BUSINESS LAW

Business Law



Business Law

Part A: Short answer questions

Answer 1

The small business that I would like to start is the online jewellery store. This would be a virtual business where I would be operating through Facebook: create my page, attract potential customers, spread word-of-mouth, provide initial discounts and sales deals, and parcel the customers' orders through courier services. The main items of the online jewellery store on initial basis will be jewelleries for women such as earrings, studs, lockets, chains, bracelets and other items. This is decided on the initial level of the business. The working of the business at initial level would not require more than two people; I think two people are more than enough where one would look at the customers' orders and delivery with payments and the other will be responsible for prompt replies and marketing (wipo.int).

Answer 2

The best business structure suitable for this type of business is sole proprietorship.

Answer 3

Sole proprietorship is best suitable for the business of online jewellery store is due to the following discussed reasons. Firstly, it is not a huge business at a start: just an online business on a small scale operated through Facebook page. Secondly, even I can operate this business alone at initial stage because there is not much to do. Thirdly, there are not enough business operational expenses which are costly for one person to bear. (nolo.com). Fourthly, the income can directly be divided into personal expenses and investment in business. Fifthly, as an online business there would be negligible self-employment tax to be paid, means additional income. Sixthly, all decisions will be made on my basis and I will have a complete control over all the operations. Seventhly, I will enjoy the permit laws, business licenses, local registrations and business legitimates of the business (nolo.com). Therefore, sole proprietorship is ideal business structure for Butterflies.

Answer 4

The name I want to give my business is 'Butterflies'.

Answer 5

Trademark is a name, symbol, word, letter or figure which distinguishes the goods and services from other companies' goods and services. Trademark is generally has a status of being licensed, bought and sold. Trademark increases the value of the brand. Trademark is required to avoid any other company using it and selling items under the same name. Registration of trademark is important to protect the brands' entity and products (nolo.com). The registration of the trademark is rejected only in case where the trademark has been taken by some other company, so it is not unique anymore. Those trademarks are avoided to be registered who are very simple in their names such as 'School Supply Shop' selling pens, notebooks and highlighters. This name is too simple o be registered. For my business 'Butterflies', I will be able to register its trademark as this is unique name and also not too much simple which must be avoided (wipo.int).

Answer 6

There is many other registrations required b the company which involves the mention of the business ...