What business form you have selected and why

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Reference no: EM132286643

BUSINESS PROJECT

Instructions:

Your Business Project must be single-spaced in Times New Roman 12-point font. With your name, course and section, the name of your business, business form, and number of employees in the upper left corner. Please follow the format guide attached. Your Project must be no more than 1000 words, but should be at least 600 words. Words over the word limit will not be graded; be concise in your writing.

I. Business Form

A. Think of a business you would like to start. Pick a name for your business consistent with your business form. Review the material in chapter 14-15 and decide what type of business form you would like for your start-up business (general partnership, LLC, LLP, corporation, etc.). Assume you will be an owner and an employee of your business. Explain the following:

1. What business form you have selected and why.

2. What level of liability exposure does your business form create?

3. Explain the legal name for you as the owner based on your business form (ex: Partner, Member, Shareholder, etc.).

4. As an employee, what will your role be (President, CEO, Vice President, Manager, etc.)?

5. How many employees will you have and what will your employees do?

6. Explain one Federal statute that we covered in class that your business must follow and why.

II. Administrative Agency (Respond to either A or B):

A. Visit "virginia gov" and find a Virginia agency that would regulate your business. Explain the purpose of the agency and name two things you learned from the website that would impact your business (in your own words). Provide the website address. (100 words)

B. Visit "scc virginia gov" and find a form that your business would need to file to organize in Virginia. Name the form, explain the purpose of the form, describe the type of information you would need to provide on the form and the filing fee, if any.

III. Contracts:

A. Draft one contract clause that relates to a specific area of your business and is essential for your business to operate.

(Hint: Think of what type of contracts a business like yours might have and then draft it in your own words).

Make sure your contract has all the necessary components for binding contracts as mentioned in Chapter 9 & 10) Explain:

(1) who is meant to sign this contract;

(2) what the importance of this contract is, and;

(3) what legal protections it gives your business.

Use your own words. Do not copy or paste from any source.

IV. Discrimination:

A. Draft 2 guidelines for your Human Resource department to follow and explain how these guidelines prevent discrimination for protected classes. One guideline should address a policy for hiring, another for firing an employee.

V. Ethics

A. Your business has expanded overseas to the country of Belai. During a visit to your overseas location you find out for the first time that children, ages 10 and under, are working for you.

You know child labor is against the law in the United States, but it is completely legal in Belai where your business is operating.

Replacing the children with adults, would cost twice as much. What ethical issues does this raise for you and how will your business go about solving them?

Reference no: EM132286643

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