FBLA Business Law : Business Organization

Describe the characteristics of a franchise and analyze where it fits in the economic and legal framework.

A franchise involves a legal and commercial relationship between the owner (franchisor) and an individual or entity (franchisee) allowing the franchisee to operate under the brand.

Define a limited liability company and explain the steps in forming it.

A limited liability company (LLC) offers limited liability to its members and flexibility in management. Formation involves filing articles of organization and creating an operating agreement.

Identify, apply, and keep current with laws and regulations such as those that affect business practices like financial and accounting records and storage and retention of records.

Businesses must adhere to laws governing financial practices, accounting records, and the storage and retention of records.

Differentiate between types of corporate expansion (e.g., mergers, consolidations, and conglomerates).

Corporate expansion methods include mergers (joining two companies), consolidations (creating a new entity), and conglomerates (diversifying into unrelated industries).

Discuss ways that government regulation and legal issues in businesses have affected each of us.

Government regulations impact businesses and individuals, affecting aspects such as consumer protection, environmental laws, and workplace safety.

Identify the legal issues and agencies related to managing a business in the global environment.

Managing a business globally involves dealing with international legal issues, trade regulations, and understanding agencies like the World Trade Organization.

Identify shareholder rights and explain the nature of shareholder liability.

Shareholders have rights to vote, receive dividends, and inspect corporate records. Shareholder liability is generally limited to their investment.

Identify trade regulations and unfair trade practices regulated by the Federal Trade Commission.

The Federal Trade Commission (FTC) regulates trade practices, preventing unfair competition, deceptive advertising, and antitrust violations.

Discuss the role of the S.E.C. and identify potential consequences of violating SEC regulations.

The Securities and Exchange Commission (SEC) regulates securities markets. Violating SEC regulations can lead to fines, sanctions, or legal actions.

Differentiate between types of corporations and describe the functions of the board of directors and officers of a corporation.

Types of corporations include C corporations and S corporations, each with distinct taxation. The board of directors oversees strategic decisions, and officers manage day-to-day operations.

Develop an understanding of a business's responsibility to know, abide by, and enforce laws and regulations that affect business operations and transactions (anti

trust laws, organized labor, and regulatory agencies). - Businesses must comply with laws and regulations, including antitrust laws, labor laws, and regulatory agency requirements.