Course Assignment: Legal Requirements and Social Impact

There are many legal issues that both small and large businesses may encounter as they begin and continue to do business. Examples include handling contracts; obtaining patents and other forms of intellectual property protection; complying with local, state, and federal regulations; settling labor disputes and lawsuits; and many other concerns. However, legal issues are not the only items on the minds of today's business leaders. Entrepreneurs, CEOs, and other key decision makers are becoming increasingly conscious of the social and environmental impacts of their businesses.

You will consider the ethical, legal, and social challenges that your small business may face. What legal requirements and restrictions are applicable to your business, and how will you manage them? Additionally, how will your business affect the community in which it is based?

For this Assignment, review your business plan, and think about the legal requirements and restrictions that may affect your business. Also consider the social impact your business may have on the community where it will be located.

Create a social impact assessment table for your proposed company and add it to your business plan. Refer to the handout found in this week's Learning Resources for an example of such a table and for guidelines on creating a social impact assessment. Include the following elements when creating your table:

• Population characteristics
• Community groups and resources
• Political and social resources
• Individual and family changes
• General legal requirements

After creating the table, write a 1- to 2-page summary analyzing how your company's legal and social environment will affect its profitability.