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The Legal Aspects of Starting a Business

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I need some help comparing the legal obligations associated with the three ways to start a business: buying an existing business, buying a franchise, or starting up on your own business:

If possible, could you address the following:
- Address the different legal obligations associtated with each method of business start-up.
- Compare the similarities and differences of each method of business start-up.
- Describe the importance of contracts to each type of small business.
- Describe the financing options for each type of business start-up and its legal obligations.

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Solution Summary

This solution is comprised of a response of about 940 words, including 5 references, and compares and contrasts three different methods which can be used in starting up a business.

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Please find help and some guidelines for writing a business start up below. The content below has been written to get you started on this assignment. This has been written to help you with this particular problem and its use is limited as such. The content of the solution must not therefore be passed on as your own work for grading or commercial purposes. You can also use the listed resources to explore your topic further.

Introduction:
In today's environment, starting a business is a complex task for new entrepreneurs. There are many legal obligations that help the businessman to start a business by adopting different ways of business start up. This paper discusses different legal obligations that are associated with the three different forms of starting a business. This paper also discusses the importance of contracts in each type and also describes the financial options.

Legal Obligations

Buying an Existing Business:
Purchasing an existing business presents excellent opportunities for entrepreneurs. In buying an existing business, entrepreneurs should consider all the legal documents related to the tax and policies. It can ultimately help to make effective purchasing decisions of an existing business in any given market (Longenecker, Petty & Palich, 2011).

Buying a Franchise:
In buying a franchise, entrepreneurs are legally obligated to uphold the franchise agreement. The relationship between different parties is also considered in legal obligation of buying a franchise. The legal obligation in buying a ...

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