Due February 9 th, 2012 Mrs. Martin for Ms. Grady

 How many man hours are needed to provide your product or service?  Can you do this completely on your own?  If not, what type of help will you need and why? ◦ Time it takes to perform service/create product? ◦ Skills you do/don’t possess? ◦ Is it more cost effective to hire someone else as opposed to renting or investing in the equipment you need?

 What are your hours of operation?  Do you have an office that will need staff other than you? ◦ Accountant? ◦ Lawyer? ◦ Receptionist? ◦ How many other specialized skill sets/laborers will you need to perform each task?  Operating Special Equipment/Heavy machinery?  Developing/Maintaining Computers/Websites?  Sales Associates?  Office/Store Management?

 Does your type of business already exist? ◦ Are you able to get an application from this business?  Download and edit/create new application template in MS Word with your company’s name, logo, contact info, etc.

Ownership/Board of Directors Management Product Sales Associates Skilled LaborersMarketing Advertising Operations

 Partnership: An association of two or more persons engaged in a business enterprise in which the profits and losses are shared proportionally. The legal definition of a partnership is generally stated as "an association of two or more persons to carry on as co-owners of a business for profit”.

 Definition: A business that legally has no separate existence from its owner. Income and losses are taxed on the individual's personal income tax return.  The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name, such as Nancy's Nail Salon. The fictitious name is simply a trade name--it does not create a legal entity separate from the sole proprietor owner.(Go over term “DBA”).

 A legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that an individual possesses; that is, a corporation has the right to enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes.taxes  The most important aspect of a corporation is limited liability. That is, shareholders have the right to participate in the profits, through dividends and/or the appreciation of stock, but are not held personally liable for the company's debts.stock