Gm 520 Research Paper
LEGAL ASPECTS OF ENTREPREURSHIP
GM 520 – Keller Graduate School of Business
Submitted and Copyrighted by: Carla J. Miller, Summer 2009
I. Introduction
Running a successful business can be very difficult without the right tools. As more and more people start or consider starting their own business, it is important that they understand the core steps that are required to launch successful ventures. These steps include spotting, assessing, selecting and executing opportunities presented.1
Business entrepreneurs must also have a thorough knowledge of the laws and statutes that pertain to the ownership and operation of their business, in order to maintain business operations in the long-term. Without this knowledge they are subject …show more content…
Business, Its Legal, Ethical, and Global Environment, 8th edition, by Marianne Moody Jennings, published by Rob Downing 2009, 2006 as part of College Learning Academic Resource Center (our text)
There are other types of intentional torts including: Defamation and slander that may pertain to publishing concerns or to information disseminated to the public about a business or an individual in an advertisement and, product disparagement is a serious tort involving the defamation of a company’s product. Innocent criticisms may be allowed, however when the disparagement causes loss of profits or ruins a company’s reputation, the harmed company can recover damages when the criticism has been committed with malice aforethought.
I will cover other forms of product torts and strict liability, when discussing how to pick a product form and what types of violations of statutory laws result from developing and performing business contracts in a later section of this paper. However, the easiest way to learn what laws and regulations pertain to your business, is to develop a business plan (See Appendix I) and through the execution of your business plan you will learn what Constitutional statutes, or local and state laws that can affect or do not affect, your particular kind of business or …show more content…
However, be aware that although corporations may enjoy limited liability for business torts or claims, they also are subject to many more laws and regulations set forth by complicated Sarbanes-Oxley (2002) reporting rules and regulations. A simple product or service may only need a simple business format like a sole proprietorship or a partnership, whereas, many new companies are choosing to become Limited Liability Corporations to mitigate the effects of claims placed against the owners in the case of litigation. 2. Choosing your product rights – Ownership, Trademarks and Copyrights
The Universal Commercial Code (UCC) - Article 2 of the UCC governs contracts for the sale of goods and has been adopted in all states except Louisiana. Under Article 2 contracts can be more easily formed, the standards for performance more readily defined, and the remedies more easily determined. 5 a. Deciding to sell or lease your products (Ownership vs Lease
GM 520 – Keller Graduate School of Business
Submitted and Copyrighted by: Carla J. Miller, Summer 2009
I. Introduction
Running a successful business can be very difficult without the right tools. As more and more people start or consider starting their own business, it is important that they understand the core steps that are required to launch successful ventures. These steps include spotting, assessing, selecting and executing opportunities presented.1
Business entrepreneurs must also have a thorough knowledge of the laws and statutes that pertain to the ownership and operation of their business, in order to maintain business operations in the long-term. Without this knowledge they are subject …show more content…
Business, Its Legal, Ethical, and Global Environment, 8th edition, by Marianne Moody Jennings, published by Rob Downing 2009, 2006 as part of College Learning Academic Resource Center (our text)
There are other types of intentional torts including: Defamation and slander that may pertain to publishing concerns or to information disseminated to the public about a business or an individual in an advertisement and, product disparagement is a serious tort involving the defamation of a company’s product. Innocent criticisms may be allowed, however when the disparagement causes loss of profits or ruins a company’s reputation, the harmed company can recover damages when the criticism has been committed with malice aforethought.
I will cover other forms of product torts and strict liability, when discussing how to pick a product form and what types of violations of statutory laws result from developing and performing business contracts in a later section of this paper. However, the easiest way to learn what laws and regulations pertain to your business, is to develop a business plan (See Appendix I) and through the execution of your business plan you will learn what Constitutional statutes, or local and state laws that can affect or do not affect, your particular kind of business or …show more content…
However, be aware that although corporations may enjoy limited liability for business torts or claims, they also are subject to many more laws and regulations set forth by complicated Sarbanes-Oxley (2002) reporting rules and regulations. A simple product or service may only need a simple business format like a sole proprietorship or a partnership, whereas, many new companies are choosing to become Limited Liability Corporations to mitigate the effects of claims placed against the owners in the case of litigation. 2. Choosing your product rights – Ownership, Trademarks and Copyrights
The Universal Commercial Code (UCC) - Article 2 of the UCC governs contracts for the sale of goods and has been adopted in all states except Louisiana. Under Article 2 contracts can be more easily formed, the standards for performance more readily defined, and the remedies more easily determined. 5 a. Deciding to sell or lease your products (Ownership vs Lease