Legal Issues in Setting Up a Business Assignment-Portfolio Component

1. Legal Issues in Setting Up a Business Assignment-Portfolio Component J.R. CARRANZA

2. House Trap Records What kind of entertainment or music related business you have decided to create.  How you would go about setting up the business and what services/products your business would offer.

4. Services of House Trap Records

5. What kind of business entity will you choose for your business and why? What are the advantages and disadvantages of the entity you chose (ie. Sole proprietorship, Partnership, LLC or corporation).

6. What types of licenses will you need to start conducting business? Are there any professional licenses you will need?

7. What types of insurances will you need? Remember, even if you choose a business entity that provides you limited liability protection, insurance will help protect the business from financial liability. • General Liability: Broad coverage that covers a business owner in cases of accidents or negligence - it covers the cost of any physical damage, any legal defense, and for claims against you, your employees or your product. • Workers’ Compensation: Covers employees for on the job injuries. Depending on the amount of employees you have, it is required. • Business Interruption: This is what would compensate for lost income/ revenue.

8. What contracts will you need to have in order to get your business up and running? Will you need a lease? What kind of contracts will you need for your clients? How about for vendors? What kind of contract will you have with any people you might be starting the business with (ie. Partnership agreements or Operating Agreements)? When discussing the necessary contracts, consider whether you can draft the contracts up yourself or whether you will need to hire an attorney to help you do so.

9. What exactly are you looking for from the investor in the way of money? You should ask for a specific amount of money and detail how it will be used.

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