​Legal Environment of Business LAW​

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Assignment

This project is about creating a business. You will go through many of the initial steps in preparing

to set up and run a business. Your group will be given a weekly assignment to be completed as a

part of the group project. These will not be submitted to the instructor automatically, however

the instructor may request your assignment from any given week at any time to view and discuss

with your group the progress you have made. Of course, you are always welcome to ask the

instructor questions or for insights related to the project. Near the end of the term your group

will collect all of the assignments and compile them in a suitable, professional format for

presentation as the final, submitted assignment. One assignment will be submitted for each

group to the instructor by the due date. This presentation format would be something you may

submit to a lender (bank) or investor to convince them why they should invest in your business

idea.

Assignment 1:

1. Pick a business type – what will your business do or sell?

2. Pick a business name.

3. Most business owners want to set up a business entity to protect the personal assets of

the owners. Often they will set up a corporation, a limited liability partnership, a limited

liability company, etc. Interview an accounting professor, and ask for their advice about

what business entity they recommend based on the type of business you will pursue

and tax considerations. Have them explain the reasons for their recommendation and

document this information.

4. Use the WestlawNext Database * through the school’s online library to search the

Alabama Code for the requirements of the type of business entity you select for your

business. What are those requirements?

Document the information and advice you got from the professor and their basis for

their recommendation as well as what your research yielded about the legal

requirements for forming such an entity.

Present your answer as a 3-page (maximum) double-spaced report as a WORD attachment .