NRNP 6665 Theodore Brown and James Green's case study

Theodore Brown and James Green's case study Q1: Theodore Brown and James Green creating a business Based on the Fair labor standards, children are allowed to work in their family's organization. However, it is essential to consider factors like age and academic level that may affect their qualifications to meet the labor law. Although the regulations differ between states, children that have not attained some ages may not legally create a business entity. When a person reaches eighteen years, they are considered an adult, therefore, can establish business entities; however, for those below eighteen years, their parents have to make decisions on their behalf. (Haltiwanger et al. 2013). Additionally, children below eighteen can become shareholders or business directors in some states. Generally, before establishing a business entity, parents must talk to a business lawyer and determine the minimum standards and qualifications they have to meet since the state determines them. Based on the case, Theodore is sixteen years; therefore, his father, Brown, may not instruct him to create a business without talking to an attorney. However, since James has attained eighteen years, his father, Green, may assign him all management duties and be engaged in a legal contract. Additionally, Theodore should understand regulations like working hours, as per state laws. Theodore will also be challenged with accessing finances to open the applications since children cannot legally acquire creative, open business bank accounts, or seek loans like adults. However, other alternatives, like trusts and enterprise agencies, provide additional funding. The parent should be involved as security, and Theodore's parents should have a good credit score 3 and become partners till he attains eighteen years. Finally, Theodore is a student, while the law determines minimum working hours, which he should abide by. Q2: duties owed to the fathers Since James and Theodore are using information and intellectual property provided by the parent, they will be the company's directors, while the parents should be the owners. Therefore the parents have the right to be informed of all practices and additional information added to the business. The parent also determines staffing and management of business schedules. Therefore regular consultations with the parent will help determine appropriate actions leading to success. The parents should also delegate market research and analysis activities to ensure the right audience. James and Theodore will represent their parents in the typical running of the business, creating a good reputation by answering customers' questions regarding the application's performance. Ensuring that they meet minimum government regulations of application development and seek an attorney's legal advice when needed. Therefore the role of James and Theodore is to ensure that appropriate development and implementation of the ideas are performed properly with continuous improvements for value addition. Finally, they will be performing daily operations of the organizations like sales, marketing, management, customer care, etc., which are critical in ensuring better performance and meeting the organization's goals as intended by their parent. 4 Q3: the factors to be considered Numerous issues must be considered during the business development; however, the first one is the type of organization they intend to open up. Since both James and Theodore have been informed of the idea by the parent, it would be essential if they shared similar responsibilities. Therefore a partner organization will provide them with maximum values where income, losses, and other ownership values are shared between the two individuals opening up the organization. The partnership also requires the individuals to share their vision and need for the organization to succeed; however, there should be no conflicts in vision and ideas for the partnership since it accounts for failure. (Stachová et al. 2019). Secondly, they should determine their parents' intentions when developing the application and business. The fathers wanted an application that is family oriented; therefore, despite James and Theodore having the necessary resources to open the organization, they should implement ideas from their parent and seeks their guidance. Another factor is the legal capacity to operate the business between the two partners. Firstly James is above eighteen years although Theodore has not achieved this age. Thus Theodore's ability to operate the firm is based on state laws, and an attorney's advice is essential. Another essential factor is the budget and money to be spent when establishing the new application. Based on the case study, we understand that Jim and Brown have limited capital to develop a quality application. Therefore James and Theodore will require additional finances from a bank or other credit facilities. They should also evaluate the application's ability to generate income to repay the loan. Since the two are partners, if the company does not generate