Topic outline

  • Course Introduction

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    To be successful, an entrepreneur needs to be aware of the complex web of laws and regulations that affect their business throughout its life cycle, from startup to day-to-day operations and potential expansion or sale. In this course, you will review key areas of the law that can impact your business, which will enable you to make sound strategic decisions for the success of your business and minimize potential risks. You will learn about laws and regulations for structuring your business, including hiring and working with an attorney and raising capital. You then review the many complex laws and regulations that affect the day-to-day operation of your business, including contracts and leases, specific laws regulating marketing and the sale of goods, and laws affecting potential liability when dealing with customers, vendors, competitors, and employees. The focus will then be on the legal regulations affecting e-commerce and consumer privacy. Next, you will examine how the law affects your business opportunities to obtain credit and your legal obligations to creditors. Finally, you will consider laws and regulations affecting decisions about the expansion or sale of a business.

  • Unit 1: Getting Started and Working with an Attorney

    Knowledge of the law is critical to many decisions an aspiring entrepreneur faces before starting an entrepreneurial business and at the initial stages of starting your business. In this first unit of the course, you will consider how you can legally and ethically separate from your current employment and the legal duties you may have to your employer during and after you leave employment. In addition, the unit will cover why it is advisable to seek skilled professional legal advice and how to hire and work with an attorney.

    Completing this unit should take you approximately 1 hour.

    • 1.1: Why Do I Need an Attorney?

      Whether you are launching a startup, expanding operations, or navigating regulatory requirements, hiring an attorney can provide advantages that protect your company and set the foundation for long-term success.

    • 1.2: Hiring and Working with an Attorney

      Whether you are a startup founder, an established business owner, or a corporate leader, having legal expertise on your side can safeguard your operations, protect your interests, and enhance your overall success.

    • Unit 1 Study Resources

      This review video is an excellent way to review what you've learned so far and is presented by one of the professors who created the course.

    • Unit 1 Assessment

      • Unit 1 Assessment Quiz
        Students must
        Receive a grade

        Take this assessment to see how well you understood this unit.

        • This assessment does not count towards your grade. It is just for practice!
        • You will see the correct answers when you submit your answers. Use this to help you study for the final exam!
        • You can take this assessment as many times as you want, whenever you want.

  • Unit 2: Structuring Your Business

    In Unit 2, you will examine forms of business entities available to structure your business, including sole proprietorships, partnerships, limited partnerships, corporations, C-corporations, S-corporations, limited liability corporations, and not-for-profit and non-profit corporations. You will learn how choosing the right legal form of business entity to fit your particular business requirements can enhance your ability to raise capital, minimize taxes, and protect your personal assets from liability. The unit also covers legal requirements related to naming your business and structuring the governance of your business, which is usually based on where the business is legally located.

    Completing this unit should take you approximately 2 hours.

    • 2.1: Choosing the Right Business Entity

      Choosing a business format is an important consideration. Businesses are organized to conduct their operations effectively, depending on the needs of the business owners. You will learn about the factors that go into organizing a business.

    • 2.2: Structuring Business Governance

      Businesses are governed by laws and regulations, which are essential for setting up, structuring, and running a business.

    • 2.3: Naming Your Business

      A well-chosen business name can attract attention, convey your mission, and set the tone for how customers perceive your business.

    • Unit 2 Study Resources

      This review video is an excellent way to review what you've learned so far and is presented by one of the professors who created the course.

    • Unit 2 Assessment

      • Unit 2 Assessment Quiz
        Students must
        Receive a grade

        Take this assessment to see how well you understood this unit.

        • This assessment does not count towards your grade. It is just for practice!
        • You will see the correct answers when you submit your answers. Use this to help you study for the final exam!
        • You can take this assessment as many times as you want, whenever you want.

