Portfolio Milestone Assignment (130 Points)
Important! Read First
The submission requirements for this week’s assignment are the same, regardless of whether you choose Option #1 or Option #2 for the final Portfolio Project.
What is a business entity?
A business entity is the legal structure of your company. You must choose an entity before you register your small business and begins operating. In addition to controlling your tax obligations, the different types of business entities determine the number of people who can have ownership of the company and whether you can sell stock to the public.
Here are the key areas in which business entities differ from one another:
Ownership: Whether you’re a sole owner or starting a business with partners, the number of founders will affect your company’s structure. When shareholders become involved, that’s an additional consideration. For instance, if you want to form an S corporation, there’s a cap on how many shareholders your company would be allowed to have.
Liability: Some business structures protect you from being personally liable for your business’s debts, while others are not. If your business structure holds owners personally liable, that means you are responsible for the obligations of the business and perhaps the actions of your business partners.
Taxes: Tax requirements vary for each business entity. Some “pass-through” business income and expenses to the owner’s personal taxes, including LLCs, while other types are taxed separately. You may have some choice in the matter: For example, you could set your business up as an LLC but elect to be taxed as a corporation.
Types of Business Entities
There are several common types of business entities, each with its own characteristics and advantages:
Partnership: Two or more people own and operate the business. Offers shared profits and losses, but partners are personally liable for debts and lawsuits.
Limited liability company (LLC): Combines the benefits of corporations and partnerships. Offers limited liability protection and operational flexibility.
Corporation: A separate legal entity from its owners (shareholders). Offers the strongest liability protection but is more complex to set up and manage.
There is a “C” Corporation and a “S” Corporation that have different characteristics as well.
Characteristics of a Business Entity
Here are some key characteristics of a business entity:
Separate legal existence: The entity can own property, incur debts, enter contracts, and sue or be sued in its own name.
Formal registration: Most entities need to be registered with the government to obtain legal recognition.
Management structure: The entity has a designated management structure, such as a board of directors or managers, responsible for decision-making.
Taxation: The entity is subject to its own tax laws and regulations.
Compliance requirements: The entity must comply with all applicable laws and regulations.
Choosing the Right Business Entity
The best type of business entity for you will depend on your specific needs and circumstances. Consider factors like the number of owners, desired level of liability protection, tax implications, and complexity of management.
Portfolio Milestone
This week you will complete a milestone assignment that builds toward your Portfolio Project in Module 8. For this milestone you will select your Portfolio choice and begin drafting your business proposal, including four to six references. Begin by reading the descriptions for the Module 8 Portfolio Project. Choose one; do not do both projects. You can also view the grading rubric for the project in Module 8.
Submission Guidelines
Select either Option 1 or Option 2 and indicate your choice.
Based on your choice, you will complete a tentative and partial business plan focused on the legal aspects of a business (see Module 8 assignment and grading rubric). Please complete the following items.
The goals of your organization. Remember to include corporate social responsibility initiatives, sustainability, ethics, etc.
Identify and describe the business entity that is best for your business. Examples may include partnerships, limited liability companies, or corporations. (For this assignment, you should NOT choose a sole proprietorship for your business entity.)
Describe the type of legal entity you selected. For example, does it have a separate legal existence, does it require formal registration, what is the management structure, how is it taxed, what are the compliance requirements, etc… of the chosen type of business entity based on your business concept.
Defend your choice of business entity. (Explain the legal advantages/disadvantages of the selected type of buisiness entity based on your business concept).
Describe the specific legal steps needed to start the business successfully.
Note: Steps will vary, depending on the type of business you choose and the state in which you are located.
Four to six references formatted according to guidelines in the CSU Global Writing Center (accessed from the course navigation menu).
Good sources of research for this area include the following:
Textbooks
Review FindLawLinks to an external site. for information on the business formation process.
The Small Business Administration websiteLinks to an external site. will be helpful; it includes information on how to start a small business.
LendingTreeLinks to an external site. is a good resource for explaining the different types of business entities.
If you have questions, reach out to your instructor for assistance.
Module 8: Portfolio Project
Portfolio Project (250 Points)
Important! Read First
Choose one of the following two assignments to complete this week. Do not do both assignments. Identify your assignment choice in the title of your submission.
Option #1: Domestic Business Proposal
By completing this course, and this final project, you are demonstrating the following knowledge and skills:
Business development
New product development
Business planning and operations
Risk Management
Presentation skills
Management and leadership
Problem-solving
Decision-making
Strategic planning
Ethical standards and conduct
Communication
After completing your degree, you decide that you want to start a business. You know the first step is to consider drafting a business plan to organize your ideas. For this assignment, you will submit a condensed, partial business plan focused on the legal aspects of starting a business. For research purposes, you can choose any state for the location of your business. Your business plan focused on legal topics should include the following:
Introduction of the proposed business/executive summary
The executive summary is often considered the essential section of a business plan. If you seek financing, the executive summary is your first opportunity to attract a potential investor’s interest. This section briefly tells your reader where your company is, where you want to take it, and why your business idea will be successful for this currently non-existent business.
In the executive summary, you must state where you will start your business (city, state, country).
