Grossmont College Creating a Business Financial & Business Issues Questions

review the majority of issues we discussed in class but focusing them on a specific instance of creating a business and addressing some of the individual issues a business must address to ensure they are protected on the majority of basic business procedures.

You and your neighbor (or your spouse) have decided to start a business together. Indicate your approach to the following issues:

1) Describe the type of business you will begin. What will you do? What will your name be?

2) What type of entity will you set up (sole proprietor, partnership, LLC, Corporation)- see Chapter 28? Explain the type of entity and why you have chosen this type – discuss how this can affect the financial and legal responsibilities of each person. (Chapter 1 and Chapters 29-31)

3) In addition to the information in question 2, discuss each person in the company and their management role (see chapter 30).

4) Discuss in detail the financial issues that will arise with your business. Will you need land, buildings, equipment, supplies, employees, insurance, etc? (See chapters 32-39

5) If you need to finance (take loans) out for dealing with the issues in question 4, discuss what approach you will take to financing the business (Chapters 32-35).

6) depending on your type of business, search the internet and see if there are any government laws (Federal United States laws) or state laws (California) that govern your type of business. Explain the laws and address how you will ensure that the business is in compliance with each law.

7) Discuss the elements you will include in a contract for your future customers (ee chapters 8-16). Indicate at least ten important components to include ina contract agreement.

8) If you begin to sell a product of a home/land, discuss the issues that are vital in ensuring that the sale follows all laws required (chapters 17-21). List at least 10 things you will include in the sale document.

9) Discuss your approach to hiring employees – indicate the following: how many employees, the role of each person, how many hours each will work, local and state wages and benefits that are required, and other employment requirements (see chapters 25, 26, 27).

10) make sure that the title to the property or the items in the property can be sold and passed cording to the legal requirements (see chapters 18-21)

11) Clarify the sales process of the location/business/property/item (etc) and discuss your process in completing the negotiation and agreeing on the appropriate price and details of the sale (see chapter 22-24)

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