The paper "Fundamentals of Business Law - Grizzle Honey " is a great example of a business case study. Grizzle, the manager of the bee farm, after numerous years of research, he discovered a new way of breeding bees on his bee farm so that they produced honey with a completely diverse flavor. He was very thrilled about his breakthrough and has plans to start a business selling this new form of honey to customers. This paper discusses the fundamentals of business law with examples of different cases. The paper aims at instilling and keeping understanding and appreciation of the legal aspects of the business.
The paper will discuss and provide an understanding of legal tactics and the most important fundamental laws involving business. The paper will also exhibit how commercial law and business practices are interconnected and how they frequently influence each other in molding the modern commerce and industry. While concluding, the paper will identify some of the general laws that are normally broken in large numbers by most business organizations in the world (Barnett, 2011). ISSUES OF CONSIDERATION IN SETTING UP THE BUSINESS Various issues require consideration in setting up the business.
Firstly, Grizzle has to choose the form of his business organization that is whether it is a Sole Proprietorship, Partnership, or Corporation. Secondly, He will have to select a name for his business and register it in order to have absolute rights. Thirdly, Grizzle will have to consider having Insurance for his property and all its contents. Fourthly, He will have to search for Licenses and Permits that allow he does transact and get his products into the diverse market.
Fifthly, He will have to think about the Taxation that he would pay in order to invade the wrong side of the law. Sixthly, Grizzle will have to consider the advertising and marketing strategy of his product to gain a large market share in his region, with his new discovery. Another important deliberation would be on Pricing and distribution of his product. This will immensely affect the movement of his product. The principle of rights is also a key factor while studying the fundamentals of business law. Since duty cannot exist without a corresponding right, ethical values based on duty will mean that every human being has essential rights.
This principle will ultimately mean that human beings are entitled to basic rights such as the liberty to live, search of happiness and the rest will be very important while trying to understand the principle fundamentals of business law. Those who hold fast to this code of rights consider that a key facet in determining whether a business decision is moral is by how the decision affects the civil liberties of the others.
Therefore, in this respect, others refer to the area in which it does its business, its firm administrators, and its workforce, consumers of its products or services, and the society as a whole. However, a dilemma exists with those who support the rights theory. Management constantly faces ethical conflicts and trade-offs. When considering all those affected by the business while considering how much weight should be given to employees relative to shareholders, customers relative to the community, or employee relative to society as a whole in general, civil rights theorists believe that any strong right takes priority in any particular circumstance.
A business firm can either keep a plant open, saving the jobs of twelve workers or shut the plant down and avoid contaminating a river with pollutants that would endanger the health of thousands of people. In this situation, the right theorist can easily choose which group to favor (Barron, 2011).
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