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Bus311 Keys to a Successful Business

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Running Header: Keys to Operating A Successful Business 1

KEYS TO OPERATING A SUCCESSFUL BUSINESS
RAVINEEL CHAND
BUS 311: BUSINESS LAW
INSTRUCTOR: ANTHONY PEREZ
11 AUGUST 2014

Running Header: Keys to Operating A Successful Business 2
When it comes to successfully starting and running a fireworks business, one of the most often asked question is “What tools are required to run a successful business”. Fireworks themselves are serious business and to start and successfully run a fireworks business is not as inherently easy as it seems. This paper will attempt to explain potential personal liability for injuries sustained by consumers when using this product incorrectly. It will also analyze the formation of a contract between Acme fireworks and several large retailers inquiring about Acme Firework’s Company’s ability to fill large orders on a regular basis. Along with that, it will also analyze the different employment types and finally recommend a new business entity based on the facts provided.
Being personally liable for injuries to consumers who use Acme’s products can be best summarized as in the event a consumer is injured while utilizing Acme’s products, should they win the case in court , the judgment or settlement can be satisfied out of the personal assets of the owner of Acme Firework’s Company. “Strict liability, called liability without fault, means that manufacturers, distributors, wholesalers, retailers and others in the chain of distribution can be held liable for damages caused by a defect-regardless of whether or not they are at fault” (Buckley, S. , Monaco, F. , 2009). Fireworks have long been an American tradition. From New Year’s Eve to the 4th of July, fireworks continue to captivate audience members with their dazzling displays. These explosive laden devices also carry with them the risk of significant…...

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