SECTION 6 Legal Aspects of Small Business:Succession,Ethics,and Government Regulation 769
Chapter 22 Management Succession and Risk Management Strategies in the Family Business 769
Family Businesses 770
Benefits of Family Businesses 770
The Dark Side of Family Businesses 771
Characteristics of Successful Family Businesses 773
Exit Strategies 776
Selling to Outsiders 777
Selling to Insiders 777
-LESSONS FROM THE STREET-SMART ENTREPRENEUR How to Set Up an ESOP 779
Management Succession 780
-IN THE ENTREPRENEURIAL SPOTLIGHT Can Your Family Businesses Survive for Centuries? 783
Developing a Management Succession Plan 784
Buy-Sell Agreement 788
Lifetime Gifting 789
Setting Up a Trust 789
Risk Management Strategies 791
The Basics of Insurance 793
Types of Insurance 794
-IN THE ENTREPRENEURIAL SPOTLIGHT The Aftermath of a Storm 798
Controlling Insurance Costs 805
Chapter Review 807 - Discussion Question 808
Chapter 23 The Legal Environment:Business Law and Government Regulation 809
The Law of Contracts 811
Agreement 811
Contractual Capacity 814
Legality 815
Beach of Contract 816
The Uniform Commercial Code 816
Sales and Sales Contracts 817
Breach of Sales Contracts 819
Sales Warranties and Product Liability 819
Protection of Intellectual Property Rights 822
Patents 823
Trademarks 826
-ENTREPRENEURSHIP IN ACTION Protecting Your Brand 827
Copyrights 828
Protecting Intellectual Property 828
The Law of Agency 829
Bankruptcy 830
Forms of Bankruptcy 831
-IN THE ENTREPRENEURIAL SPOTLIGHT A Second Chance at Success 833
Government Regulation 834
Trade Practices 835
Consumer Protection 837
-LESSONS FROM THE STREET-SMART ENTREPRENEUR Are You Ads Setting You Up for Trouble? 838
Consumer Credit 839
Environmental Law 840
-ENTREPRENEURSHIP IN ACTION Small Businesses and Eminent Domain 841
The Affordable Care Act 842
chapter Review 843 - Discussion Questions 844
APPENDIX The picturebooth co. 845
Cases 859
Endnotes 874
Index 912