Reference no: EM133503171

The final project is based on the four individuals who are in the video: Scott (the scary one), Tammer (the son), Bill, and A.J.

Your assignment: Take a time machine back to the point at which the three partners are planning on opening the restaurant. At this point you do not know that A.J. will be a disaster or that the place will wind up failing. Everyone is enthusiastic. But lawyers and knowledgeable business people understand that although we do not know exactly what problems will occur, we know the kinds of problems that might occur.

Your final assignment is to advise these three partners as they set up their business. You are not giving legal advice, you are simply using what you have learned to counsel three real people (who should of course also talk to a lawyer) to help them avoid problems and give them a greater chance of success. The following are some of the questions sophisticated business people and lawyers should ask at this early stage. Each one of our six sessions has taught you some valuable things. Put them to use in helping these guys avoid the disaster that is waiting to fall on their heads.

1. What should they be doing right now to protect themselves as they go about setting up their new business?

2. What entity should they form, and where?

3. What should they consider when they are putting together the capital structure of the business?

4. What measures should be put in place to control the organization?

5. What steps should they take to direct and reward their employees to make sure they do a good job?

6. What happens if they find out they're not getting along?