage operation to full-fledged business more employees will need to be hired and how they interact with the new structure is critical to the business success.
Acme Fireworks In order to determine the best direction for Acme Fireworks going forward, we must look into the contracts to properly choose the path of this company. We must first establish that the contractual agreements already made are legally binding. Once the revision of the contract is complete, Acme Fireworks will need to reassess its staffing needs to make certain that it can fulfill its end of the contract and avoid any breaches. After all this is analyzed, Acme Fireworks will need
organization called Acme Fireworks and to determine if the laws that these businesses will be governed by, analyze the contracts, apply the five essentials elements of an enforceable contract, explain the potential liability if a spectator is injured, discuss the different employment types relevant to this company, and explain why they should not operate as a sole proprietorship. Acme Fireworks is a fireworks retailer that sells fireworks. They also put on both ground and aerial firework displays. The
ACME Fireworks has come a long ways in the past 15 years and thus has accepted some changes that will be challenging. If the large orders do not continue, the company will not have the funds to pay the new employees. ACME Fireworks should expand to a larger business entity because expanding to a larger business entity will allow the company to negotiate larger contracts with other companies, and the company will never reach its full potential until it has expanded to a larger business entity. In