Prerequisites Before Family Business Formation essay case study

Prerequisites Before Family Business Formation essay case study

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

Prerequisites Before Family Business Formation essay case study

BUS 307 Case Study 1 Guidelines and Rubric

Prerequisites Before Family Business Formation essay case study
For this case study, craft a professional memo, appropriate in format, tone, and content, to send to your

Prerequisites Before Family Business Formation essay case study
clients Fred and Sally, with your preliminary thoughts on the issues within. Your memo should illustrate

Prerequisites Before Family Business Formation essay case study
the issues and relevant law, apply the facts, and support your conclusions with regard to each issue.
Always remember to be clear, kind, and professional in your communications.
Case Study 1
Fred is well known in his town for his homeopathic cough syrup. After years of encouragement, he has

Prerequisites Before Family Business Formation essay case study
decided to take his miracle cough remedy to market as “Fred’s Miracle Cough Syrup.” While his cough

vPrerequisites Before Family Business Formation essay case study
syrup is homeopathic, one of the key ingredients causes a severe reaction when taken in conjunction

Prerequisites Before Family Business Formation essay case study
with aspirin. Fred plans to make and bottle his cough syrup in an outbuilding on the family farm. His son,

Prerequisites Before Family Business Formation essay case study
Sam, has been raving to the locals about his father’s cough syrup for years, and the local drug store and

grocer have contacted Fred to place orders as a result.

Prerequisites Before Family Business Formation essay case study
Sam also intends to approach several national chains in an effort to secure supply contracts for Fred’s

Prerequisites Before Family Business Formation essay case study
cough syrup. Fred has asked Sam to assist him with deliveries, as Sam has a van. Fred would like Sam to

Prerequisites Before Family Business Formation essay case studybe involved with the business as an employee initially, with the option of making him a partial owner at

a later time. Fred and his wife Sally have two children, Sam and Lilly. Both live in cabins on the family

farm with their spouses and children.

Fred and Sally engage you as their attorney to assist with the formation of the new business, including

determining the appropriate business entity type, management issues, product liability issues, and

estate planning for both the business and family property. After your initial meeting, you identify and

research the following issues.

Specifically, the following critical elements must be addressed:

I. Describe the main types of business entities and their defining characteristics.

II. Apply product liability law and determine what issues are present. How would you advise your client

to mitigate those issues?

III. Apply the elements and characteristics of an agency relationship to Sam’s actions. Does Sam’s

involvement prior to the business formation, as well as his anticipated role once the business is formed,

create an agency relationship? Why or why not?

IV. Identify potential real property issues based on the location of the business on the family farm.

Justify each potential issue.

V. Does the manufacture of Fred’s Miracle Cough Syrup on the family farm necessitate a formal transfer

of ownership or possessory rights? Defend your

response.

VI. Identify potential personal property issues based on the use of Sam’s personal vehicle to deliver the

product. Justify each potential issue.

VII. Does the use of Sam’s personal vehicle in the course of business expose Sam or the business to any

liability issues? Defend your response.

 

VIII. Identify potential estate planning issues with regard to the business and the family farm. Justify
each potential issue.

IX. What estate planning vehicles are available to Fred and Sally should they desire to transfer

ownership in the business and family farm, respectively, to Sam and Lilly equally? What are the

advantages and disadvantages to each?

X. Applying your analysis of the issues above, which type of business entity do you recommend for

 

Fred’s Miracle Cough Syrup and why?

Prerequisites Before Family Business Formation essay case study

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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