Discuss the advantages of the selected business structure

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Reference no: EM131409752

Assignment

Please find below the project for Spring semester 2017. There is a total of 60 points possible. Six steps are available, and each step is worth 10 points. The six steps must be done in sequence. Step 1 is worth 10 points. Step 1 and step 2 are worth 20 points. Step 1, step 2, and step 3 are worth 30 points. Step 1, step 2, step 3, and step 4 are worth 40 points. Step 1, step 2, step 3, step 4, and step 5 are worth 50 points. Step 1, step 2, step 3, step 4, step 5, and step 6 are worth 60 points with the first 50 points assigned to the project and the final 10 points attributed to step six recorded as extra credit points. Zero points will be earned if you fail to complete step one. Zero points will be earned if you cite to Wikipedia. Zero points will be earned if you use bullet points.

Each project must contain your name and the five digit section number of your Legl 2064 section on each page of your submission. . Original work must be double spaced with one inch margins on all four margins of each of the pages. Original work must be in 12 point Arial font. Step two requires submission of a form so the font, spacing and margins will be dictated by the form. Late submissions earn zero points. There is NO MAKE-UP for this assignment. This assignment is due PRIOR TO NOON on Thursday, March 02, 2017. Consider turning it in early!

Step 1) Form an itemized business plan for a new limited liability company.

Step 2) Fill out pertinent State of Ohio articles of organization form for the newly planned LLC. These are available online.

Step 3) Discuss the advantages and disadvantages of the selected business structure, LLC, in a short, 2 page essay, observing requirements above. This step requires that you discuss the advantages and disadvantages of organizing your business as an LLC, not whether it is a good idea to start a restaurant, or a spa, or a bar. Check out chapter 18 in your text.

Step 4) Discuss possible federal or state agencies and/or regulations the new LLC may encounter, in a short, 2 page essay, observing requirements above.

Step 5) Create a contract between the new LLC and the XYZ Corp. There is a good example in your textbook starting on page 278.

Step 6) Finally, discuss if the UCC is applicable to the new LLC, in a short, 2 page essay, observing requirements above. Selected sections of the UCC are in the back of your text in appendix C.

Please note that each of steps 3, 4, and 6 require a separate two page essay, for a total of 6 pages of your original thoughts based on the reading of the textbook that you have done, and other resources you may choose to consult, observing requirements above. Failing to observe the two-page minimum limit for each essay will result in lost points for that step. Failure to label each step will result in lost points for that step. Failure to identify your work with your name and the full legl2064 course number will make it impossible for me to assign a grade to your work.

As you read through the steps that make up the project you will notice that I am asking you to create a Limited Liability Company. This form of organizing a business is discussed in Chapter 18 of your text. If you read this chapter before you start your project, it will save you time and frustration. Please notice the information on page 418 with regard to the formation of an LLC and the need to file with the Secretary of State's Office. Please remember that this is an academic exercise. I do not expect you to pay filing fees or purchase forms. Everything that I require is available free of charge from government sites.

During the preparation of step one you will be creating a business. What do you want to do in your business? Do you want to start a bakery, a restaurant, or a barber shop? I am not dictating the business activity, only the form of organization. The detailed business plan I want from you is a thoughtful explanation of what you intend to do and how you intend to do it. I want this thoughtful explanation to identify in full, grammatically correct sentences and paragraphs the issues you will have to deal with and the manner in which you intend to deal with them. I do not want outlines. I want details that give evidence of your careful consideration of, for example, start-up expenses. I do not need ledger sheets or balance sheets or complex accounting information. I do need a recognition of issues that you will encounter and how you intend to overcome obstacles.

You are in this course because of some interest in the way that the law intersects with business. Use this project to experience how the law influences the beginning and ongoing management of every business decision you make.

Before you send me your project, consider taking it to the writing center. There you can confer with a tutor to examine whether your sentences have subjects and verbs. You can review whether you are actually communicating what you hope to communicate in your essays and business plan.

Remember from the announcement that you must create one document (either a WORD document or a PDF document) that contains each and every step of the project and attach it to one email that identifies it as your midterm project, complete with the five digit number that follows Legl2064 of the course in which you are enrolled. Multiple submissions will not be considered. If you have questions about the project, go back to the announcements and read what I have posted there.

Reference no: EM131409752

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