Identify and describe the type of business entity

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Reference no: EM131844245

As an entrepreneur, you want to start a business that will operate globally. You know that the first step is to consider drafting a business plan to organize all of your ideas. For this assignment, you will be submitting a business plan for your imaginary business. For research purposes, you can choose any state or country for the location of your business-be sure to consider how international operations will impact business regulations and ethics. Your business plan should include the following:

- Introduction of the proposed business/executive summary:
   • The executive summary is often considered the most important section of a business plan. This section briefly tells your reader where your company is, where you want to take it, and why your business idea will be successful. If you are seeking financing, the executive summary is also your first opportunity to attract a potential investor's interest.
   • The executive summary should highlight the strengths of your overall plan and therefore be the last section you write. However, it appears first in your business plan.

- Identify and describe the type of business entity that is best for your business:
  • Examples may include: Partnership, Limited Liability Company, and Corporation. (For purposes of this assignment, you should not choose a Sole Proprietorship for your business entity.)
  • Defend your choice of business entity. (This may include advantages/disadvantages of the selected type of business entity based on your business concept.)

- Describe the specific legal steps needed to be followed to successfully start the business:
  • Note: Steps will vary, depending on the type of business you choose and the state your business is located in.
  • Good sources of research for this area include the following:

  •  Textbooks.
  •  State statutes (for example, Chapters 47 and 48 of the South Dakota Codified Laws include information on the business formation process).
  •  The Small Business Administration website will be helpful; it includes information on how to start a small business.

- Recommend and describe an appropriate written agreement for the particular type of entity chosen:
  • Examples: Articles of incorporation, articles of organization, partnership agreement.

- A draft of a valid contract with a vendor, supplier, or customer, for example that illustrates all elements of a contract and takes into consideration some of the topics discussed in Modules 6 and 7.

- Explain potential ethical considerations for your business, including any social responsibility plans or attitudes that your business will embrace.

- Describe a possible disagreement that could be encountered among the partners or investors and shareholders. Recommend potential resolutions (such as referring back to the formal documents like the articles of incorporation or the partnership agreement):
  • Examples could include the introduction of a new product line, borrowing money for expansion, or an advertising campaign.

- Determine how the business would be terminated if a disagreement between the board of directors, shareholders, or partners could not be resolved.

Your well-written proposal should be 8-10 pages in length, not including the title or references pages. Headings and sub-headings may help you organize your work. Include at least four academic or other legitimate sources to support your findings, not including your textbook.Follow the APA style.

TEXTBOOK
Miller, R. L. (2017). Business law today: The essentials text & summarized cases (11th ed.). Boston, MA: Cengage Learning. ISBN: 9781305574793

Verified Expert

The concerned assignment is related to the study which must be conducted before starting the business.As an entrepreneur, I must suggest a business proposal that must operate globally fulfilling all the norms and regulations of the business.The assignment is further divided in sections related to the detailed analysis of the assignment.

Reference no: EM131844245

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Reviews

len1844245

2/2/2018 12:07:14 AM

17-20 Points 13-16 Points 9-12 Points 5-8 Points Demonstrates proper use of APA style Project contains proper APA formatting, according to the CSU-Global Guide to Writing and APA, with no more than one significant error. Few errors in APA formatting, according to the CSU-Global Guide to Writing and APA, with no more than two to three significant errors. Significant errors in APA formatting, according to the CSU-Global Guide to Writing and APA, with four to five significant errors. Numerous errors in APA formatting, according to the CSU-Global Guide to Writing and APA, with more than five significant errors.

len1844245

2/2/2018 12:07:08 AM

17-20 Points 13-16 Points 9-12 Points 5-8 Points Grammar and Style Strong sentence and paragraph structure; few or no minor errors in grammar and spelling; appropriate writing style; clear and concise with no unsupported comments. Small number of significant but not major errors in grammar and spelling; generally appropriate writing. Inconsistent to inadequate sentence and paragraph development; work needed on grammar and spelling; does not meet program expectations. Poor quality; unacceptable in terms of grammar and/or spelling; inappropriate writing style that interferes with clarity.

