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Foundations of Business
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Chapter 7 / Exercise 02
Foundations of Business
Hughes/Pride
Expert Verified
Chapter 42 Law for Small Businesses See Separate Lecture Outline System I NTRODUCTION This chapter discusses law with a particular emphasis on options and legal requirements faced by en- trepreneurs   who   wish   to   start   up   their   own  businesses.     It   explains   how   general   legal   principles   found throughout the text apply in the entrepreneurial context.  Because of the importance of legal compliance in the success of an entrepreneurial venture, the chapter also discusses how to obtain legal counsel. A DDITIONAL  R ESOURCES A UDIO  & V IDEO  S UPPLEMENTS The following  audio and video supplements  relate to topics discussed in this chapter— PowerPoint Slides 61
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Foundations of Business
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Chapter 7 / Exercise 02
Foundations of Business
Hughes/Pride
Expert Verified
62           INSTRUCTOR’S MANUAL TO ACCOMPANY  BUSINESS LAW , ELEVENTH EDITION To highlight some of this chapter’s key points, you might use the Lecture Review PowerPoint slides compiled for Chapter 42.
CHAPTER 42:  LAW FOR SMALL BUSINESSES          63 C HAPTER  O UTLINE I. The Importance of Legal Counsel The text points out that counsel is necessary to stay current with all the rules and statutes governing business and to comply with those laws. A. F INDING   AN  A TTORNEY The text suggests sources for finding an attorney. B. I NTERVIEWING   AND  E VALUATING  A TTORNEYS Questions a potential client should ask after interviewing an attorney are listed. C. R ETAINING   AN  A TTORNEY Reasons for retaining an attorney on an ongoing basis are stated. D. R ETAINING   AN  A CCOUNTANT Having an accountant adds to a business’s credibility. II. Selecting an Appropriate Business Form The text outlines the following factors to consider when choosing a business form (sole proprietorship, general partnership, limited partnership, a corporation, an S corporation, a limited liability company, or a limited liability partnership): A NSWER   TO  C RITICAL  A NALYSIS  Q UESTION   IN   THE  F EATURE I NSIGHT   INTO   THE  G LOBAL  E NVIRONMENT Researchers are attempting to create technology that would allow Web site operators to screen out users from certain geographic areas.  What global issues discussed in this feature might be less of a problem if such technology   becomes   cheap   and   effective?   Businesses   could   find   it   possible   to   do   business   only   in jurisdictions that they choose, which might limit the jurisdictions in which those businesses would be subject to suit. Content that a government or nation prohibits or otherwise finds objectionable could be screened from access by users within its geographic reach. Some trademark problems might also be avoided, at least among businesses that operate in limited geographic areas.

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