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Business law#6

Business and Law Student’s name Institutional affiliation Course Date Business and Law Introduction Business refers to any commercial activity dealing with the exchange of goods and services to make money or profits. Before venturing into business one as to be clear what form of business he/she would like to perform with a view to avoiding losses or the risk of the business collapsing. A business form is a configuration of how one would wish the business to look like in the shape of goods and services sold its location identity among others that will make it unique from others. Business can take the following forms; sole proprietorship partnerships corporations limited liability companiesCITATION Min11 l 1033 (Minnesota 2011). Since the main aim of a business is to make profits one must be very keen in choosing what form of business to venture into. I recommend him to venture into general enough time to find ways and means of resettling the creditors. This is because it provides protection against garnishments and lawsuits by the creditors. However he needs to consider factors like losing valuable assets credit cards and increased rates among others all associated with the filling of bankruptcy. In conclusion it is advisable to look at certain key factors before venturing into business to avoid going into losses. They include consulting an expert for advice looking at the market and demand evaluate the total cost of operation and consider possible competitors as well as ensuring putting in measure appropriate laws and regulations to protect your business. References BIBLIOGRAPHY Emerson R. W. (2014). Business law. . Hauppauge N.Y: Barron’s Educational Series. Hamel C. D. (2013). Forms of business organization and the federal tax laws. New York: Practising Law Institute. Minnesota. (2011). A pocket guide to Minnesota business laws. St. Paul:.
This is my Class Paper Assignment, worth 10% of the final grades. For this assignment, you must write a three page paper using the information covered and learned in this class, answering all of the scenarios and issues addressed below. Make sure to provide a complete answer and address all of the issues that you see as well as the specific questions asked.

Paul Peters is an inventor. He has various creative inventions that he thinks will make him a lot of money if he markets them right. His best friend Ronald Robinson has a Bachelor degree in Marketing, an MBA, and has innovative ways of marketing products. Paul does not have a lot of money, but his cousin Sara Sanders is millionaire after hitting it big with the house boom and knowing when to stop investing. Paul thinks that with his inventions, Ronald’s business skills, and Sara’s money, they can make it big. Paul decides to create a business with these individuals and asks you for help with the details.
You must give him advice on what is the best business for him to form? Why? Make sure to include a description of the business model that would be best for him, as well as a description of the other business models and why they would not be as good as the one you advised him.
Also make sure to cover all of the steps that he must follow in order to form that particular type of business.
Paul, Ronald, and Sara have already formed their business as you have recommended and are rapidly prospering.
Paul is upset because other individuals have been attempting to follow in his footsteps and are creating similar businesses. Paul has decided to lose some money in the process, but to sell his items so cheap, that no one can compete with him. He hopes that that way he could veer off his competitors and then substantially increase the prices so that he can make up for the loss profits. Can Paul do this? Why or why not?
After ten years, Paul decides that he does not want to continue the business. The company has incurred a substantial amount of debt, it owes the manufacturer of the products, a company called WeDoItAll, over $20,000.00; it owes the bank (Inventors Bank) about $28,000.00, and the company owes Sara, who has made the company many loans to stay afloat a total of $18,000.00.Paul thinks that bankruptcy might be the best solution. As an advisor to Paul, you must (1) explain to him how to dissolve the business (what steps he must take); and (2) give him advice as to whether bankruptcy is a good solution for his company.

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