business law Please write a 3 -5 page paper based on an interview you conduct wi
ID: 360458 • Letter: B
Question
business law
Please write a 3 -5 page paper based on an interview you conduct with a business owner. The paper must contain: I. Background information on the business owner that you choose 2. Discussion of the type of business that they own and operate 3. A description of legal challenges that they faced when starting their company 4. A description of legal challenges that they face on a daily basis 5. Advice your business owner would give to new entrepreneurs 6. A summary of what you have learned from the business owner you have chosen Attach a copy of the questions you used to interview the business owner (this does not count in your page count total) 7. Examples of Interview Questions Tell me about your business? What legal challenges did you face when you started your company? And what legal challenges do you face now? . . What are some of the non legal challenges you have encountered? . What do you wish you had known before you started? . Is this the first business you have launched? e . . What type of education helped you to open/run/manage your business? Approximately how much money did you need to open this business? How many employees do you have? Describe a typical day in your business Keys to getting the best grade possible . Be creative . Be organized- Use headings . Stay within the page range Use proper grammar and edit your work Turn in on time. In class only. No email submissions accepted .Must be typed Good Luck!!!!Explanation / Answer
The business owner that I have interviewed is an entrepreneur in the education sector. The business owner was traditionally running pre-schools and play schools for children in the age group of 2 years to 6 years. With the advancement in technology the business owner is starting educational apps (applications). This app will help students to learn difficult science and mathematics topics in a creative method.
The type of business entity that the entrepreneur is sole proprietorship. The legal entity of the business owner and his business is not separate and is considered as one single entity by law.
The business owner was looking to launch the educational apps through a new partnership firm. He wanted to form a partnership with his CTO (chief technology officer) who was responsible for all product development. The legal challenges they faced when starting were – How to protect the business name and brand, how to structure the partnership agreement and what steps to take if it gets sued. The new entity should have a well-written partnership agreement in place that spelled out the duties and obligations of each partner and covered all issues that could have arisen in the future. The second issue is with regards to protection of trademark and intellectual property like logo. As the application will be widely used it requires proper trademark protection.
In terms of legal challenges that will be faced on a daily basis the challenges can be with regards to legal problems with employees. The firm should limit its liability as much as possible before taking on any new employees.
The advice that this business owner will give to new entrepreneurs is to properly assess and determine the legal challenges that your business will face or will likely face in the future. Then mitigating steps should be developed to minimize the impact of the legal challenges and risks. For instance legal problems with employees can be avoided by having an employee handbook in place and ensure that all new employees sign an acknowledgement form stating that they received the handbook. The handbook should address everything from the company’s sexual harassment policy to the office dress code.
Summary – My key learning from the business owner that I have interviewed is that entrepreneurs, before starting a business, should determine the legal challenges that the organization will likely face now as well as in future. All documentation, legal formalities and legal requirements should be completed in time to avoid any legal problems in future. An entrepreneur should also seek advice of experts like lawyers and consultants to structure their business in a manner that is fully compliant with the law of land. This will help the business to ensure no legal problems in future.
Questions that were used by me are:
Give a brief description of your business.
What different legal challenges were faced by you initially?
What legal challenges were faced by you on a daily basis?
Were you able to resolve these problems on your own or did you seek expert advice?
What were your key learnings and will these learnings help you in your future endeavors?
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