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Business Law Questions - Coursework Example

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Eva, the owner of Finest Enterprises, is a sole proprietor. As such, she runs and maintains ownership of the business herself. In sole proprietorship, there is no legal distinction between Eva and Finest Enterprises that is, the owner and the business are considered as one under law (Aronoff, Ward and Astrachan 22)…
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Download file to see previous pages The first advantage is that this type of business is easy to form. The business organization is simple with minimal legal formalities that includes the license and permits in special cases. The business is also easy to dissolve if Eva so wishes. The second advantage is that this type of business only needs small startup capital. Apart from this, the amount of money needed for management is small as there is usually no need for specialist in the various functional areas of the company.
The third advantage Eva gains from this type of business organization is that it affords a great deal of flexibility in that decision making and changes are easy and fast. The fourth and probably the biggest advantage is that the owner receives all the profits from the business. The final advantage offered is that the company if moderately free from government control. The government regulates this type of business less than other types, thus Eva’s day-to-day operations are smooth as long as she follows the letter of her permit and license.
While the business offers many advantages, it also has some challenges. First, these types of companies usually have limited resources. Due to this, banks and other credit facilities are usually reluctant to grant loans due to the high mortality rate of these companies as well few assets owned. The second disadvantage is that the owner assumes unlimited liability. This means that all the debts and loses fall on the head of the owner. The third disadvantage is that in the event the company fails, creditors have the right to force the owner to sell their own property as well as those belonging to the company to offset the debt. Finally, if the owner dies or is incapacitated, the business dies or is incapacitated. In order to raise capital, Eva faces some difficulties as investors unrelated to her will not be comfortable regarding the security and use of their investment. Capital investment for sole proprietorship is also difficult to secure and formalize without risking losing control of the company. The first course of action she may take is to seek financial aid from people related to her such a family and friends. She can also raise loans from financial and banking institutions. In this case, she can secure a loan from the bank for her working capital and seek help from specialized financial institutions in case of long term investment such as buying fixed assets. The third approach is discussing with her suppliers to receive goods on credit, i.e. acquire trade credit. Finally, she can lease her equipment to other firms in order to acquire medium term funds. Question 2 By looking at the second scenario, we find that Don has a basis to set aside the contract. This is because the contract between Don and Evan was entered under coercion. According to Bigwood (369), pure coercion occurs when one party plans to engage in a legal wrong to endorse his demands leaving another party to without any reasonable alternative but to comply. While Evans threat is not a legal wrong it is however exploitative, disagreeable and wrongful in the broader sense hence an improper proposal. Under contract law, Don can prove that he was under duress (duress to the person) thus enabling the contract to be rescinded since it will then be voidable (Stone 337). In order to prove that the contract was under coercion, Don has to prove that no other reasonable option remained but to sign the contract. This can be done by reviewing the relationship between him and his nephew as well as contracts they had entered before. Apart from voiding the contract, Ron can also choose to enforce the contract (Bigwood 370). Cases of ...Download file to see next pagesRead More
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