When starting a new venture, understanding the relevant laws can make or break your success. This course covers the basics of business law for an entrepreneur. It reviews legal structures for a new venture, intellectual property, employment law, contracts, government regulation, and personal and real property.

Learning Outcomes

• Understand basic legal terminology and the larger legal environment
• Identify and distinguish among the three basic legal structures of business organization
• Explain the advantages and disadvantages of a sole proprietorship
• Understand the rules and liabilities involved in a partnership
• Discuss the advantages and disadvantages of a corporation, and the steps necessary to incorporate
• Distinguish between a general partnership and a limited partnership or a limited liability partnership
• Explain the differences between S corporations and limited liability companies
• Identify the three major types of franchises and discuss the pros and cons of franchising
• Explain the major legal protections for intellectual property rights
• Define and distinguish between patents and copyrights
• Discuss the importance of trademarks
• List the criteria that define a trade secret
• Identify the areas of employment law that are most relevant to entrepreneurs
• Define the four legal elements involved in forming a contract
• Discuss the Statute of Frauds and the types of contracts to which it applies
• Explain Article 2 of the Universal Commercial Code and how it applies to sales contracts
• Understand the basics of tax law as it applies to a business
• 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
• Identify the three types of bankruptcy defined under federal law

Estimated length: 5 hours
Access time: 90 days

0.5 CEUs

5 HRCIs 

SHRM PDCs: 5