- Part One: You must create your own brand new business from scratch. It should be an original idea and cannot be an idea from a previous class; it also cannot be an existing business or your family or friend’s business or an already existing franchise (e.g., a Dunkin Donuts in a new location etc.). Explain in detail what your new business will entail. You should include why you believe there is a market for your new business, location, potential competitors, potential downsides, potential upsides, etc.
- Part Two: Choose a business association for your new business from your Chapter 30 reading. Explain all of the reasons why you chose the particular business association that you did AND why you think this particular business association will benefit your particular business.
- Part Three: Explain why you didn’t choose ALL of the other business associations from your Chapter 30 reading as discussed in class for your business. Why weren’t they beneficial for your business? You must individually discuss each business association from class and you cannot group them together in this section. They include: sole proprietorships, general partnerships, limited partnerships, limited liability companies, limited liability partnerships, limited liability limited partnerships, and corporations. You need to go through what each association requires and then explain what your reasons were for not choosing that association for your business. For example, if you want to go into business for yourself, you cannot say that you didn’t choose all of the other associations that have partners/members, etc. because some of them, like the Limited Liability Company, can be a single-member, Corporations can have one owner, and Limited Partnerships will still have you run the business by yourself but with a silent investing partner, etc. Important – you will lose points if you do not individually discuss each of the above business associations.
Additional instructions:
- Your paper must be a minimum of 3 pages. This means 3 FULL pages. If you do not meet this requirement, you will lose points. A lack of effort in any section will also result in a deduction in points. YOU WILL LIKELY EXCEED THE MINIMUM PAGE REQUIREMENT IN ORDER TO FULLY ANSWER EACH SECTION.
- No quotations – everything should be in your OWN words.
- Your paper must be double spaced
- Your paper must be 12 point font
- Your paper must have 1 inch margins
- YOUR PAPER MUST BE IN TIMES NEW ROMAN FONT
- Please label each part: “Part One”, “Part Two”, and “Part Three”. Do not include the assignment instructions in the paper.
- You do not need a reference page because the only source you can use for the paper is the textbook. The only section that you can conduct outside research would be Part One if there is something that you want to include, but outside research is not required. If you do outside research, please provide a separate page for sources outside of the minimum page requirement.
- You do not need a cover sheet, title, or a header that identifies your name, my name, the date or the class or the assignment instructions. You will lose points if you include this in your paper.
- You cannot collaborate with anyone. You cannot use AI. Your paper should be your OWN original thoughts and ideas.