  • Unit 3: Tax Compliance and Financial Recordkeeping

    In Unit 3, you will learn how to assess, from a legal perspective, the advantages and disadvantages of the various sources of funding available to entrepreneurs, including credit, sale of stock, convertible notes, angel investors, venture capital, joint ventures, government financing, and other modes of financing, such as crowdfunding. The unit also covers types of securities, the legal requirements for issuing securities, and the exemptions available from those requirements.

    Completing this unit should take you approximately 4 hours.


    • 3.1: Sources of Funds

      Starting and running a business is a significant investment. Consider your options/sources for funding your business. This includes self-funding, loans, investors, and alliances.

    • 3.2: Types of Investors

      As a source for external funding, there are several types of investors.

    • 3.3: Understanding Taxes

      Taxes are a fundamental aspect of running a business and managing personal finances. This section will guide you through the essentials of tax systems, compliance, and strategic planning to minimize liabilities while adhering to legal requirements.

    • 3.4: Tools of Compliance

      Tools of compliance refer to the systems, processes, and technologies that businesses use to ensure adherence to legal, regulatory, and organizational standards.

    • Unit 3 Study Resources

      This review video is an excellent way to review what you've learned so far and is presented by one of the professors who created the course.

    • Unit 3 Assessment

      • Unit 3 Assessment Quiz
        Students must
        Receive a grade

        Take this assessment to see how well you understood this unit.

        • This assessment does not count towards your grade. It is just for practice!
        • You will see the correct answers when you submit your answers. Use this to help you study for the final exam!
        • You can take this assessment as many times as you want, whenever you want.

  • Unit 4: Contracts and Leases

    Unit 4 reviews the sources of contract law and the principles of contract law applicable to services, leases, or the sale of real property. You will examine the elements necessary to form legally enforceable contracts and the remedies available for breach of contract.

    Completing this unit should take you approximately 4 hours.

    • 4.1: The Sources of Contract Law

      Laws derive authority from various sources, each with distinct roles and functions in shaping the legal environment. This section will explore the primary sources of law and their relevance to business practices.

    • 4.2: Types of Contracts

      Contracts are the backbone of business transactions, ensuring agreements between parties are legally binding and enforceable. Understanding the types of contracts is crucial for entrepreneurs, as they will encounter various forms of agreements in various entrepreneurial business settings. This section provides a structured explanation of the different types of contracts, their applications, and implications.

    • 4.3: Elements of an Enforceable Contract

      Contracts are fundamental to business operations, forming the backbone of agreements between parties and ensuring that obligations are legally enforceable. Understanding the elements of a contract is essential for entrepreneurs, as it equips them with the ability to analyze, negotiate, and draft agreements with confidence. This section explores the six core elements that constitute a valid and enforceable contract.

    • 4.4: Contracts for the Sale of Property and Leases

      This section comprehensively explores the fundamental principles, legal requirements, and practical applications of contracts for the sale of property and leases. It is designed to equip students with the knowledge and skills necessary to navigate, draft, and analyze these agreements effectively within the framework of property law. By the end of this section, you will have a strong grasp of how these contracts operate in real-world contexts and their importance in ensuring legal and financial protections for all parties involved.

    • 4.5: Enforceability and the Statute of Frauds

      The Statute of Frauds is a foundational principle in contract law designed to prevent fraudulent claims and misunderstandings in certain types of agreements. By requiring specific contracts to be in writing to be legally enforceable, the Statute of Frauds establishes a safeguard for individuals and businesses engaged in significant transactions. This section will explore the historical origins, purpose, and practical application of the Statute of Frauds in modern contract law.

    • 4.6: Remedies for Breach of Contract

      This section explores the remedies available when a contract is breached. It focuses on how the legal system ensures that the aggrieved party is made whole or restored to their original position. By the end of this section, you will understand the different types of remedies, the conditions under which they apply, and the legal principles governing their enforcement.

    • Unit 4 Study Resources

      This review video is an excellent way to review what you've learned so far and is presented by one of the professors who created the course.

