Associated Objectives
Describe the various ways to structure business and legal entitiesSelect the appropriate legal entity for a set of business needsAnalyze the interrelationship of law and ethicsOver dinner, you and a colleague discussed a business venture you have talked about for a long time but have never taken action on. You want to produce and sell energy drinks. The two of you agreed to proceed with the idea as 50/50 equal partners, and your colleague asked you about the next steps to take: how should you proceed? You told your colleague that you would provide him/her with an email with your general thoughts about how to proceed.Based on the materials from Week 1, prepare an email to your colleague making suggestions for how to proceed. Your email should at a minimum address the following:Selection of an entity type for the two of you to form (LLC). Specifically, address your reasoning for selecting the chosen entity or the reason for not forming a legal entity.Explain what you feel, in addition to the interests of the owners, are the chosen entity’s social responsibility while providing energy drinks to the public.The benefits of your choice.The potential consequences of your choice.The ethical implications you foresee, in particular, due to the fact that the two of you will be equal partners.
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