Answer the 3 questions below and reply to each student.

Student Reply must be over 150 words.

Make sure all student replies you start it with Hello (Student Name),

Please upload each question in different word documents.

******Question 2 must be APA format and i have attached the GRADING RUBRIC and Guide. *************

Question 1:

List two characteristics each of real, intellectual, and personal property. Do owners of real, intellectual, and personal property each have the same rights under the law? List how each type of property is treated under the law. Explain why it is in the best interest of society to treat these types of property the same or differently.

Guided Response: Respond to at least two of your classmates’ postings by Day 7. Do you agree or disagree with any of their views on real, intellectual or personal property? Do you agree with your classmate’s position on why society should treat property interests the same or differently? Explain.

Student Reply 1: Yessenia

List two characteristics each of real, intellectual, and personal property. Do owners of real, intellectual, and personal property each have the same rights under the law? List how each type of property is treated under the law. Explain why it is in the best interest of society to treat these types of property the same or differently.

According to Rogers (2012), real property refers to property that is fixed to land, and it cannot be easily moved, such as a house or a building. Ownership of real property can be fee simple absolute, life estate, and concurrent ownership. Intellectual property is intangible, which is personal property that does not have a physical form. Examples of intangible property are patents, copyrights, and trademarks. The common law does not apply to intellectual property because it is regulated by specific statutes. Finally, personal property are items that can be moved from one place to another. Personal property can be tangible (have physical form) or intangible (no physical form). The acquisition of personal property can be by purchase and manufacture, as a gift, and in certain situations found property.

Yes, I do believe real and personal property have the same rights because the law protects their rights to own, sell, rent, etc. However, owners of intellectual property need to seek protection under the U.S. Patent and Trademark Office (USPTO) or the U.S. Copyright Office (USCO).

The government can impose restrictions on real property. This means the government can designate where business, housing, factories, etc can be built. Furthermore, the government can take personal property for public use; however, the owners must be compensated. The acquisition of personal property must meet these methods of ownership; purchase or manufacture, gifts, and particular found property. The law will protect the owner as long as the method of acquisition is legitimate. Lastly, intellectual property is not automatically protected by the law. As already mentioned, inventors of patents and trademarks must seek protection with the USPTO. This protection will only last for 14 to 20 years for patents. A new patent can be issued only if significant improvements have been made to the invention. Copyrights are a way to inspire creativeness and its protected under USCO. When copyrights expire, it becomes available for public use and the owner doesn’t need to grant permission for the use of their work.

I think property should be treated equally because whether it was bought, created, or invented, it takes time and effort to own something. The current laws protect the best interest of owners, and it should be kept that way.

Reference

Rogers, S. (2012). Essentials of Business Law [Electronic version]. Retrieved from https://content.ashford.edu/

Student Reply 2: Michelle

Real property is, “fixed and not capable of being easily moved from one place to another” (Rogers, 2012). Examples of real property are items like buildings, crops, fences or land. Intellectual property is, “is personally owned but generally treated as a separate form of property by the law” (Rogers, 2012). Examples of intellectual property are patents for inventions, trademarks, copyrights. Personal property is, is portable by nature and can be carried or moved that is either tangible or intangible (Rogers, 2012). Examples of personal property can be things like automobile, furniture, or bank accounts.

Two governing laws are civil law and common law. “The civil law system emphasizes lawmakers setting down rules in written codes, whereas common law derives from judges making decisions in actual lawsuits” (Rogers, 2012). Common law was developed to be managed through court proceedings and rulings made by judges. Civil are those that are written and passed by legislature and government. Laws impacting real property are more complex in terms of personal or intellectual, due to potential location of the property. Intellectual property is different from both real and personal, as that property has a time period associated with it. When a company invents something and submit/approve for patent, they have property rights for a period of time that allows them to exclusively profit. After that another company can ‘enhance’ the product and market it differently allowing them the ability to make profit. Personal property laws are the simplest, if you own something that you’ve purchased you can do with it what you please. Personal property is dealt with through common law if the person owning it is married then the courts help to sort out who gets what.

As outlined above, I think treating them differently is best as different property has many levels of complexity based on the property. It would not make sense if someone stole a couch valued at $200 to treat them the same as one would if someone were to steal a patent for their own. In having different sets of rules and laws about how a person may acquire, change, benefit or profit from, and dispose of various kinds of property affect everything from the daily lives of citizens to the growth and prosperity of a country to international relations.

References:

Rogers, S. (2012). Essentials of Business Law [Electronic version]. Retrieved from https://content.ashford.edu/ (Links to an external site.)

Question 2:

Read the article Governance in the Spotlight: What the Sarbanes-Oxley Act Means for You. In this article the author outlines provisions companies are now required to implement. Consider the requirements imposed by Sarbanes-Oxley on corporate boards of directors. Do small businesses and privately held companies have ethical duties? If so, to whom would they owe this duty? Employees? Customers? Vendors? Should the law impose ethical requirements on small businesses or privately held companies or can the marketplace police unethical business behavior? Provide support to justify your position.

Guided Response: Review your classmates’ postings by Day 7. For at least two of your classmates, discuss whether you agree or disagree with their position. Explain

Student Reply 3: Matthew

Do small businesses and privately held companies have ethical duties? If so, to whom would they owe this duty? Employees? Customers? Vendors?

