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Law Assignment 1

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Submitted By bobecks
Words 1783
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Part 1: Law in Society
A) A responsible business person would set a comprehensive code of ethics and values to be met by employees and associates, and would make clear how this code is to be enforced and in what matter it will be followed-up. A legal risk plan will be outlined and the business person will make the decision to retain a lawyer or hire an on-staff lawyer to handle all legal issues that may arise, and to follow up on the legal risk plan ensuring it is implemented accordingly and adhered to. Every business requires a budget and projected cash flow, which goes along with recruiting investors. All creditors will want to know the debt collection plan in place so the company can collect on its debts owed by customers and buyers. Employees will need to be hired and trained, and requires a review schedule to be implemented, ensuring that employees are meeting levels of service, hitting all the targets for sales, abiding by the code of ethics and upholding the company values. A clear and concise business plan is really the starting point, because any investors will want to know the advertising strategy (including target market), product lines, manufacturing/purchasing plans, management hierarchy, inventory monitoring and management, and the accounting policy to be used (IFRS vs GAAP.)

A stupid business person would hire anyone, qualified or not, provide little to no training, and would likely be ignorant of legal risks surrounding their enterprise. There would be a lack of business plan, or a very poor one, and investors would likely be themselves or family/friends who have (misplaced) faith in their competence to run a business. Few or no safeguards would be in place to limit/prevent product loss or theft. Employees would have no reviews and would not be held accountable, and would be ignorant of any ethical code or values, if one even exists. This business

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