This is a Business Law Question: Tom, Dick and Harry have been best friends since kindergarten.
Tom is the business brain of the group. Dick is the mechanical one and Harry is the creative one. All grown-up, the boys decided that they should start making some serious money to provide for their expanding families. The boys decided that they salvage small scrap metal pieces, nuts and bos from junkyards and salvage yards which Harry would design and Dick would cast and weld into decorative art pieces. Tom will raise money from friends and family and look for distribution channels. Dick has a step-daughter, Dorothy who is 16 and mechanically inclined as well. Dorothy could be Dick’s apprentice. Harry’s wife, Helen is a recent BBA graduate from Yorkville University specializing in marketing and she could be recruited to help with sales and marketing. Helen`s good friend, Fern is an award winning designer with a national home decor chain who the group might be able to induce to join them. Tom’s twin brother Tim recently won the lottery and is pursuing his dream to be a photographer. Dick’s wife is a real estate agent and she believes she has found an old warehouse in the industrial part of town that could be turned into their headquarters. The owner of the warehouse is retiring and is open to the idea of selling or renting the space.
How might the business be structured? What might be some of the legal issues that could arise in operating the business and selling the product? What are some of the agreements that might be needed?