Legally Building a Business

Legally Building a Business
Business Law 1 has informed you on principles and processes of law in business. By now you are
(hopefully) well convinced that principles of contract law can articulate the basic elements of
providing for goods and services in commerce. So far, this has tended to concentrate on what
can pass between two or more parties to a contract. You have also learned how contracts can
come into being, how they may be ended, or modified and, if breached, how they may be
remedied.
The law of agency brings about the notion of how we can contract with others to extend the
reach of our legal contracting capabilities through the actions of others on our behalf. This may
involve the creation of agency through an actor that remains independent of our direct and
continuous supervision. It may also develop into an employment contract for those that must
come under our supervision and continuous control to achieve a good business result.
We can also need others to join their resources with ours to form a business enterprise of
suitable scale to engage in certain kinds of commerce. This is the role of business organization
law. This arena of law helps us to determine whether we should engage in business alone (sole
proprietorship), with others in partnerships, or through the creation of an entity that can
function as a person as a matter of law (corporation). Business organization resolves how
ownership, control, liability and reward can be apportioned amongst many that are necessary
to form a business.
Now, for the problem at hand:
Suppose now that you are a business consultant. The Acme Brothers and Sister have come to
you for advice on forming a solar powered air conditioning (A/C) business. The Acme’s indicate
that they want to manufacture, distribute and install their patented solar A/C units. Of the
three brothers, Nerdly is an engineer and inventor of the solar A/C; Slick is an experienced
appliance sales manager; and Buckco is a successful and wealthy real estate developer. Amanda
Acme is an accountant with many clients in distribution businesses.
The Acmes want a business structure that maximizes the use of their particular skills and
resources but also minimizes their liabilities. They also want a business structure that can easily
acquire or engage the skills and resources the Acme’s may lack but will need to be successful.
And like most entrepreneurs each of the Acmes want to maximize the respective fame and
fortune that comes from founding and managing a successful and profitable high tech business.
1. Make a list of at least five important questions you need to ask all of the Acme’s
to give them the best advice on how to form their business to maximize their chances of
success. Explain how the answer to each question will help you to advise the Acme’s.
2.  supply a set of hypothetical answers to your questions from
gathered from all the Acmes). Then state what business advice you would provide the Acme’s
as to; the form of organization; the persons the Acmes would engage (and form of
engagement); the resources Acmes require other than people; the controls the business
would require and; the manner in which each of the Acme’s would partake in the success of the
business.
3. Finally, , suppose the Acme’s tell you that they want to be a virtual online solar
A/C business and operate exclusively through the Internet. Would that change the advice you
gave the Acme’s in Week 6? Explain your reasoning.

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