Type the answers to the assignment questions below. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your progress.
Review Lesson 4 of the Course Overview for instructions about turning in your assignments.
Assignment Questions
In Section 8, you learned about business structures and the more technical details of starting up a company. Now, you'll apply what you learned to your own business idea.
1. Using the business idea you chose to develop, answer the questions below. TIP: Refer to the Section 8, Lesson 2 Choosing a Business Structure page to consider the pros and cons of each consideration.
a. How many business owners will there be? (1.0 points)
There will be three business owners.
b. Is liability protection important for this company? Why or why not? (2-3 sentences. 2.0 points)
Yes, liability protection is important for this company because the company revolves around the relationships between instructors/coaches and the players.
c. How important is tax status? Explain. (2-3 sentences. 2.0 points)
A tax status is important. It's the money you get back after filing your taxes.
d. How important are company-funded benefits for the business owners? (1-2 sentences. 1.0 points)
It is very important. This will help with expansion, repair, and cash flow.
e. Is the organization providing a charitable or public service? If so, what is it? Will the company still have a profit motive? (1-2 sentences. 1.0 points)
A public service to train athletes. Yes, the company will still have a profit motive.
<<< f. How much control do you want? (1-2 sentences. 1.0 points)
g. How much complication are you willing to put up with? (1-2 sentences. 1.0 points)
2. Based on your analysis in question 1 above, decide which business structure makes the most sense for your company (sole proprietorship, partnership, LLC, C corporation, S corporation, or nonprofit corporation). Describe at least three reasons why you chose this business structure. (3-6 sentences. 3.0 points)
3. List at least 5 ideas for a company name. (Complete sentences are not necessary. 2.0 points)
4. Decide which name you will use for your company, and explain why you chose this name. (3.0 points)
5. Will your company need a DBA name? Why or why not? (1-2 sentences. 3.0 points)
6. Will you register your company name as a trademark with the state or USPTO, or both? Explain why or why not. (2-4 sentences. 3.0 points)
7. List at least 3 places where you can look for information about licenses and permits. (3.0 points)
8. If your business grows large, which type of business organization would you prefer to use (function, product, location, process, or customer)? Explain why. (2-3 sentences. 2.0 points)
9. Will your business keep inventory? If so, list some of the types of inventory you will store. If not, explain why you won't need to have inventory. (2-3 sentences. 2.0 points)
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