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Ethics and Legal Matters (The Four Lads Story (Story about four people:…

- - - - A code of conduct (or code of ethics) is a formal statement of an organization’s values on certain ethical and social issues.
    - - Ethics training programs teach business ethics to help employees deal with ethical dilemmas and improve their overall ethical conduct.
      - An ethical dilemma is a situation that involves doing something that is beneficial to oneself or the organization, but may be unethical.
  - - - It is important for an entrepreneur to select an adviser as early as possible when developing a business venture.
      - It is critically important that the advisor be familiar with start-up issues.
    - - For issues dealing with intellectual property (patents, trademarks, copyrights, and trade secrets) it is essential to use a solicitor who specializes in this field.
    - - Recommendation
      - Law Society/Accounting Body - CAI/ACCA/CIMA/CPA
      - Talk to Them/Interview
      - Select Someone Who is Familiar with the Start-Up Process
      - Track Record
      - Talk about Fees - It's not Impolite!
  - - - Nature of the Prospective Business
      - Identity and Proposed Titles of the Founders
      - Legal Form of Business Ownership
      - Apportionment of Stock (Or Division of Ownership)
      - Consideration Paid for Stock or Ownership Share of Each of the Founders
      - Identification of any Intellectual Property Signed over to the Business
      - Description of the Initial Operation Capital
      - Buyback Clause
  - - - Misunderstandings
      - Sloppiness
      - Lack of Knowledge of the Law
    - - Meet all contractual obligations.
      - Avoid undercapitalization.
      - Get everything in writing.
      - Set standards.
- - - - Example
        
        Ethical Investors
  - - - Example
        
        Sourcing Fair-trade Suppliers rather than Lowest Price
    - - Example
        
        Training and Communication of Ethical Policy