Business Law - Acme Fireworks - 2432 Words

Business 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 to a Limited Liability Company (LLC) (Miller, 2015). Moreover, while transitioning into a larger business, the company would have to hire additional employees or independent contractors so as to keep up with an increase in demand for the products, which leads to the necessity of having a valid contract in place to ensure that every transaction and business dealing is carried out legally (Miller, 2015). Hence, the purpose of this paper will be to provide advice to Acme Fireworks’ owner as the manager on different issues ranging fro m common law and UCC requirements of business contracts, the essential elements of a contract, personal potential liability in case of injury, the different types of employment and the most appropriate business structure for the company. Discussion Common Law versus the Uniform Commercial Code (UCC) All contracts are governed by the state laws where the agreement was made. Nevertheless, a contract can either be governed by the Uniform Commercial Code (UCC) orShow MoreRelatedAcme 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 MoreAn Introduction With A Thesis Statement1064 Words   |  5 PagesAssignment D. Josh Rhoderick BUS311: Business Law I Instructor: Daniel Malvin Nov 30th , 2015 Final Paper Proposal: Develop an introduction with a thesis statement for the Final Paper: I have been tasked with figuring out if contracts with several large businesses will be governed by common law or the Uniform Commercial Code. Analyze with the owner formed a contract with the businesses, and apply the five essential elements of an enforceable contract. The business is growing, we want to exceed ourRead MoreElectronic Codes And Its Effect On A Small Business Entity1659 Words   |  7 PagesACME Fireworks has come a long ways in the past 15 years and thus has accepted some changes that will be challenging. If the large orders do not continue, the company will not have the funds to pay the new employees. ACME Fireworks should expand to a larger business entity because expanding to a larger business entity will allow the company to negotiate larger contracts with other companies, and the company will never reach its full potential until it has expanded to a larger business entity. InRead MoreBusiness Entities Essay1297 Words   |  6 Pagesï » ¿ Business Entities Jessica Perez BUS 311 Business Law Instructor: Janet Fiorentino 12/1/2014 As the manager of Acme Fireworks, I need to gather information to help the owner determine whether or not he should continue to be a sole proprietorship or if he should switch to another business entity. 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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 MoreSole Proprietorship And Limited Liability Company1872 Words   |  8 PagesSole Proprietorship and Limited Liability Company For the past two years, Acme has been working out of the owner’s garage as a sole proprietorship. Which means there is one entity and there is no separation of the company and the owner. The sole proprietorship and the owner are one and the same meaning the business is not taxed but rather it is the owner’s income. The sole proprietorship is the least expensive to form. This type of entity has disadvantages of the owner being liable for all theRead 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 MoreEvaluation Of A New Business2589 Words   |  11 PagesAs a manager of an up a coming small business there are several things to consider. Formulating a recommendation to the owner of how to change this business entity would will require a detailed evaluation of laws that will govern the business. Careful consideration of any contracts in place would also need to be considered before determining what type of business to form. Due to the dangerous nature of the product produced by a fireworks company possible liability would need to be evaluated so theRead 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 happens