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BUS 307 Final Project case Study 3 Both Fred’s family and the business have rebounded from their prior issues. Jane sough

Specifically, the following critical elements must be addressed:
I. Evaluate three current or potential legal and/or regulatory issues apparent in this fact pattern that might impact a public offering.
II. Determine whether Fred’s Miracle Cough Syrup is in compliance with government regulations involving public offerings by analyzing relevant laws and
using the appropriate legal test and facts given.
III. Support your conclusions and provide recommendations to improve compliance and strategies for corporate growth.
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BUS 307FinalProjectGuidelines and RubricOverviewBusinesslawplaysanintegralpart inbothour personal andprofessional lives.Asolidgraspof essential businesslawconceptsis criticalforthe successfulnavigationofcomplexanddiversebusinessenvironments.You willassess relevantlegal issuesaswell as applythe discipline-specificknowledgenecessaryto successfullyaddressreal-worldbusinesssituations suchasbusinessformationandmanagement, liabilityissues, andcompliancewith government andindustry regulations,as wellastoeffectivelycommunicateissuesandfacts topeersandprofessionals.Thefinal project representsanauthenticcompetency, asyouwillhavetheopportunitytopresentyour analysisof thelegal andethicalissues involved inthree hypotheticalbusinessscenariosaswellasto evaluateandmakerecommendations toavoidsuchissuesinthefuture.This assessmentaddressesthe followingcourseoutcomes:Applythe lawregardingbusinessrelationships,suchas agencylaw,partnership,andcorporatelawas strategies forappropriateandeffectivebusiness managementAnalyze issuesofreal andpersonal propertyastheypertain tobusinessformationandmanagementDeterminethelegal rightsanddutiesofthepartiestocommercialpaperfor theirimpactonfundamentalbusinessoperationsAnalyze therightsanddutiesofthepartiesin credittransactions,includingsecured transactions andbankruptcylaw,astheyapplytofundamental businessoperationsEvaluate theimpactof governmentregulationonbusinesspracticesfor strategicandcompliancepurposesPromptThe final project for this course consists of two milestones and the final project submission. Milestones One and Two take the form of short answers crafted in memo format from the perspective of a corporate attorney making recommendations to a client. For Case Studies 1 and 2, craft a professional memo for each, appropriate in format, tone, and content, to send to your clients Fred and Sally, with your preliminary thoughts on the issues within. Your memos should illustrate 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. The third element, Case Study 3, will be a short, 2–3-page essay in Ace homework tutors – APA format that will require you to independently issue-spot as well as provide a factual analysis of relevant law and recommendations. You will receive feedback on both milestones andthe initial element of Case Study 3. Make any necessary revisions and then include them all in the final submission, where you will label them as Case Study 1, 2, and 3.CaseStudy1Fred iswellknown inhistown forhis homeopathiccoughsyrup. Afteryears ofencouragement,hehas decided to takehismiraclecoughremedytomarketas “Fred’sMiracleCough Syrup.”Whilehiscough syrup is homeopathic,oneofthekeyingredientscausesaseverereactionwhentakeninconjunctionwith aspirin. Fred plans tomakeandbottlehis coughsyrupin anoutbuildingonthefamilyfarm. His son, Sam,hasbeen ravingtothelocals abouthis father’scough syrup for years,andthelocaldrugstoreandgrocerhavecontactedFred toplaceordersasa result. Samalsointends toapproach severalnational chains in aneffortto securesupplycontracts forFred’s cough syrup. Fredhas askedSamtoassisthimwith deliveries,as Samhasa van.FredwouldlikeSamtobeinvolved with the
