BUILD-A-BUSINESS PROJECTBUSA 2106Legal and Ethical Environment of BusinessProfessor Grelecki SYNOPSIS This semester you are going to lay the groundwork for starting a new business. The goal of this exercise is to walk you through many of the considerations a new business owner faces, from inception to day-to-day operations, from a legal perspective. This will involve multiple papers considering various aspects of your business from a legal perspective, which will ultimately turn into a legal analysis and risk assessment. ASSIGNMENTS Below is the breakdown of assignments which will result in your ultimate analysis. The Preliminary Paper/Outline is meant to force you to think strategically, from a legal perspective, about particular issues facing businesses, as discussed in class. It also gives you an opportunity to learn how to conduct the appropriate analysis prior to completing the final, comprehensive paper. Ultimately, you will use the Preliminary Paper, and a final set of analysis of issues, to piece together the Final Paper. Accordingly, you will be able to flesh out the details of the first paper in the Final Project Paper, addressing specific issues with educated and knowledgeable detail, based both on information obtained throughout the semester and my feedback on your preliminary paper. You will, however, be required, to conduct an analysis of the concepts covered in the final third of the class “on your own” in the Final Paper. The point of this project is to illustrate how essential it is to conduct business from a place of full information, as much as possible. I fully expect that you will use the information supporting and contained within the Preliminary Paper to start your Final Project Paper; however, it should not be a mere “cut-and-paste” job. You should edit and revise the materials in order to create a comprehensive analysis, addressing each of the questions from the perspective of one who has attended lectures regarding, and studied up on, each of the topics. Your grade will be a function of your ability to distill the facts surrounding your business and industry, recognize and analyze the legal issues existing in that environment, and develop an assessment that identifies and addresses that intersection of business, law, risk, and ethics. Preliminary Paper/Outline Paper 1 – Ethics, Risk, Entity Formation, Contracts, & Intentional Torts This paper/outline will answer the following questions: a. What type of company are you starting and in what industry is your company going to operate? b. What will you offer (goods, services, both) and who are your customers (target market)? c. What risks are associated with this type of company, specific to your industry, and associated with the goods/services you will offer? d. What are the ethical considerations with this type of company, in this type of industry, and offering these goods/services?e. Where are you going to set up your company (city and state) and why? f. What form will your company take (i.e., Sole Proprietorship, Partnership, LP, LLP, LLC, Corporation)? g. Why did you choose the particular corporate form? What are the pros and cons of your chosen form? h. With whom will your company need to enter into contracts (vendors, customers, service providers, etc.)? i. Describe the circumstances under which someone could claim your company committed an intentional tort. Think about all of the intentional torts we discussed in class and consider any possible scenarios under which someone could make a claim, regardless of whether or not you think your company would actually be liable. Final Paper This paper (NOT outline) will re-address the previous concepts perhaps misapplied in the Preliminary Paper, applying the knowledge and information gained throughout the semester, and address new topics covered in class since submitting the Preliminary Paper. The paper should be organized based on the outlined sections provided below, but presented in full sentences and paragraph form. Again, I fully expect you to utilize the information presented in the Preliminary Project Paper in order to get started on the Final Project Paper; however, I also expect you to more fully develop your analysis in each of the areas now that you have had an opportunity to learn about and study the appropriate legal topics. Remember to think about this from the perspective of a business owner, who is now “fully-informed” in a variety of areas of law. I. Introduction a. What is the name of your company? b. What type of company are you starting? c. In what industry is your company going to operate? d. What will you offer (goods, services, both)? e. Who are your customers (target market)? II. Risks and Ethics a. What risks are associated with this type of company, specific to your industry, and associated with the goods/services you will offer? b. What are the ethical considerations with this type of company, in this type of industry, and offering these goods/services? III. Entity Formation a. Where are you going to set up your company (city and state) and why? b. What form will your company take (i.e., Sole Proprietorship, Partnership, LP, LLP, LLC, Corporation)? c. Why did you choose the particular corporate form? What are the pros and cons of your chosen form? IV. Contracts a. With whom will your company need to enter into contracts (vendors, customers, service providers, etc.)? V. Intentional Torts & Negligence a. Describe the circumstances under which someone could claim your company committed an intentional tort. Think about all of the intentional torts we discussed in class and consider any possible scenarios under which someone could make a claim, regardless of whether or not you think your company would actually be liable.b. What standard of care must your company exercise? What, if any, additional/heightened/special duties will be owed by your company and to whom will they be owed? c. Describe the circumstances under which someone could assert negligence claims against your company. VI. Product Liability & Warranties a. Will your company offer any express warranties or be subject to any implied warranties? Why or why not? b. Describe you company’s exposure to any potential product liability claims. VII.