Legal Issues in Setting Up a Business
Legal Issues in Setting Up a Business Assignment:
This activity is a portfolio component, which means this project will be part of your final student portfolio. As you work on this assignment, keep in mind that it will serve to reflect your professional skills and creative abilities to hiring managers and other professionals in the industry. You will continue to work on this project in Project and Portfolio VII: Entertainment Business.
The objectives of this assignment are to help you:
- Apply the legal knowledge you’ve gained this month to a real-world situation.
- Evaluate the characteristics, benefits and drawbacks of different kinds of legal structures in light of conducting a particular business.
- Identify an appropriate legal structure to accomplish your business objectives.
- Identify and discuss any and all licenses, permits, insurances and contracts you will need in order to get your business up and running.
- Discuss professionally, accurately and persuasively how your business is one in which the potential investor should invest.
Create a 3-5 page narrated keynote detailing the following information that would be used as a pitch to a potential investor for investment monies for your new business concept:
- What kind of entertainment or music related business you have decided to create. Be sure to go into detail on how you would go about setting up the business and what services/products your business would offer.
- What kind of business entity will you choose for your business and why? What are the advantages and disadvantages of the entity you chose (ie. Sole proprietorship, Partnership, LLC or corporation).
- What types of licenses will you need to start conducting business? Are there any professional licenses you will need?
- What types of insurance will you need? Remember, even if you choose a business entity that provides you limited liability protection, insurance will help protect the business from financial liability.
- What contracts will you need to have in order to get your business up and running? Will you need a lease? What kind of contracts will you need for your clients? How about for vendors? What kind of contract will you have with any people you might be starting the business with (ie. Partnership agreements or Operating Agreements)? When discussing the necessary contracts, consider whether you can draft the contracts up yourself or whether you will need to hire an attorney to help you do so.
- What exactly are you looking for from the investor in the way of money? You should ask for a specific amount of money and detail how it will be used.
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