Business Law And Ethics Backoffice Business Brief

Running head: BACKOFFICE BUSINESS BRIEF 1 Business Law and Ethics BackOffice Business Brief Patten University BACKOFFICE BUSINESS BRIEF 2 Constitutional Rights and Guarantees BackOffice is a new startup business that will provide potential clients with an application (app) that woul d automate certain business functions. BackOffice will be selling the app to certain business clients that will use it to facilitate their customers’ transactions. It is important that the owner of this company seek the help of a lawyer in ord er to get the proper legal advic e on how to start the business. BackOffice is planning on acquiring clients in order to be come profitable . Two areas can affect the pot ential clients, their clientele , the†¦show more content†¦The Consumer Financial Protection Bureau (CFPB) is planning to propose regulations that could control and re strict the kind of transactions that BackOffice will automate. As a result, this could slow down the sales of the app since new restrictions might be imposed on some of its functions. The CFPB recently took action agains t a similar company called Dwolla, w hich acts as an online payment platform . The action was taken because Dwolla misled its customers about their online payment system data security practices . The company had falsely stated that their security standards exceeded those of the in dustry and als o failed to encrypt sensitive consumer BACKOFFICE BUSINESS BRIEF 6 that the application could have unforeseen bugs . In that case BackOffice will rectify the situation. Ethical Consideration II It is critical for BackOffice to be extremely clear with its business investors when it comes to their expectation in regards to the commercial performance of the application . Investors should be able to know what kind of return they are to expect on their investment . Additionally, it is unethical to fabricate any key information or hide factual data in order to receive the good faith and funds of likely investors. As a CEO , you must be very clear when explaining how you expect the business to perform financially in b oth the short and long term . For example, the time line of when the business is expected to break even or