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BUS 307 SNHU Prerequisites Before Family Business Formation Memo

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Running head: Business law memorandum

1

Business Law Memorandum

Name
Professor
Institution
Date

BUSINESS LAW MEMORANDUM

2

To: Fred and Sally
From: Attorney
Date: November 12, 2021
Subject: Prerequisites before family business formation.

The purpose of the memo is to address the various issues regarding the factors in business
law that need to be considered before business formation. The characteristics that have to be
considered are in categories such as business entities, product liability, agency relationship, real
property, manufacturer possession rights, personal property, liability issues, estate planning, and
transfer ownership. Each case is specific and has its qualities that every person thinking of
starting a business needs to put into consideration.
Business Entity
A business entity, which is the legal structure of a business exists in different types. The types
include sole proprietorships, partnerships, corporations, limited liability companies, and limited
liability partnerships (Asha,2021). Sole proprietorships are business entities owned by an
individual and those individuals manage every aspect of the business. Partnerships are business
entities that are managed by two or more people who have come together to form the business
and bear all the liabilities that come with it (Asha,2021). Another type is the corporation which is
a legal entity and separate from its owners. Based on law they possess the same qualities as
individuals since they can borrow money, enter contracts, hire new employees, own assets, pay
taxes among others. Lastly, limited liability companies or partnerships are businesses that protect
their owners from personal responsibilities from their debts or liabilities (Asha,2021).
Product liability law

BUSINESS LAW MEMORANDUM

3

This is a type of law that provides those affected by dangerous products with legal help for any
type of injuries they might have suffered from (Hbr, 2021). This is whereby the producer or
manufacturer is held accountable for the production of a defective product when a plaintiff who
is the consumer of the product for this case, syrup, reports the case to a court of law (Hbr, 2021) .
Agency relationships
This is where the business entity has a trustful relationship where an individual called the
principal permits the agent in this case Sam (mvorganizing,2021). He is an employee to the
business and the one being given the trust to deliver the business’ syrup products and he is
subject to his dad’s instructions in the running and management of the business (mvorganizing,
2021).
Real property
This refers to the land and buildings that an individual owns (Nycbar, 2021). The real
estate law governs who may own the land or use it. Thus, the owner is given rights to use the
piece of land in whatever way they deem fit, exclude others, sell or give it away to the person of
their choice. In that regard, the property owner may do all activities that he wants and conduct all
types of businesses that he wishes to do as he has complete rights over the property (Jcfsandiego,
2021).
Possessory rights
It is the right of an individual to own a piece of property, business, or piece of land(Kelly,
2021).So in the case of the manufacturer, they have no possessory rights to the business since
they are only manufacturing the products as a contract not as part of the initial business that had
been formed(Kelly, 2021).
Personal property law

BUSINESS LAW MEMORANDUM

4

Personal property is anything besides land that can be owned thus it is mobile not like
real estate (co.sherman.or, 2021). They are of two types: tangible and intangible. In this case, it is
the tangible type since it deals with Sam’s van as his personal property to the business.
Therefore, the van becomes part of the business assets and is still personal property so Sam must
take insurance regarding it (co.sherman.or, 2021).
Estate planning issues
This is whereby the family gets plans to manage any sorts of risks that may occur at the
end of life and beyond (Americanbar, 2021). Some issues may arise in the family if such plans
are not set in place to prevent the arise of mistakes which include not having the plan in the first
place, not updating such plans, not planning for disability, improper ownership of assets, estate
liquidity, not taking into account the impact that income tax may hav…

 

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