Reference no: EM133049892
Give a short definition for each of the business structures:
- Sole proprietorship
- Partnership
- Limited partnership
- C corporation
- Subchapter S corporation
- Limited liability corporation (LLC)
- Nonprofit corporation
Now think about the business you are going to open:
1. Which legal structure will you choose for your business?
a. Why did you choose this structure?
b. Who will the partners or stockholders, if any, for your company be?
c. Describe the steps you will take to register your business (Find out the process for the place where you would register.)
2. If your business will be incorporated, what percentage of the company would be represented by one share of stock? Will your corporation's stock be publicly or privately held? Why?
3. Use computer software to make a logo for your business. Do you intend to trademark your logo? Explain.
4. Describe any intellectual property you are developing (without improperly disclosing a potential patent).
5. How do you plan to protect your intellectual property (e.g., trademark, copyright, patent)? Explain why it would qualify for protection.
6. Give an example of a business in your community that you think may be infringing on someone else's intellectual property. Explain why you believe this to be possible.
7. What types of insurance will your business need and why? What is the highest deductible you feel you can afford? Pick one type of insurance you want to have for your business and find a company online that sells it. List the premium, deductible, and payout.