    • Unit 4 Assessment

      • Unit 4 Assessment Quiz
        Students must
        Receive a grade

        Take this assessment to see how well you understood this unit.

        • This assessment does not count towards your grade. It is just for practice!
        • You will see the correct answers when you submit your answers. Use this to help you study for the final exam!
        • You can take this assessment as many times as you want, whenever you want.

  • Unit 5: Regulation of the Sale of Goods

    In this unit, we will examine federal and state laws and regulations governing the sale of goods, including Article 2 of the Uniform Commercial Code and other laws and regulations designed to protect consumers and regulate how goods are marketed. The unit will also cover regulations governing the international sale of goods.

    Completing this unit should take you approximately 2 hours.

    • 5.1: Consumer Protection

      In this section, you will explore the fundamental principles of consumer protection, learning how to make informed decisions in the marketplace and safeguard their rights as consumers. The section focuses on the essential rights granted to consumers, the responsibilities that come with those rights, and the resources available for resolving disputes and preventing fraud.

    • 5.2: Consumer Warranties

      Consumer warranties are essential tools for protecting your rights as a buyer. They provide assurance that the products or services you purchase will meet certain quality standards. This section will explore the various types of consumer warranties, their legal implications, and how to effectively use them to safeguard your interests.

    • 5.3: International Sales of Goods

      In this section, you will explore the concept of international goods and their role in global trade. This includes understanding how goods are produced, traded, and consumed across borders and the economic, cultural, and political factors that influence these processes. By the end of the section, students will have a comprehensive understanding of the dynamics of international trade, the benefits and challenges of globalization, and the impact of trade policies on the flow of goods worldwide.

    • Unit 5 Study Resources

      This review video is an excellent way to review what you've learned so far and is presented by one of the professors who created the course.

    • Unit 5 Assessment

      • Unit 5 Assessment Quiz
        Students must
        Receive a grade

        Take this assessment to see how well you understood this unit.

        • This assessment does not count towards your grade. It is just for practice!
        • You will see the correct answers when you submit your answers. Use this to help you study for the final exam!
        • You can take this assessment as many times as you want, whenever you want.

  • Unit 6: Operational LIabilities and Risk Management

    In Unit 6, you will learn how to protect your business from potential liability for business torts, such as intentional interference with contracts, fraudulent misrepresentation, and strict liability under the Uniform Commercial Code. You will also examine the potential liability for your business for the negligent or intentional acts of employees, independent contractors, and agents and consider how your business can comply with laws and regulations that govern advertising and unfair competitive practices. The unit also covers the criminal law applicable to businesses, particularly mail and wire fraud and bans on bribery under the Foreign Corrupt Practices Act. Finally, you will learn how compliance management and insurance can protect your business from risk.

    Completing this unit should take you approximately 7 hours.

    • 6.1: Risks and Potential Liability

      Every business, regardless of size or industry, faces risks and potential liabilities that can impact its financial health, reputation, and long-term success. This section explores the nature of these risks, their legal and financial consequences, and strategies for identifying, mitigating, and managing them effectively. By understanding these concepts, business professionals can make informed decisions that protect their organizations and ensure compliance with applicable laws and regulations.

    • 6.2: Potential Liability Involving Employees

      This section explores the various forms of liability that business owners may face regarding their employees. It provides an in-depth understanding of the legal responsibilities employers hold, how to mitigate risks, and best practices for maintaining compliance with employment laws. Learners will gain the knowledge necessary to create a safe, fair, and legally compliant workplace.

    • 6.3: Operational Effect of Laws and Regulations

      Understanding the impact of laws and regulations on business operations is crucial for effective decision-making and risk management. Legal frameworks dictate how businesses must conduct themselves across a variety of areas, from labor practices and environmental compliance to financial reporting and consumer protection. Failing to adhere to these regulations can result in legal penalties, financial losses, and reputational damage. This section will explore how regulatory requirements influence day-to-day operations and long-term strategies.

