Essay on Case Chap 7 Entrepreneurship

781 Words Mar 13th, 2015 4 Pages
Preparing a Proper Legal Foundation: A Start-Up Fable
Case Study 7.1
Introduction
* Jack Peterson and Sarah Jones planed to locate and operate 10 kiosk and malls and other high traffic areas to sell accessories for Apple iPods and iPhones. * They created a series of short videos helping users learn how to make better use of their iPods and iPhone and sold them to the customer via streaming video on Jack and Sarah’s website. * Registered their name as www.iuseraccessories.com on GoDaddy.com. * Completed their feasibility analysis with firstly developed a concept statement and distributed it to total of 16 people, including professor, electronics store owners, iPod and iPhone users, and the parents of young iPod users. *
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Some states require annual or biennial report, fee payment. | Legal Liability | limited to investment | Income Taxes | multiple-member taxed like partnership | Continuity | Depends on operating agreement, may dissolve if no agreement |
Question #2
Make a list of the things you think Jack and Sarah did right in preparing for their meeting with the attorney? They had a good preparation for their meeting with attorney: * Tried to find a good attorney; * Make a clearly schedule; * Planned carefully the time they spend with attorney; * Prepare clearly things they want to discuss; * Tried to understand the legal issues;

After the first meeting …
They couldn’t meet the right attorney they really wanted…
The second one…
Keep the list of legal issues;
Send it to attorney a week prior to the meeting;
Question #3
Comment on the product feasibility analysis that Jack & Sarah completed. Do you think the way Jack and Sarah approached this task was appropriate and sufficient?
PRODUCT FEASIBILITY ANALYSIS
Developed a concept statement and feasibility study then distributed it to a total of 16 peoples.
Responses received: Positive
Distribution of videos: Educative
Idea: To use iPod and iPhones better, via streaming video over the internet, providing customers access codes to retrieve the videos.
Surveyed 410 people in a more conventional manner.
Median Age of Target Market: 20 years

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