1. Purpose: To cover a company’s monthly employees’ gross salaries
Business Contracts
Purpose: To cover a company’s monthly employees’ gross salaries

2. Process for Development of Business Contracts
Determine each employee’s monthly gross salary
Total all employees’ salaries
Determine what the Business Contract with the Virtual Enterprise Center will be for:
Product (s)
Service (s)
Product (s) and Service (s)

3. Process, cont.
Write scenario detailing what your company will offer the Virtual Enterprise Center (VEC) that may include:
Narrative
Descriptions of product (s) and/or services (s)
Pictures of product (s)
Determine cost-of-goods-sold or commissions on products/services sold to VEC (should not be more than 50%)
Add these costs to total salaries
Include contract sales & cost-of-goods-sold and/or commissions in Income Statement

4. Business Contract Examples

6. Business Contract + Income Statement

7. Business Contract Information
Log-on to the VE website:
Go to Curriculum, Tasks, Quarter 1, and then to Business or Phantom Contracts
Go to Curriculum, Workflows, and “Phantom Contract” for contract example
Go to the Backoffice of VirtuBank and log-on to your company’s account:
Click on Business Contract
Fill out the information and submit

9. Business Contract Presentation
Present your Business Contract to your Business Partner (s) for approval
or FAX a copy of scenario to the VEC
NOTE: Total amount of Contract should be no greater than 50% more of total monthly salaries
$100,000 for monthly salaries +
$50,000 (50% of salaries) for COGS =
$150,000 for Business Contract