Congratulations! You have just completed an essential and very valuable part of your business education! Let’s ponder and review the answers you now have to those “real and what I really want to know” questions presented at the beginning of this section.
- You understand the constitutional authority of the Congress and federal agencies to regulate business under the Commerce Clause subject to the review and interpretation of the Supreme Court. You learned that provided you receive fair compensation for any taking of your property by the government, that under the Commerce clause, the government can constitutionally broadly regulate your business and this regulation is growing and expanding.
- You have learned the importance of “perfecting” a security interest in the goods your business sells under an installment sales contract to help assure you are paid in full.
- You certainly learned the importance of copywriting creative work of your business to prevent your competition from legally stealing it away from you. Also you have learned that it’s mostly up to you to protect and keep your secret un patented recipes away from competitors.
- Hopefully you learned what a “hostile workplace environment” is and how to avoid maintaining one and being subject to discrimination lawsuits under Title VII.
- You even learned that while incorporating your business may in the future assist you in attracting capital investment for the growth of the business, it may also subject you to “double taxation” of your profits.
So you have found some answers, but here are some more questions to ponder as you move forward:
- With its broad constitutional authority is the federal government regulating business too little or too much?
- Is the federal government’s regulation changing to quickly or dramatically?
- Has the common law , the UCC and the courts established an effective legal system that supports businesses in making and enforcing their contracts?
- Is the law under title VII policing employment discrimination fair? predictable? harmful or beneficial to business?
Again Congratulations! In the words of Bachman-Turner Overdrive, you have been “taking care of business“!
[If appropriate and desired, provide examples that students can use to help them synthesize information. If examples are not necessary, delete this section.]
[If appropriate and desired, provide links to additional resources here. If no additional resources are necessary, delete this section.]