Which form would you advise best meets Ernie’s needs and why?
Agency Law and Business Organizations Unit Directions:
1. Read the material on Business Organizations in our textbook in Chapters 32 – 42.
2. View the following ten (10) videos:
a. Finding the Right Business Structure
b. Different Types of Business Organizations
c. Advantages and Disadvantages of Sole Proprietorships
d. What is a Partnership?
e. Types of Partnerships
f. Corporations 101: The Basics of Corporate Structure
g. Corporate Formation
h. Explanation of C-Corporations
i. S-Corporations Explained
j. Limited Liability Companies Explained
3. After reading the material in our textbook and viewing the videos, please complete Project 1: Agency and Business Organizations (worth 20% of your course grade) the instructions of which are attached to this email and posted on Blackboard. This project assumes you are in the role of a business lawyer. You can name your law firm, create letterhead and/or a logo, and be as creative as you like. This project is designed not only to evaluate knowledge of the subject matter, but for you to have fun conveying it to your new client, Ernie Entrepreneur. This project just requires using your textbook and the videos as a reference. You do not need to do any additional outside research for this project. Ernie arrives in your office in Project 1 eager to begin his new business. He needs your legal advice on what type of business organization he should choose for his business. You, of course, want to be sure to convince Ernie that you are the lawyer for him. You need to explain this technical legal material to him in an understandable format. As you help Ernie through his business endeavor, I am not expecting you to perform at the level of an actual attorney. This project is designed to evoke creativity and to have fun with the material. Prior to rendering your final recommendation to Ernie, be sure and cover all the choices that he has with a description of the advantages and disadvantages of each form available.
You are a business lawyer specializing in start-up businesses. One day a new client, Ernie Entrepreneur, enters your office and indicates that he is interested in starting a lawn care/landscaping/snow removal business. He has a limited amount of capital at the outset, so he indicates that he will probably be a one-person operation at the beginning, handling all aspects of the business. His goal, however, is to grow the business to the point where he may get partners or employees, like his friend Bert, to help. Eventually, his plan is that the business develops to the point where his role is simply to manage the operations.
He seeks your advice on how to begin. What do you tell him?
Please advise your client on the following issues:
1.The choices of business organizations available, including the requirements of each form. Please state all of the advantages and disadvantages of each form from a legal, administrative, financial, as well as operational perspective.
2.Which form would you advise best meets Ernie’s needs and why?
3.What role/roles would you recommend Ernie hold in the organization? Please define the available roles and why you chose your recommendation.
4.How is Ernie to compensate you for your services?
Please submit to Professor Beier by the due date, a typed copy of your recommendation for your client, Ernie Entrepreneur. Be Complete!!
Image preview for which form would you advise best meets Ernie’s needs and why?