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 condensed and partial business plan addressing the legal aspects of starting a business.
Identify and describe the business entity that is best for your business.
Examples may include partnerships, limited liability companies, or corporations. (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 the legal advantages/disadvantages of the selected type of business entity based on your business concept).
Describe the specific legal steps needed to start the business successfully.
Note: Steps will vary, depending on the type of business you choose and the state in which you are located.
Good sources of research for this area include the following:
Textbooks
Review FindLawLinks to an external site. for information on the business formation process.
The Small Business Administration websiteLinks to an external site. 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 or partnership agreement.
Remember to review critical areas that should be included, such as percentage of ownership, responsibilities, who is managing, distribution of profits or losses, decision making, role clarity, etc…
Explain potential ethical considerations for your business, including any social responsibility or sustainability plans or attitudes that your business will embrace.
How will these plans increase your brand value?
Why is being socially responsible important to customers and how does that translate into your company’s bottom line?
Examples: “Green Projects,” donating to causes, funding research, etc… The end goal is not to simply maximize profits, but make sure the business operations positively impact the environment, people, and society.
Determine how the business would be terminated if disagreements between the board of directors, shareholders, or partners could not be resolved.
(Hint, there are legal steps to dissolve a business entity, again depending on your state).
Your well-written plan should be 4 to 5 pages long, not including the title or reference pages. Headings and subheadings are highly suggested to organize your work and ensure you have analyzed each required section. Include at least four academic or other legitimate sources to support your findings, not including your textbook. The MGT315 Business Law Library Guide can help you with finding quality resources.
Review the grading rubric and conform to APA guidelines as detailed in the CSU Global Writing Center (available from the course navigation menu). Be sure to contact your instructor at any point in the course if you have questions about the Portfolio Project.
Option #2: International Business Proposal
By completing this course, and this final project, you are demonstrating the following knowledge and skills:
Business development
New product development
Business planning and operations
Risk Management
Presentation skills
Management and leadership
Problem-solving
Decision-making
Strategic planning
Ethical standards and conduct
Communication
After completing your degree, you decided that you want to start a business that operates globally. You know the first step is to consider drafting a business plan to organize your ideas. For this assignment, you will submit a condensed, partial business plan focused on the legal aspects of starting a business. For research purposes, you can choose any country for the location of your business. Be sure to consider how international operations will impact business regulations and ethics. Your business can be headquartered in the U.S. and operate internationally or headquartered in a foreign country and operate internationally, your choice. Your business plan should include the following:
Introduction of the proposed business/executive summary
The executive summary is often considered the essential section of a business plan. If you seek financing, the executive summary is your first opportunity to attract a potential investor’s interest. This section briefly tells your reader where your company is, where you want to take it, and why your business idea will be successful.
In the executive summary, you must state where you will start your business.
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 business entity that is best for your business.
Examples may include partnerships, limited liability companies, or corporations. (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 the legal advantages/disadvantages of the selected type of business entity based on your business concept).
Describe the specific legal steps needed to start the business successfully.
Note: Steps will vary, depending on the type of business you choose and the state in which you are located.
Good sources of research for this area include the following:
Textbooks
Review FindLawLinks to an external site. for information on the business formation process.
The Small Business Administration websiteLinks to an external site. 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 or partnership agreement.
Remember to review critical areas that should be included, such as percentage of ownership, responsibilities, who is managing, distribution of profits or losses, decision making, role clarity, etc…
Explain potential ethical considerations for your business, including any social responsibility or sustainability plans or attitudes that your business will embrace.
How will these plans increase your brand value?
Why is being social responsible important to customers and how does that translate in to your company’s bottom line?
Examples: “Green Projects,” donating to causes, funding research, etc… The end goal is not to simply maximize profits, but make sure the business operations positively impact the environment, people, and society.
Determine how the business would be terminated if the disagreement between the board of directors, shareholders, or partners could not be resolved.
(Hint, there are legal steps to dissolve a business entity, again depending on your state).
Your well-written plan should be 4 to 5 pages long, not including the title or reference pages. Headings and subheadings are highly suggested to organize your work and ensure you have analyzed each required section. Include at least four academic or other legitimate sources to support your findings, not including your textbook. The MGT315 Business Law Library Guide can help you with finding quality resources.
Review the grading rubric and conform to APA guidelines as detailed in the CSU Global Writing Center (available from the course navigation menu). Be sure to contact your instructor at any point in the course if you have questions about the Portfolio Project.
The post Portfolio Milestone Assignment
Portfolio Milestone Assignment
Option Chosen: Option 1 – Research and Analysis of Business Entities
Business Proposal Title: Choosing the Right Business Entity for Your Small Business
The Goals of Your Organization:
The goal of our Domestic Business Proposal
Introduction:
The proposed business is a small retail store called “Eco-Trends” that will specialize in selling sustainable and eco-friendly products. The store will be located in Denver, Colorado, as the city has a growing demand for “Legal Aspects of Starting a Business: Choosing a State and International Operations” “Choosing the Right Business Entity: Legal Considerations and Ethical Responsibilities” appeared first on get essay fast.