Final answer:
Business ethics require LLC owners to observe duties such as the duty of care and loyalty, ensuring the company's interests are served first. Property ownership in business involves adhering to regulations like zoning and acknowledging rights such as usufruct, impacting how property is utilized in business activities.
Step-by-step explanation:
The question revolves around the concept of business ethics and responsibilities of an LLC (Limited Liability Company) owner, specifically the duties an owner has when conducting business. These include the duty of care, which requires acting in the best interest of the company and its members, and the duty of loyalty, which mandates the prioritization of the company's interests over personal gain. In the scenario presented, Ricky, as an LLC owner, should abide by these ethical duties and should not purchase prime farmland for personal use if it could potentially benefit the LLC and its members. This is especially significant if there is a conflict of interest or if the prime farmland could have been an asset to the agricultural business LLC.
When referring to property ownership and use in the realm of business, it is imperative to understand land-use regulations such as zoning, which dictate how the land can be utilized, and rights such as usufruct, which detail the right to use the property owned by another. Furthermore, the property owner has the right to enter into contracts and conduct business involving their property, reinforcing the role of property rights in business operations and ethics.