The Next Vivid Business Decision
BUS 311 Business Law I
Monday November 10, 2014
A motivated individual has a bright idea. He wants to put it into action. He has established the right amount of revenue and has spoken to his supporters. But now what? The excitement can spring about many more ideas. It can be gratifying and feel accomplished to erect your own business from the ground up. Where does the venture go from here? The beauty of starting your own business becomes a messy world if one does not put the right foot forward. A business requires more than just the motivation to start. It must also have the knowledge on certain elements to get on the right path. For starters, knowing the difference between common law and the Uniform Commercial Code (UCC) will help identify which laws applies. What is sole proprietorship, partnership, corporation, or Limited Liability Corporation (LLC)? There are advantages and also disadvantages from each of these. What are the best practices? To add to the mix, if another agent is employed, then what kind of new employees should be hired? How does that play into the business venture? On top of that, there are bound to be personal liabilities within the business. If partners are involved, are they willing to take the same risks as the owner? These are the common question that spring up, especially from a partnership or LLC. As your manager, I recommend the LCC entity as the best route for Acme Fireworks, with how the common law and the UCC affects it, how the different liabilities play a part to its contract, if present, and how this applies to its agency laws.
Acme Fireworks’ main product is selling fireworks and providing ground and aerial fireworks displays. What Acme Fireworks should first be concerned about is where negligence falls into the picture. In conducting ordinary business through the sell and services of these goods, what is noticeable is the mix or...