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Business - Inception to day?to?day operations, from legal perspective

BUILD-A?BUSINESS ASSIGNMENT INSTRUCTIONS

SYNOPSIS

This semester you are going to lay the groundwork for starting a new business. The primary goal of these assignments is to walk you through many of the considerations a new business owner faces, from inception to day?to?day operations, from a legal perspective.

The Project will involve multiple assignments considering various aspects of your business from a legal perspective. You will first select a business you are starting and use that same new start-up business as the basis of all three (3) assignments.

ASSIGNMENTS

There are three (3) assignments making up the entire Project. Each Assignment, prepared at different times throughout the semester, is meant to require you to think strategically, from a legal perspective, about particular issues facing businesses, as discussed in the textbook.

Each assignment also gives you an opportunity to learn how to conduct an appropriate risk analysis within the context of a particular industry

.

     The point of this project is to illustrate how essential it is to conduct business from a place of full information, as much as possible.

Your grade will be a function of your ability

1-to distill the facts surrounding your business and industry which requires you to carefully select the new business, to research the business and the industry in which it operates,

2-to recognize and analyze the legal issues existing in that environment, and

3-to develop an assessment that identifies and addresses that intersection of business and law.

Assignment 1 Ė Entity Formation and Contracts

Answer the following questions in the following order, each in a separately numbered paragraph repeating each question before each of your answers in the assignment.

1-What is the name of your company? Feel free to be creative.

2-What type of company are you starting?

3-In what industry is your company going to operate? Again, enjoy this opportunity to get creative and focus on something you enjoy.

4-What will your company offer (goods, service, or both)?

5-Describe in some detail what your company will offer.

6-Who is your companyís target market?

7-Where are you going to set up/register your company (city and state)?

8-Why have you elected this location? Explain your answer.

9-Will you have any physical locations (any "brick and mortar" stores, distribution/storage facilities, warehouses, etc.) or will this business be a strictly virtual/online business?

10-How have you made this decision and what factors did you take into account in making this decision?

11-What business form will your company take (i.e., Sole Proprietorship, Partnership, LP, LLP, LLC, or Corporation)?

12-How does your selected form of business protect you or others from exposure to personal liability?

13-Identify, each in a separately numbered paragraph repeating each item above your answer five (5) different contracts into which your business/company will need to enter into in order to be up and running, including the purpose for each contract (i.e., secure a good/service, protect against a liability, mitigate some risk, etc.).

14-Is there any other information you feel it is important to reveal about this new business at this time? Yes or No.

15-If you answer yes to this question, what information do you feel that should be revealed? If no, what is the reason you donít feel a need to reveal any more information.

NOTE: If you fail to repeat each question before any of your answers in this assignment you will lose 200 of the 1,000 points for the assignment,

Business - Inception to day?to?day operations, from legal perspective

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