Explain entrepreneurial banking dilemma

Assignment Help Business Law and Ethics

Reference no: EM1339062

Explain Entrepreneurial banking dilemma- sole proprietorships

Read the entrepreneur's dilemma and the questions that follow. Identify the legal issue(s) and apply legal concepts and possible arguments for each question. Prepare a solution for each question using laws, cases, examples and/or other relevant materials. Identify potential ethical issues and propose a solution for each issue. Support your answers with information from the textbook and at least two outside scholarly sources. prepare a 6 to 9 page paper that identifies the legal issues and potential solutions and answers all questions presented, supported by relevant legal authority. Properly cite all sources using APA format.

The Dilemma

Lauren started a new business, Critter Sitters, a sole proprietorship, that includes walking, feeding, grooming, training and providing other services for pets while their owners are out of town or unable to care for them due to illness or long work hours. In addition to her business, Lauren currently attends college part time.

One of Lauren's new customers leaves her a check for $120, made payable to Lauren and signed by her customer. Lauren takes the check to the bank after she completed the services and found that the bank had issued a stop payment on the check. What are Lauren's options?

Lauren places an online order for $750 in training supplies from Pet Wholesale Warehouse (PWW). Lauren acknowledges the terms and conditions, provides her credit card information and selects FedEx to deliver the goods. She does not purchase any additional insurance. FedEx delivers one box containing a dog crate valued at $35, but does not deliver the remaining boxes.

Since Lauren is a student, she does not have much capital and seeks to save money where she can; therefore, she only uses one bank account for her personal and professional funds. Lauren frequently monitors her account using the online portal furnished by her bank. On Friday night, Lauren noticed that $451.43 had been withdrawn from her account on two separate occasions that day. Lauren knows that she did not spend that amount of money one time, much less two times in one day. She is afraid that someone has accessed her account. Assume that the following Monday is a holiday and banks will be closed; however, one branch will be open for four hours on Saturday. On Saturday morning, Lauren discovers a check for $93.52 cleared the bank. She is able to view a copy and sees that the check was written using another party's name and address, yet the bank account number belongs to her.

Assignment:

Based on the different situations described in the scenario, create a 6 to 9-page Microsoft Word document that includes the answers to the following questions:

1.What are Lauren's options for operating her business? Select the type of business organization you believe is best for Lauren and provide support for your choice.

2.What are Lauren's options related to the stop payment on the customer's check?

3.What are Lauren's options related to the undelivered goods?

4.What course of action would you advise Lauren to take on Friday night and/or Saturday morning? Will Lauren be liable for the moneys withdrawn from her account? Explain why or why not.

5.According to your text, what laws govern business and consumer banking transactions? Provide a short summary of how the law(s) affect Lauren.

6.Identify and explain any ethical concerns Lauren may face related to the topics covered.

7.Conclude your paper by providing suggestions for Lauren to help prevent future occurrences of these types of legal and ethical problems.

Support your answers with appropriate research, reasoning, cases, laws, and other relevant examples.

APA format and properly cite sources on a separate page using APA.

Reference no: EM1339062

Questions Cloud

A lawyer who runs a beat up car also wears frumpy clothes : A lawyer who runs a beat up car also wears frumpy clothes may have a hard time getting clients. Potential clients may conclude from his appearance that he is poor, and if he is poor, he probably is not very good.

Give fundamental knowledge of global supply chain management : Give fundamental knowledge of global supply chain management and established understanding of logistics terminology and concepts and thereby able to apply the most important methods for analysing and developing, monitoring, controlling, and implement..

Illustrate what other factors do you think contribute : GDP is the total value of all final goods and services produced in within a country in a given year. Do you think the GDP is a good indicator of economic well-being. Illustrate what other factors do you think contribute to a good standard of living.

Main principles of strategy : Discuss and explain how strategists link the main principles of strategy.

Explain entrepreneurial banking dilemma : Explain Entrepreneurial banking dilemma- sole proprietorships and Identify and explain any ethical concerns Lauren may face related to the topics covered

Tools use to ensure projects are in control : What is meant by project control? What are some tools and mechanisms that we can utilize to ensure projects are in control?

Explain how does your firm use technology to strategic : Identify which economic and political policies affect your firm and explain how they impact business decisions. Explain how does your firm use technology to strategic advantage.

Theories about medieval and renaissance rhetoric : What are the theoretical underpinnings of Medieval and Renaissance Rhetoric?

Explain legal liability and erica contracted to purchase : Explain Legal Liability and Erica contracted to purchase a giant 72" television from Hometown Electronics, a large retailer for appliances and electronics. Hometown agreed to deliver the television to Erica's home

User Account

All Pages