len1844245

2/2/2018 12:06:42 AM

13-15 Points 10-12 Points 7-9 Points 4-6 Points Application of Source Material Sources well or adequately chosen to provide substance and perspectives on the issue; knowledge from the course linked properly to source material. Some significant but not major problems with selection and linkage of sources. Major problems with selection and linkage of sources. Source selection is seriously flawed; no linkage to knowledge from the course.

len1844245

2/2/2018 12:06:35 AM

25-30 Points 19-24 Points 13-18 Points 7-12 Points Business Termination Plan Demonstrates strong or adequate thought and insight in determining strategies for terminating the business if necessary. Some significant but not major errors or omissions in determining strategies for terminating the business if necessary. Major errors or omissions in determining strategies for terminating the business if necessary. Fails to determine strategies for terminating the business if necessary.

len1844245

2/2/2018 12:06:29 AM

25-30 Points 19-24 Points 13-18 Points 7-12 Points Conflict Resolution Strategy Demonstrates strong or adequate thought and insight in describing a potential disagreement that could affect the business and in recommending solutions. Some significant but not major errors or omissions in describing a potential disagreement that could affect the business and in recommending solutions. Major errors or omissions in describing a potential disagreement that could affect the business and in recommending solutions. Fails to describe a potential disagreement that could affect the business and in recommending solutions.

len1844245

2/2/2018 12:06:21 AM

25-30 Points 19-24 Points 13-18 Points 7-12 Points Written Agreement Provides strong or adequate thought, insight, and analysis in recommending and describing an appropriate written agreement. Some significant but not major errors or omissions in thought, insight, and analysis in recommending and describing an appropriate written agreement. Major errors or omissions in thought, insight, and analysis in recommending and describing an appropriate written agreement. Fails to demonstrate thought, insight, and analysis in recommending and describing an appropriate written agreement.

len1844245

2/2/2018 12:06:15 AM

25-30 Points 19-24 Points 13-18 Points 7-12 Points Legal Steps for Starting the Business Demonstrates strong or adequate synthesis and evaluation of key concepts in describing the legal steps for starting the business. Some significant but not major errors or omissions in synthesis and evaluation in describing the legal steps for starting the business. Major errors or omissions in synthesis and evaluation in describing the legal steps for starting the business. Fails to demonstrate synthesis and evaluation in describing the legal steps for starting the business.

len1844245

2/2/2018 12:06:09 AM

25-30 Points 19-24 Points 13-18 Points 7-12 Points Business Entity Selection Provides strong or adequate thought, insight, and analysis in identification and description of the appropriate type of business entity. Some significant but not major errors or omissions in thought, insight, and analysis in identification and description of the appropriate type of business entity. Major errors or omissions in thought, insight, and analysis in identification and description of the appropriate type of business entity. Fails to demonstrate thought, insight, and analysis in identification and description of the appropriate type of business entity.

len1844245

2/2/2018 12:06:00 AM

MGT315: Portfolio Project Rubric Criteria Meets Expectation Approaches Expectation Below Expectation Limited Evidence Content, Research, and Analysis 25-30 Points 19-24 Points 13-18 Points 7-12 Points Introduction/Exec utive Summary Provides strong or adequate thought, insight, and analysis in describing the business in an executive summary. Some significant but not major errors or omissions in thought, insight, and analysis in describing the business in an executive summary. Major errors or omissions in thought, insight, and analysis in describing the business in an executive summary. Fails to demonstrate thought, insight, and analysis in describing the business in an executive summary.

len1844245

2/2/2018 12:05:39 AM

Your well-written proposal should be 8-10 pages in length, not including the title or references pages. Headings and sub-headings may help you organize your work. Include at least four academic or other legitimate sources to support your findings, not including your textbook. Review the portfolio grading rubric and make sure to follow the CSU-Global Guide to Writing and APA. Please be sure to reach out to your instructor at any point in the course if you have questions about the assignment.

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