    • 6.4: Potential Criminal Liability

      In the business world, the actions and decisions of individuals and organizations are subject to various laws and regulations. Failure to comply with these legal requirements can result in criminal liability, which may have severe consequences for both the business and its leaders. This section explores the concept of criminal liability in the business context, focusing on how and why it arises, the key areas of risk, and strategies for prevention.

    • 6.5: Compliance Management and Insurance

      Effective compliance management and robust insurance practices are cornerstones of sustainable business operations. This section focuses on equipping learners with the tools and knowledge necessary to navigate complex regulatory landscapes and mitigate risks through comprehensive insurance coverage.

    • Unit 6 Study Resources

      This review video is an excellent way to review what you've learned so far and is presented by one of the professors who created the course.

    • Unit 6 Assessment

      • Unit 6 Assessment Quiz
        Students must
        Receive a grade

        Take this assessment to see how well you understood this unit.

        • This assessment does not count towards your grade. It is just for practice!
        • You will see the correct answers when you submit your answers. Use this to help you study for the final exam!
        • You can take this assessment as many times as you want, whenever you want.

  • Unit 7: E-Commerce and Privacy

    The successful entrepreneur needs to be able to apply the complex web of evolving laws and regulations governing the sale of goods and services in e-commerce. Unit 7 addresses the laws and regulations related to contracts entered into online, including the E-Sign Act, the Uniform Electronic Transactions Act, and the Uniform Computer Information Transaction Act. You will also review international efforts to develop model rules for global e-commerce transactions. Consumer privacy and identity theft are becoming an increasingly critical issue for businesses. In Unit 7, you will assess your business' legal and ethical responsibility to protect consumer privacy by examining laws and regulations regarding using and sharing consumer information, identity theft, data collection from children, deceptive spamming tactics, and spyware.

    Completing this unit should take you approximately 3 hours.

    • 7.1: Laws and Regulations Governing Electronic Contract

      In today's digital-first world, electronic contracts have become a cornerstone of business transactions. Understanding the legal framework governing these agreements is essential for ensuring compliance and mitigating risks. This section will explore the key laws and regulations that apply to electronic contracts, providing a clear understanding of their enforceability, requirements, and limitations.

    • 7.2: Responsibility to Protect Consumer Privacy

      In today's digital age, safeguarding consumer privacy is a legal obligation and a critical aspect of maintaining trust and integrity in business operations. Organizations must adopt a proactive approach to ensure the confidentiality, integrity, and security of customer data throughout its lifecycle. This responsibility extends beyond compliance with regulations; it reflects a commitment to ethical practices and respect for individual rights.

    • 7.3: Global Enforcement of E-Commerce

      The rapid expansion of e-commerce across borders has created a need for effective global enforcement of regulations to ensure fair competition, consumer protection, and data security. This section will explore the challenges and mechanisms of enforcing e-commerce laws globally.

    • 7.4: Assessing Cyber Risks

      In today's interconnected world, cyber risks pose one of the most significant threats to businesses of all sizes and industries. As companies increasingly rely on digital tools, data systems, and cloud platforms, the potential for cyberattacks grows exponentially. This section will explore the concept of cyber risks, their impact on business operations, and strategies to mitigate them.

    • Unit 7 Study Resources

      This review video is an excellent way to review what you've learned so far and is presented by one of the professors who created the course.

    • Unit 7 Assessment

      • Unit 7 Assessment Quiz
        Students must
        Receive a grade

        Take this assessment to see how well you understood this unit.

        • This assessment does not count towards your grade. It is just for practice!
        • You will see the correct answers when you submit your answers. Use this to help you study for the final exam!
        • You can take this assessment as many times as you want, whenever you want.