I do feel that both small and privately held companies have ethical duties that extents to all parties that could be financial hurt through unethical behavior. Employees of the organization are definite, but customers and vendors should vary depending on the impact on the party. The reason for my position is that companies should be accountable because unethical behavior could have a significant effect on the lives of employees. The loss of a job and or health benefits can be catastrophic to families. Similarly, vendors can go out of business in a worst-case scenario if they are negatively impacted. Customers already have some protections when it comes to consumer rights. However, there could be some situations where unethical behavior of the company leads to financial loss to a customer, and businesses should be responsible for the loss.

Should the law impose ethical requirements on small businesses or privately held companies, or can the marketplace police unethical business behavior? Provide support to justify your position.

I do not think the marketplace has the appropriate level of influence to deter unethical behavior at an acceptable level. I would like to see new laws passed that require small businesses or privately held companies to ethical standards. Standards required in Sarbanes-Oxley would not be financially viable for a small business due to the cost associated with all of the requirements. My recommendation is to impose specific requirements that scale based on a companies size and the number of employees or revenue. Doing so would ensure the condition would not cause financial harm to the company. In the case of smaller companies that are below the revenue and headcount thresholds, they could still have some standards passed by law that would not require a significant financial investment to implement. One example of this could be an annual filing that proves the company has some form of internal controls. In short, I believe there is an opportunity to have requirements similar to Sarbanes-Oxley and scaled appropriately for the size of business as to not cause financial harm.

Student Reply 4: Cheryl Crayton

Do small businesses and privately held companies have ethical duties? If so, to whom would they owe this duty? Employees? Customers? Vendors?

Ethical accounting practices ensure that a business is fair to its stakeholders, from employees to vendors, to customers. Ethical accounting is part of an overall moral approach to business, and consumers make purchasing decisions based on their perceptions of a company’s ethics and values, regardless of whether a business is publicly or privately held (Fieser, J)

Should the law impose ethical requirements on small businesses or privately held companies or can the marketplace police unethical business behavior? Provide support to justify your position.

All companies have ethical obligations and required by law to ensure compliance and honesty. They are responsible for their employees, customers, vendors. businesses are responsible for customers, vendors, employees and for all the stakeholders of the businessThe law mandates strict reforms to improve financial disclosures from corporations and prevent accounting fraud. These requirements and standards are widely perceived as governance “best practices” both for-profit and not-for-profit organizations

Board seats were considered by some to be plum assignments, bringing stature and financial rewards but requiring only limited effort. Today, by contrast, directors face increased legal liability for inattention and, thus, a heavier workload. In addition, all members of the audit committee must be free of most financial and personal ties to the company, and at least one committee member should be a “financial expert,” according to Sarbanes-Oxley.

According to O’Leary and Lloyd (2004), public corporations should adopt the codes of ethics for the corporation’s Chief Financial Officer and other senior officers. Any waivers of the company’s conflict-of-interest policy must be reported promptly in an SEC filing. Everyone tied to the company should do the right thing at all times.

References

O’Leary, H., & Lloyd, S. M. (2004). Governance in the spotlight: What the Sarbanes-Oxley Act means for you. Trustee, 57(8), 15. Retrieved from http://www.trusteemag.com/

Question 3:

Final Paper

You are the manager of Acme Fireworks, a fireworks retailer who sells fireworks, puts on ground display fireworks, and large aerial display fireworks. The company started in the owner’s garage two years ago and now has 15 employees that you manage. The company started as a sole proprietorship, and the owner has never changed the entity. The owner has informed you that the company has received inquiries from several large businesses wondering if the company could create several fireworks displays on a regular basis. The owner told the inquirers that the company could fill such display orders, and a price per display was agreed upon. It was discussed that most of the cost for a fireworks display is for skilled labor, insurance, and the actual service of setting off the fireworks. No other details were discussed. The owner is anticipating that new employees will need to be hired, but he is worried that if the large orders for fireworks displays do not continue, the company will not have the funds to pay the new employees. The owner is now considering changing the business entity, but he does not know what entity to form or how to form it.

The owner has asked you to do the following:

• Determine if the contracts with the businesses will be governed by common law or the Uniform Commercial Code (UCC), and explain why.
• Analyze whether the owner formed a contract with the businesses, and apply the five essential elements of an enforceable contract.
• Explain the potential personal liability to Acme Fireworks if a spectator is injured by a stray firework from a fireworks display.
• Discuss the different employment types and relationships relevant to agency law, and analyze the advantages and disadvantages of each type specific to Acme Fireworks.
• Explain why Acme Fireworks should not operate as a sole proprietorship. Recommend a new business entity, and provide rationale to support your recommendation.

For each task, be sure to analyze the relevant law, apply the facts to the law, and make a conclusion.

The paper

• Must be 8 to 10 double-spaced pages in length (not including title and references pages) and formatted according to APA style as outlined in the Ashford Writing Center (Links to an external site.).
• Must include a separate title page with the following:
  • Title of paper
  • Student’s name
  • Course name and number
  • Instructor’s name
  • Date submitted
• Must begin with an introductory paragraph that has a succinct thesis statement.
• Must address the topic of the paper with critical thought. That is, describe what your response is to the content, either positive or negative, and defend your position. If multiple options, alternatives, and/or positions are present and are being rejected, you must also defend the reasons for rejecting an option.
• Must end with a conclusion that reaffirms your thesis.
• Must include at least five scholarly sources, two of which must be from the Ashford University Library, in addition to the course text.
• Must document all sources in APA style as outlined in the Ashford Writing Center.
• Must include a separate references page that is formatted according to APA style as outlined in the Ashford Writing Center (Links to an external site.).

Carefully review the Grading Rubric (Links to an external site.) for the criteria that will be used to evaluate your activity.