Starting a New Business: Essential Legal and Ethical Concepts

2021-07-20 06:02:32
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George Washington University
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Before starting any business, one needs to consider a couple of things. In most cases, individuals fail to put into consideration the essential legal and ethical concepts of organizations, and thus they end up having difficulties in future (Djankov et al., 2002). This memorandum will guide you when presenting to your new client concerning the various legal and ethical considerations of any business venture. Regularly, folks lack the necessary information of the legal issues pertaining a new business venture, thus the ever-increasing number of cases in the corporate field (Grobman, 2005). This client has interest in software and IT development, which is s very profitable business venture, especially in this technology-oriented generation. According to Robertson (2012), it is worth taking into account the various provisions of law regarding this field of business.

Often, starting a new business is quite exciting as one is usually confident of incoming profits. To help ensure that the client's business is a success, it is of utmost significance that h/she is aware of all the requirements, regulations, and aspects of operating the business venture. First, the client must have a valid insurance certificate that indicates the type of business they are working. Globally, it is a legal requirement for all business enterprises to be registered and consequently licensed. Before this, the client must have developed a name for the company, for example; Super Web Designers and Accessories.' However, this name should be unique and should not be similar to other companies. Registration of a new business name requires a single number that is usually provided by the relevant authorities. Another very crucial concept that should be addressed to the client is that of taxes. It is paramount to all business operators to pay their due fees as provided by the law. Just as in any profession, this client is expected to be regarding the ethical provisions. In the field of IT, the client is expected to give the highest levels of services to his/her clients regarding quality. Other ethical considerations that h/she should take into account, especially in the tech field are privacy and confidentiality of the clients, and refraining from fraud and cybercrime (Jeurissen, 2007).

Another vital legal concept that should be addressed to the client is that of his/her independent contractor agreement. It is an important legal document that helps to govern the relationship between the client and an independent contractor (Agreement, 2008). For the client's separate contractor agreement to be legally enforceable, certain aspects must be incorporated effectively. An overview of an ideal independent contract agreement should be provided to the client so that they have a clear insight of what it entails. A complete legally bound contract must indicate the services to the offered. In this case, the client should be providing IT services, as well as web design and graphics to other people. After this, the payments and their respective modes should be indicated to avoid any confusions and disparities in future. It should also show all the expenses the individual contractors should be responsible for during provision of the IT services. Similarly, it should entail a distinct independent contractor status. All parties that engage with this client should not result in any form of fiduciary relationships.

 

References

Agreement, T. I. C. (2008). Independent Contractor Agreement. Contract, 401, 723-9500.Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2002). The regulation of

entry. The quarterly Journal of economics, 117(1), 1-37.Grobman, G. M. (2005). The Nonprofit Handbook Everything You Need to Know to Start and Run Your Nonprofit Organization 6th.

Jeurissen, R. (Ed.). (2007). Ethics & business. Uitgeverij Van Gorcum.

Robertson, S., & Robertson, J. (2012). Mastering the requirements process: Getting requirements right. Addison-wesley.

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