  • Unit 8: Intellectual Property and Licensing

    According to the World Trade Organization, "intellectual property rights are the rights given to persons over the creations of their minds". For example, intellectual property can include an invention, a software code, a business logo, an advertising slogan, or a company name. For most entrepreneurs, intellectual property is the lifeblood of their business. In Unit 8, you will learn how to protect your intellectual property assets and how you can avoid violating the intellectual property rights of others. You will learn to distinguish among the different types of intellectual property, including trade secrets, copyright, patents, and trademarks, and how to analyze the pros and cons of the various kinds of protections provided. This Unit will also cover the legal requirements for assigning or licensing intellectual property and how company policies can protect intellectual property.

    Completing this unit should take you approximately 2 hours.

    • 8.1: Intellectual Property

      In today's competitive business environment, intellectual property (IP) is pivotal in safeguarding ideas, promoting innovation, and driving economic growth. This section will provide a comprehensive understanding of IP, including its various forms, the legal protections available, and how businesses can strategically manage their intellectual assets.

    • 8.2: Assigning and Licensing

      In the realm of business, intellectual property (IP) often represents a significant portion of a company's value. Understanding how to manage IP through assigning and licensing is critical to effectively protecting, monetizing, and leveraging these assets. This section will provide a detailed overview of the key concepts, processes, and considerations in assigning and licensing IP.

    • 8.3: Company Policies

      Company policies serve as a framework to guide employee behavior, promote a safe and inclusive work environment, and ensure compliance with legal and organizational standards. They provide clear expectations for employees, align actions with the company's mission and values, and help maintain operational consistency.

    • Unit 8 Study Resources

      This review video is an excellent way to review what you've learned so far and is presented by one of the professors who created the course.

    • Unit 8 Assessment

      • Unit 8 Assessment Quiz
        Students must
        Receive a grade

        Take this assessment to see how well you understood this unit.

        • This assessment does not count towards your grade. It is just for practice!
        • You will see the correct answers when you submit your answers. Use this to help you study for the final exam!
        • You can take this assessment as many times as you want, whenever you want.

  • Unit 9: Creditors' Rights and Bankruptcy

    Unit 9 focuses on the legal rights and duties involved with obtaining credit for your business. First, you will consider the advantages and disadvantages of the different types of loans available for your business and the rights and remedies of different kinds of creditors, such as employees, vendors, or the government. Then, you will consider the legal options available to a business having financial difficulties, including bankruptcy, and alternatives to bankruptcy, such as reorganization. Finally, the unit addresses the opportunities and obligations of creditors under US bankruptcy law.

    Completing this unit should take you approximately 4 hours.

    • 9.1: Types of Loans

      When it comes to borrowing money, understanding the different types of loans is crucial for making informed financial decisions. Loans can be categorized based on purpose, repayment structure, and terms. Here, we'll explore the most common types of loans, providing a foundation for understanding how they work and when they are most appropriate.

    • 9.2: Creditors' Rights

      Creditors play a critical role in any business operation, providing the financial resources necessary for growth and sustainability. This section will explore the legal and practical frameworks that govern creditors' rights, ensuring their interests are protected in various financial transactions.

    • 9.3: Alternatives to Bankruptcy

      When faced with overwhelming financial challenges, bankruptcy might seem like the only option, but several viable alternatives can help individuals and businesses regain financial stability while avoiding the long-term consequences of bankruptcy. By the end of this section, you'll be equipped with practical tools to assess these options and implement a tailored plan to achieve financial recovery.

    • 9.4: Operating a Business Under Bankruptcy

      While bankruptcy is often seen as a last resort, it can also be a tool to restructure and revitalize an organization. This section explores the operational considerations and best practices for navigating this challenging period.

    • Unit 9 Study Resources

      This review video is an excellent way to review what you've learned so far and is presented by one of the professors who created the course.

    • Unit 9 Assessment

      • Unit 9 Assessment Quiz
        Students must
        Receive a grade

        Take this assessment to see how well you understood this unit.

