Business law

Business Law Name: Course: Professor Name: (April 11, 2012) .  Business Law Business law is the law which is legally applied in businesses regarding how they are started, managing them, how employers are dealt with, how they are sold or bought and all matters involving making of contracts where they are involved. It is important and necessary for every business person to be conversant with these laws that revolve around businesses. The laws comprise laws governing property, sales, agency, and contracts. There are laws and procedures regarding formation of business entities. Sam being a sole proprietor is advised by his customer to form a business entity. Being a sole proprietor, it is easy for Sam to form an entity. The first step is always to identify the type of business one is interested in. In this case, Sam is into shoe shining. Sam is expected to understand the legal, tax obligations and structures associated to the business entity. Sam should also consult a business lawyer who is conversant with business laws governing the place of his interest. Since Sam is not good with keeping of books and records, he should also consider hiring an accountant to perform the task for him (David & Andrea, 2008). Jared and Natalie want to open a software development business as partners. There are also business laws governing financing of a business. The partners should foresee if the business would be in a position to contribute adequate revenues. Considering the fact that they want few investors, they should consider taking a loan with a promise to pay interest and should also provide their repayment schedule. With this, they are required to develop a business plan and provide the financial statements. They should consider the business’ ability to provide revenue in order to be in a position to repay the loan. In case the business is not secure...