This project is designed to apply the concepts of legally forming and maintaining a legally functioning business. When creating a business, a person must consider a number of different factors. These factors include determining the type of business structure and what legal documents to file for that business structure. Once created, an owner or manager must remain aware of potential legal risks throughout the course of the business.
Instructions
The steps to complete this assignment are listed below. Your answers should use a 12-point font, be double-spaced, and use APA formatting to cite references on the last page of your assignment (if you use any external sources). It should be submitted as a Word or PDF document.
Your first task is to choose a type of business that you would like to own or manage and determine the type of business structure that would be best for your chosen business.
Go online to the Indiana Secretary of State website (link listed below) to explore information about business structures. Locate the documents that must be filed to formally create those business structures.
Indiana Secretary of State WebsiteLinks to an external site.
Expert Advice for Small BusinessesLinks to an external site.
Based on the type of business you’ve chosen, determine which forms you would file to start your company. Print the forms and complete them as you would if you were starting this business.
Important note: if you choose a sole proprietorship, you will still need to fill out forms for this assignment to practice the action of doing it. In a real-life situation, the forms are not required for this type of business, but it it important to understand how to do the forms in this exercise for future use.
Upload a copy of the completed forms to submit them as part of your assignment.
Create an overview in a separate document or text entry in IvyLearn to provide information about your business. This should include (but is not limited to):
Business name
Location
Legal Structure
Description of the goods or services that your company will offer
Any other unique information about your business that is pertinent for your instructor to understand – this due April 25,
Project Overview
When creating a business, a person must consider a number of different factors which is what you will need to critically analyze. To complete this assignment, refer back to your business formation paperwork and overview from Module 6. This assessment will allow you to take a deeper dive into considerations for your business.
Instructions
Write a paper that 1) provides details on the business you are going to have, 2) explains why you chose the business structure that you did, 3) explains ethical dilemmas you may encounter in starting this business, and 4) discusses potential legal issues of which you must remain aware. A complete analysis of potential legal issues will explain what the potential legal issue is, when it might occur, how you could keep the legal issue from happening, and the consequences (i.e. legal, financial, etc.) of failing to identifying the problem before it occurs.
For details on your business, be sure to include the following:
Business name
Location
Why did you choose this location?
Advantages/disadvantages of this location?
Legal structure (sole proprietorship, LLC, S Corporation, or partnership)
Why did you choose this structure?
Advantages/disadvantages of this legal structure?
Mission statement
Description of products and services and how they meet the needs of the marketplace
Target market (who will buy your product or services)
Competitive advantage (what sets you apart in the marketplace to allow you to succeed)
Objectives and goals (plans for growth)
What are some potential challenges you could face during your first two years in business? How might you address/handle these challenges?
