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BA621-L7A2 - February 1 2010 BA621 Business Law Lesson#7...

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February 1, 2010 – May 21, 2010 BA621 Business Law Lesson #7 Assignment #2 Lesson #7, Assignment #2: Critical Thinking About the Law Answer the following questions (from page 434 of your text). 1) This question is not a formal critical thinking question, but it lays the groundwork for critical thinking about forms of business organization. Think about the businesses that you interact with every day. For example, where do you buy groceries? Who cuts your hair? Why should the community even care whether these businesses are owned by a single person or by hundreds of shareholders? Clue: Ask yourself what the community expects from businesses and how these different forms of ownership would affect the extent to which those expectations are fulfilled. I have different expectations for different business, depending on how large they are (and more likely to be incorporated). The community has higher expectations from corporations than sole proprietorships because, after all, they have a record of success to get that big, which should imply that they are good at what they do. When I go to a Mom and Pop store to buy a doohickey, I am not expecting a 90 day warranty like when I go to Wal-Mart.
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