I need to know how legal, economic, and social issues effect a new business.?

[jamesll2g]

I am writing a paper for school on starting a small business. my instructor is requesting information on how legal, social, and economic issues will effect my business. can anyone help?

[USAGUY]

It's your business. We can't answer that.

Research each section. Legal, social and economic.

You failed to mention what business. Is your business dependant on the market, currancy, interest rate?

[TheDude]

legal issues will determine what type of legal rights the business has as well as what rights it has to extend to its suppliers,employees, and customers. It will also determine what type of paperwork you have to file to be a business (corporation, limited liability corporation (LLC), etc.). Legal will also determine things like minimum wage you have to pay to your employees, required time off by law, discrimination laws, and such.

social issues would be things in the current social spectrum and media that would affect your business positive and negative. For example, if you open up a fur coat store in the midst of a big fur boycott, your business will be al ikely candidate for debate. Alternatively, if people decide they suddenly love fur more than cotton, your business will do very well. Social can also be things like opening up inappropriate businesses such as strip clubs near school zones etc.

Economic issues are the easiest. This is simple - if the economy is booming, your business will have a better shot of succeeding because people have more money to spend. If the economy is bad, you will likely have to be more aggresive with pursuing sales. If you are in real-estate, for example, the economic activity of the housing market can make or break your business. All businesses rely on the economy to dictate how much money people have to spend on goods and services.

[rwa000]

sure Legally you can be sued
economicly you can fail
Socially they can hate you