Course Description

Small business owners and entrepreneurs must have a working knowledge of many different fields, including the law. This course covers the basics of business law as it pertains to small businesses, franchises, and entrepreneurial endeavors. The topics considered include legal structures for new ventures, contracts, intellectual property rights, real property, employee rights, tax responsibilities, and product warranties and liabilities. While small business owners should be familiar with these issues, there is no substitute for having qualified legal counsel. The course also explores the relationship between a business and its legal representatives, how to find a small business lawyer, and at what stage legal counsel should be sought.

Learning Outcomes

• Understand basic legal terminology and the larger legal environment
• Explain the advantages and disadvantages of the three basic legal structures of business organization (sole proprietorships, partnerships, and corporations)
• Identify the three major types of franchises and discuss the advantages and disadvantages of franchising
• Explain different types of taxation and an employer’s tax duties
• Define the legal elements involved in forming a contract
• Understand the basics of warranties and product liability
• Identify the major areas of federal regulation that apply to businesses
• Understand basic legal principles applying to personal property
• Understand basic legal principles applying to real property
• Identify the legal means for transferring ownership of real property
• Describe the three types of bankruptcy defined under federal law
• Explain the major legal protections for intellectual property rights

Key Features

•  Expert-supported
•  Mobile-friendly
•  Accessible
•  Badge and credit-awarding
•  Games & Flashcards
•  Video content
•  Audio-enabled in app

Notes

This course has an “Ask the Expert” feature, which submits your questions directly to an expert in the field you are studying. Questions are answered as quickly as possible and usually within 24 hours.

This course does not require any additional purchases of supplementary materials.

Learners must achieve an average test score of at least 70% to meet the minimum successful completion requirement and qualify to receive IACET CEUs. Learners will have three attempts at all graded assessments.