final paper business law

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BUS-307

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Jun 27, 2024

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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

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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

Viruet Gonzalez 6 existing evidence of the violation of accounting ethics, cooking up the books of account, forging of director's signatures, and misappropriation of funds. Jane's written check delivered to the church along with the signatory's legal signature will also be addressed by Sally and Fred as part of their legal defense. Jane likely believes that the scenario between her and the church is accurate. In this case, Jane could prove the scenario by claiming to have forged the check presented to the church. The check would then be significant and can be used against her in court. If you are in the same situation as Sally and Fred, you can claim that financial transactions cannot be guaranteed by anyone whose name does not appear on the business account guarantee. There is no way of honoring or approving the existing check when faced with the above scenario. It is imperative to recognize that the written check that Jane was supposed to provide to Sally and Fred should be considered evidence material to substantiate the criminal charge against Jane. The actions of Jane could put Sally and Fred at risk of being sued for fraud, as well as civil lawsuits and claims for forgery against her. Having enquired about Jane's authority about the account's operation, management has advised her that she has no right to sign any documents connected to that account. The court should proceed to file a charge of misconduct since the director's signature has been forged, and there have been illegal transactions with the company.

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Viruet Gonzalez 7 As Sally and Fred's business is experiencing financial difficulties, Sally and Fred have been presented with Chapter seven and Chapter thirteen bankruptcy proceedings. As a result, bankruptcy laws regulating chapter seven bankruptcy allow any property seized by an entity that has perpetrated a fraud to be considered a form of restitution, regardless of whether the laws in force have hindered the process. The use of chapter thirteen, in this circumstance, would be beneficial since it would protect the closure of the organization. Additionally, any property that belongs to an individual deemed to belong to the business owner must be identified if the business owner files for Chapter seven bankruptcy. However, the business owner does not own the property. Based on how Sally and Fred manage their chapter thirteen discussions, there is no question whether they will be successful in their business undertaking. It is important to note that the consequences of filing for bankruptcy, depending on the chapter that is chosen, will be different from one person to another. Specifically, when it comes to chapter seven bankruptcy, which is filing a claim in federal court, there is a need for a federal court trustee that can supervise individuals who have sold assets and not let them off the hook of responsibility. The sale of assets generates an enormous amount of money that the creditors can pay off. If you file for bankruptcy, any personal debt owed by an individual or family member that originated from the

Viruet Gonzalez 8 business can be removed. By contrast, chapter thirteen bankruptcy is a type of bankruptcy that, in certain circumstances, allows a family member to retain their belongings. This is to repay or partially repay their debts. There are some situations wherein the complaint is canceled after the debt has been repaid according to the timeline under which the claim was filed. Whether a business bankruptcy or personal bankruptcy, bankruptcy negatively affects the organization's credit history or individual. However, Chapter 13 bankruptcy will always be the best option because it provides better opportunities. It is possible that Fred can take action against Bob if his trade secrets have been violated. A secret recipe that Fred Cough Syrup has revealed is a recipe that the company has reverse-engineered with other partners. Even though the secret is revealed, Bob's intent is not one of discovery but rather revenge regarding the recipe. Fred will be claiming after Bob has violated business confidentiality by claiming that business information has been disclosed improperly. A company that initiates an Initial Public Offering (IPO) is a company that sells its products to the public in its first public offering, which means the company shifts from being privately held to be publicly owned. There are several significant characteristics of the IPO, such as the fact that it enables enterprises to use public capital as it doesn't have to be repaid. It allows them to increase their inventories and supplies provided in the future. It is important to note that it must be managed according to Securities and Exchange Commission (SEC) guidelines for a company to be regarded as a

Viruet Gonzalez 9 public company. Under the going public process, a company may hire an underwriter, assemble an underwriting team consisting of independent accountants, attorneys, and financial printers, and proceed to the third step, which involves reviewing the SEC's period. The Securities and Exchange Commission (SEC) opinion that when a company needs to go public, all its information should be disclosed to the public. Specific data have been leaked to the public, including descriptions of management analyses, insider information, financial statements of businesses, and shares of several individuals in the industry. Three recent legal difficulties that may disrupt a public offering are (1) forged checks, (2) online disruptions, and (3) sexual discrimination that is being against Fred, the businessman. As a result, if Tammy doesn't withdraw the lawsuit, Fred and the business have a fair chance of being sued by Tammy for sexual discrimination. This means that Fred and the company can be sued for it. Because the SEC makes sure that the company tells its legal actions, the business organization must have all the necessary information to go public. To prove Tammy's unqualifiedness for the job, Fred will have to show her involvement with bookkeeping to show she is a wrong choice for the post. By submitting this document, Fred will be able to establish his innocence of the accusations made against him. Jane's behavior is a significant factor in the negative response to the public offering, regardless of whether she seeks counseling for her gambling

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Viruet Gonzalez 10 behaviors and tries to improve her relationship with her family. Accordingly, the SEC will require the company to disclose its monetary statements to the public, and the public will then be able to determine the trustworthy source of the checks written to the church and Don. Investors can then consider this information to decide whether or not to invest in the organization. In the case of Bob's online sabotage, this could, in turn, affect public offering since the business organization would have to address any infringements on patents. Due to these adverse outcomes, investors will no longer make investments in the company's products, and consumers will not purchase the company's products. Whenever Fred's business organization goes public for the first time, it must be registered with the Securities Exchange Commission. Once the SEC receives a request of this kind, it will investigate the business's operations, management style, and financial standing. This will significantly reduce the amount of time it will take the SEC to decide the company's popularity with the public. Following approval from the Securities Exchange Act of the company's public offering, the company will follow all government regulatory processes. Additionally, as part of its operations, the organization will have to share management information, financial information, and business information with others. Therefore, the organization will be required to comply with state security laws.

Viruet Gonzalez 11 To achieve compliance, it is recommended that the company establish business practices, operate by the SEC's rules, and establish standards to promote compliance. As well as forming relationships with shareholders, investing in new technology, streamlined systems, and investing in new technologies are strategies that need to be used for corporate development. Works Cited

Viruet Gonzalez 12 Bently, L., & Sherman, B. (2014). Intellectual property law. Oxford University Press, USA. Guo, J. (2019, September 11). The difference between Chapter 7 & 13 bankruptcy | St. Louis fed. Federal Reserve Bank of St. Louis | Economic Data, Monetary Rates, Economic Education. https://www.stlouisfed.org/open-vault/2019/september/difference- betweenchapter- 7-chapter-13-bankruptcy Hadi, K. A. A., Paino, H., & Pauzi, S. F. M. (2015). The legal overview of falsification, fraud, and forgery. Procedia Economics and Finance, 31, 581-586 https://www.sciencedirect.com/science/article/pii/S221256711501206X Cappellino, A. (2020). How to Choose the Right Business Organization Form https://academicworks.cuny.edu/cgi/viewcontent.cgi? article=1030&context=nc_oers

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Viruet Gonzalez 13 The Twitter IPO explained | Twitter - the Guardian. https://www.theguardian.com/technology/2013/nov/06/twitter-ipo-explained

final paper business law

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