Bus 154 REVISED lecture note - What is a business Produce...

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° What is a business? Produce goods/services to consumers/other business/government/global community Always operate in the future; however there is uncertainty o To limit uncertainty, use contracts ° What is a contract? Exchange of promises between 2 or more parties to reduced down to a type of writing to do or refrain from doing an act at some point in the future, enforced in a court of law Facilitates commerce; allow parties to engage in day to day Commercial contracts (sell tangible goods) Future oriented, reducing risk Protects private property rights 6 contract laws: As economy change, contract law changes ° Common Law Contract (originate in England) Face to face transaction Local transactions Services Non-merchants ° 6 Functional Areas of Business management – direct/coordinate/control/engage in planning; liable to business misconduct o LLC - limited liability company o Corporations – where you transfer money to officers to generate more money
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° Relatable Laws: ° Contract Laws ° Dodd Frank Act Tied to Federal Systems Revise contracts to make people understand easier ° Commercial Contract Law Merchants who sell tangible, movable goods. Provides basic consumer protection (ie: product liability/warranty) Perfect trade, no replacements/deviations ° Corporate Laws Obligation as directors/shareholders how to perform Persuade shareholders to give you money OPM: other people’s money Regulate OPM – security laws ° Regulatory Laws Marketing – persuade persons to choose your service over your competitors; deals with pricing and promoting products o Anti-trust law o Federal trade law o Pricing below cost act o Product liability laws Research and development – intellectual property (patents, copy rights, trademarks)
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Accounting & Finance o Count money o Keeps record of revenue, costs, profitability o Attract investors o Find money (selling stock, borrowing) ° Securities Laws ° Sarbanes Oxley Act Supply chain management – convert raw materials into finished product/service and transports it so consumers can have access to it ° Tax Laws Tied to SOX How to use OPM (regulation) ° Tort Laws Injured consumers cause liabilities ° Environmental Law Environment impacts (air, water, land) ° Product Liability Ingredients regulation standards ° Patent Equipment, computer programs, business planning, etc. ° Contract Laws ° Banking Laws
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° Bankruptcy Laws ° Credit Laws ° Supply Chain Management Converting raw material into finished good/services Consumers need to have access to these goods/services (distribution) ° Accounting/Finance Contract law Business ownership law SOX act Securities law Consumer protection law Dodd Frank Law Taxation Law ° Human Resources Wages, Benefits, Union, Workplace safety Employment at will Employment protection: protect workers in the workplace o Union law o Fair standard act o Gender discrimination law o Immigration law
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