        • This assessment does not count towards your grade. It is just for practice!
        • You will see the correct answers when you submit your answers. Use this to help you study for the final exam!
        • You can take this assessment as many times as you want, whenever you want.

  • Unit 10: Expanding, Buying, and Selling Your Business

    At some stage in their business, many entrepreneurs are faced with decisions about buying or selling their business to expand or reap the benefits of their success. In Unit 10, you will analyze the legal aspects of buying and selling a business, including the pros and cons of an initial public offering (IPO) of stock versus a sale of the business or a part of the business. You will examine the legal requirements and approvals necessary under the law for business combinations and IPOs and compare and contrast the major forms of business combinations to determine what form would work best for your business objectives. Finally, you will evaluate the pros and cons of business combinations and mergers, considering pricing, shareholder and board member rights and duties, and laws regulating securities and antitrust.

    Completing this unit should take you approximately 2 hours.

    • 10.1: IPO vs Sale

      An Initial Public Offering (IPO) marks a pivotal moment in a company's lifecycle as it transitions from a private to a publicly traded entity. This process allows businesses to raise capital by offering shares of stock to public investors for the first time.

    • 10.2: Business Combinations and IPOs

      Business combinations occur when two or more companies merge their operations to achieve strategic objectives. These combinations can be mergers, acquisitions, consolidations, or joint ventures, each with distinct characteristics.

    • 10.3: Combinations and Mergers

      Mergers and combinations represent pivotal strategies in business growth, enabling companies to expand market presence, diversify product offerings, and achieve operational efficiencies.

    • Unit 10 Study Resources

      This review video is an excellent way to review what you've learned so far and is presented by one of the professors who created the course.

    • Unit 10 Assessment

      • Unit 10 Assessment Quiz
        Students must
        Receive a grade

        Take this assessment to see how well you understood this unit.

        • This assessment does not count towards your grade. It is just for practice!
        • You will see the correct answers when you submit your answers. Use this to help you study for the final exam!
        • You can take this assessment as many times as you want, whenever you want.

  • Study Guide

    This study guide will help you get ready for the final exam. It discusses the key topics in each unit, walks through the learning outcomes, and lists important vocabulary. It is not meant to replace the course materials!

  • Final Exam Preparation

    These case studies are an excellent way to review what you've learned so far and are presented by one of the professors who created the course. Review these materials before you take the final exam.

  • Final Exam

    • Practice Exam

      Take this practice exam to help you get ready for your final exam. This exam can be taken as many times as you like, and it will cover topics similar to the final exam.We recommend that you take a look at the practice final exam before proceeding to the final exam because you will only have three tries to pass the final exam with an 80% or above.

    • Proctored Final Exam

      Take this Proctored Final Exam to complete this course.

      The exam requires a proctor and a proctoring fee of $5. To pass this course, you will need to earn a grade of 80% or higher on the Proctored Final Exam. Your grade for this exam will be calculated as soon as you complete it.

      If you do not pass the exam on your first try, you can take it again up to a maximum of 3 times, with a 30-day waiting period between each attempt. You may not create another account to exceed these limits. After your third failed attempt you will not be able to pass this course, so we recommend taking the Practice Final Exam as many times as you need to feel comfortable.

      We are partnering with SmarterProctoring to help make the proctoring fee more affordable. We will be recording you, your screen, and the audio in your room during the exam. This is an automated proctoring service, but no decisions are automated; recordings are only viewed by our staff with the purpose of making sure it is you taking the exam and verifying any questions about exam integrity. 

      Requirements:

      1. Desktop Computer
      2. Chrome (v100+)
      3. Webcam + Microphone
      4. 1mbps+ Internet Connection

  • Course Feedback Survey

    Please take a few minutes to give us feedback about this course. We appreciate your feedback, whether you completed the whole course or even just a few resources. Your feedback will help us make our courses better, and we use your feedback each time we make updates to our courses. If you come across any urgent problems, email contact@saylor.org.

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