businessas anemployeeinitially,with theoptionofmakinghimapartialownerata latertime. Fred andhiswifeSallyhavetwo children, SamandLilly. Both live incabins onthefamilyfarmwith theirspousesandchildren. Fred andSallyengageyouastheir attorneytoassistwith theformation of thenewbusiness, includingdeterminingtheappropriatebusiness entitytype,management issues,productliabilityissues, andestateplanningforboththebusinessandfamily property. Afteryour initialmeeting,youidentifyand researchthe followingissues.Specifically,the followingcritical elementsmustbeaddressed:I.Describethemaintypesofbusinessentitiesand theirdefiningcharacteristics.II.Applyproductliabilitylawanddeterminewhat issues are present.Howwouldyouadviseyourclienttomitigatethoseissues?III.Applytheelementsandcharacteristicsofan agency relationship toSam’sactions.DoesSam’sinvolvementpriortothebusinessformation,aswellas his anticipatedroleoncethebusinessisformed,createanagencyrelationship? Whyor whynot?IV.Identifypotentialrealpropertyissues based onthelocationofthe business onthefamilyfarm.Justifyeach potential issue.V.DoesthemanufactureofFred’s MiracleCoughSyruponthefamilyfarmnecessitateaformaltransferofownershipor possessoryrights?Defendyour response.VI.Identifypotentialpersonalpropertyissuesbasedontheuseof Sam’s personalvehicletodelivertheproduct.Justifyeach potential issue. VII.Doestheuseof Sam’s personal vehicleinthecourseof businessexposeSamor thebusinesstoanyliabilityissues?Defendyour response. VIII.Identifypotentialestate planningissueswith regardtothebusinessandthe familyfarm.Justifyeachpotential issue.IX.What estateplanningvehicles areavailabletoFredandSallyshouldtheydesiretotransferownershipinthebusinessandfamilyfarm,respectively,toSamandLillyequally?Whatarethe advantagesanddisadvantagestoeach?X.Applying youranalysisoftheissuesabove,whichtypeof businessentitydoyourecommendfor Fred’sMiracle Cough Syrupandwhy?CaseStudy2Fred’s MiracleCough Syruphas hitthemarketandbecomea hugesuccesswith theburgeoningintegrativemedicinedemographic.Peryour advice,Fred has patentedhis famousconcoctionandtrademarked theFred’s MiracleCough Syrupnameandlogo.DemandissohighthatFred and Sallyare workingfull-timeon the business.Their children,SamandLilly,andtheirrespectivespouses, JaneandTim,havejoined thecompanyfull-timeaswell.Infact, Fred andSallyhave madeSamandLillypartownersof thebusiness.Fred,Sam,andTimhandle theproduction,sales,anddelivery. SallyandLillyhandle themajorityof the administrativeandbusiness management tasks,whileJaneactsasthebookkeeper. SallyandFred aretheonlyauthorizedsignatoriesonthecorporateaccount.SallyandLillyhavebeen hardatworksecuringanewproductionfacilityanddistributionchaintoaccommodatean upcomingcontractwith anationalchain. After locatingalargewarehouseonseveral acres,SallyandLillyapproach theirlocal creditunionforaloan.Thebusinesshasonlyone businesscreditcardused topurchasesuppliesforthe productionof Fred’sMiracleCough Syrup,andthereis a smallmortgageoutstandingonthefamilyfarm. Personal debtsof the individual familymembersconsistofsmall credit-cardbalancesfor Fred,Sally, Sam,andLillyas wellasanautoloanon Sam’svan.Duringthecommercialloan accountingreviewprocess, SallyandLillydiscoverthatJanehas been siphoningoff largeamountsofcorporatemoneyand“cooking the books”to hideheractions.Janehaswritten several checksfrom thecorporateaccountand forgedbothSally’s andFred’s signatures. Janehasmadeoutall butoneoftheforgedcheckstoDon,a local loanshark,inan efforttorepayhergamblingdebts.ThecheckJanedidnotdelivertoDonwasmadeoutto“Cash,” whichsheslipped intothecollectionboxatchurchinanefforttoabsolveherguilt.Theembezzlementwassoseverethatthefamilyfears that Fred’sMiracle CoughSyrupis nowonthebrinkofbankruptcy.Meanwhile,Sam’s refusaltoenterinto an exclusivedistribution dealwiththe local drugstorehas enraged Bob, the owner. Bob hasnowreverseengineered Fred’scough syrup recipeandhas posteditonlineinan actofvengeance.

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