Imagine that you want to start your own business. For your business: (a) Decide on and state a new business concept (the type of business that you want to start and what it does). (b) Decide on and state a name and slogan for that business. (c) Consider at least three different types of business entities (e.g., corporation, sole proprietorship, LLP, LLC, general partnership, LP. S-Corporation), and choose one of those three types of entities as the form of business organization for your new business.
Imagine that you want to start your own business. For your business: (a) Decide on and state a new business concept (the type of business that you want to start and what it does). (b) Decide on and state a name and slogan for that business. (c) Consider at least three different types of business entities (e.g., corporation, sole proprietorship, LLP, LLC, general partnership, LP. S-Corporation), and choose one of those three types of entities as the form of business organization for your new business.
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Imagine that you want to start your own business. For your business:
(a) Decide on and state a new business concept (the type of business that you want to start and what it does).
(b) Decide on and state a name and slogan for that business.
(c) Consider at least three different types of business entities (e.g., corporation, sole proprietorship, LLP, LLC, general partnership, LP. S-Corporation), and choose one of those three types of entities as the form of business organization for your new business.
(d) List the three types of entities that you considered and provide three reasons that the type of entity you chose for your business is better than the other two tvpes of entities (vou may wish to consider some of the following: ease of formation, tax consequences, management rights, duration, liability, and transferability of ownership
(e) Develop a brief marketing strategy for your new business, and state your marketing strategy, including short-term and long-term strategies
(f) Will vour business hire employees or independent contractors (ICs)? Why? What reasons do you have for choosing employees or ICs? Does your classification conform to the law?
(g) What are some of the major legal risks your business may face in employment, marketing, sales, purchasing and/or development (vou may wish to consider tort risk, criminal law risk, agency and employment risks, contract risks, or any other legal risks).
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