Acme Fireworks Essay - 990 Words

Final Paper Proposal James Collier BUS311: Business Law I Instructor: Daniel Malvin 9-1-2014 A sole proprietorship is a one-person business that is not registered with the state as a corporation or a limited liability company (LLC). The owner of the Acme Firework is a sole proprietor that has never changed his business entity. A sole proprietor can be held personally liable for any business-related obligation. This means that if your business doesnt pay a supplier, defaults on a debt, or loses a lawsuit, the creditor can legally come after your house or other possessions. Product liability laws cover consumer goods and goods used at a workplace. If someone is injured by a defective product or suffers loss or damage to private†¦show more content†¦This is the type of business entity that the owner should adopt because it is the most common and since this is the owners first time he should choose this type of entity in my opinion. A contract is formed when an offer by one party is accepted by the other party. The owner of Acme fireworks is trying to get his busin ess off the ground and is attempting to make a contract with larger retailers something his business has never done. A contract does not exist simply because there is an agreement between people. Once you decide to establish a business, a primary consideration is the type of business entity to form. Tax and liability issues, director and ownership concerns, as well as state and federal obligations pertaining to the type of entity should be considered when making your determination. Personal and personnel needs and the needs of your particular type of business should also be considered. Domestic LLCs may be managed by one or more managers or one or more members. In addition to filing the applicable documents with the Secretary of State, an operating agreement among the members as to the affairs of the LLC and the conduct of its business is required. The LLC does not file the operating agreement with the Secretary of State but maintains it at the office where the LLC’s recor ds are kept. This society that we live in gets more and more litigious every day. Before, lawsuits were a form of justice, now they are often used as get-rich-quick schemes byShow MoreRelatedAcme Fireworks Is A Sole Proprietorship1770 Words   |  8 Pages Acme Fireworks is a sole proprietorship that has recently attracted the attention of larger retailers who desire to place large reoccurring orders. It is necessary to ascertain if Acme Fireworks can fulfill these orders and what will be necessary to fulfill such great volumes. In this proposal, I will Determine if the contracts with the businesses will be governed by common law or the Uniform Commercial Code, Analyze whether the verbal agreement discussed between the owner and retailer meetsRead MoreAcme Fireworks2308 Words   |  10 Pages Acme Fireworks Name Course Instructor Institution Date of Submission Acme Fireworks Business Contracts The business contract is considered as the common legal transactions most business people get involved to ensure the activities run smoothly. When a person understands the contract law, he/she is good to create a sound business agreement. However, the agreement would be legally enforceable in case something bad happensRead MoreAcme Fireworks2324 Words   |  10 Pagesï » ¿ Acme Fireworks Margaret E. Bridges Brian Lahargoue BUS 311 Business Law 1 Growing Acme Fireworks There is much to consider when expanding a business. How will you make, market, and distribute your product. Are you willing to take full liability for your product and understanding the legalities of what happens if your product is defective? Once that has been established, it’s important to make sure that your business dealings are in order. The strength of the contractRead MoreA Report On Acme Fireworks2210 Words   |  9 PagesAcme Fireworks is a fireworks retailer that sells fireworks, puts on ground display fireworks, and large aerial display fireworks. There have been several inquiries from businesses who would like to use our service for fireworks displays on a regular basis. As the manager of Acme Fireworks, we are looking to expand our businesses with several inquiries. There are several aspects to consider when determining the most beneficial business structure for this venture. All businesses want to make aRead MoreAcme Fireworks And An Enforceable Co ntract1521 Words   |  7 Pagesorganization called Acme Fireworks and to determine if the laws that these businesses will be governed by, analyze the contracts, apply the five essentials elements of an enforceable contract, explain the potential liability if a spectator is injured, discuss the different employment types relevant to this company, and explain why they should not operate as a sole proprietorship. Acme Fireworks is a fireworks retailer that sells fireworks. They also put on both ground and aerial firework displays. TheRead MoreAcme Fireworks Prospectus Essay1829 Words   |  8 Pages Acme Fireworks Prospectus Jennifer Crawford BUS 311: Business Law I Instructor: Mark A. Cohen October 30, 2014 Acme Fireworks Prospectus Acme Fireworks is a fireworks retailer that sells fireworks, puts on ground display fireworks, and large aerial displays fireworks. Acme Fireworks has been a sole proprietorship since it began two years ago. At this time the owner is receiving inquiries as to Acme Fireworks ability to create fireworks displays on a regular basis. CITATION Rog12 \lRead MoreAcme Fireworks : Business Law2221 Words   |  9 Pages Acme Fireworks Angelica DiMaggio Instructor Malvin BUS311: Business Law May 26, 2016 Acme Fireworks is a reputable fire work company that falls under the form of retailer. In order to gain consumers and sell their products they must put out ground display’s of their fireworks as well as a variety of aerial fireworks, especially their larger products. This company started out as a small family owned business in the back of a man’s garage and as he grewRead MoreBusiness Law - Acme Fireworks2432 Words   |  10 PagesBusiness Law - Acme Fireworks Introduction Various liabilities can arise while manufacturing and selling fireworks. Potential personal liabilities can also arise if a customer is injured while using the fireworks and can often be devastating to the owner of a business, especially if the owner is not protected by an appropriate business structure/entity (Rogers, 2012). Hence, in order to expand the business, one of the best precautions would be to change the business from a sole proprietorship toRead MoreAcme Fireworks Should Not Operate As A Sole Proprietorship2325 Words   |  10 PagesFireworks are one of those things that everyone loves to see every chance they can get. Acme Fireworks wants to start showing fireworks on the regular basis, but it will cost more to hire more people for the labor, insurance, and the service of setting off the fireworks. I will determine if the contract with the businesses will be governed by common law or the Uniform Commercial Code and explain why, analyze whether the owner formed the contr act with the business and apply the five essential elementsRead MoreAn Introduction With A Thesis Statement1064 Words   |  5 Pagesagency law. Finally, my final task as manager will be to recommend a new business entity and recommend that Acme Fireworks company should not operate as a sole proprietorship. Create an outline of the major headings with a two- to three-sentence description of what you will discuss under each heading: Common law or Uniform Commercial Code (UCC): Here I will explain why I think Acme Fireworks should use Common Law. UCC and common law have many differences for example common law requires a description