An organizational chart shows the company employee layout. It is the basic plan for the entire employment of the company.
What is an organizational chart?
100
This needed because the company needs to know what they are getting themselves into, understand the possible risks, the probable outcomes, whether the company will make profit, etc.
Why is a business plan needed?
100
A simple business form where then is one person operating a business. That one person owns the business and is responsible for all the debts of it.
What is a sole-proprietorship?
100
You have full control over the company, and the most flexibility.
What is an advantage of a sole-proprietorship business?
100
When you want to open a company and are the going to be the owner, but want the most control and flexibility.
When should you enter a sole-proprietorship business?
200
A procedure that businesses or people use to analyze themselves, and opponents. You analyze strengths, weaknesses, opportunities, and threats.
What is a SWOT analysis?
200
The purpose of this is to plan out an upcoming company. The plan includes everything that is core to a company, the concept, the marketplace, and the financials.
What is the purpose of a business plan?
200
Instead of one person being in charge of the entire company, this load is split in between one or more people, including profits and debts.
What is a partnership business?
200
If the company goes into debt, that person has to pay off the debt with money out of their pocket.
What is a big disadvantage of a sole-proprietorship?
200
You should enter this if you have identifies trustworthy and hardworking individuals that are willing to share/make profit with you.
When should you enter a partnership business?
300
Introduction, management functions, environment assessment, marketing mix, break even analysis, financial data, SWOT analysis, and risks, and all the parts.
What are the parts of a business plan?
300
Objects include payroll, tools, supplies, insurance, legal expenses.
What are some objects that are considered in start up costs.
300
Any corporation that, under United States federal income tax law, is taxed separately from its owners.
What is a C-Corporation?
300
People are liable for the debts.
There is a risk of disagreements and friction among partners and management.
What are some disadvantages of a partnership business?
300
Formed when you are starting a bigger business, and if you require limited liability. Will shield you from high business risks that can be covered by insurance.
When would you need to file to become a C-Corporation?
400
We can see where our company shines the most, if we have more weaknesses or strengths. A good thing to use to possibly reevaluate a company. Provides a quick overview.
What is the purpose of the SWOT Analysis?
400
This is used to give workers and outside viewers a quick overview of where the company strong, and what types of things they can improve on.
How is the SWOT Analysis used in a business plan?
400
A corporation that elects to be treated as a pass-through entity for taxes
What is an S-Corporation?
400
Advantage is there's unlimited growth, there are less liabilities for directors, officers, shareholders, and employees, and they can last forever, even if the owner leaves
What are some advantages of a C-Corporation?
400
Be a domestic corporation
Have only allowable shareholders
May be individuals, certain trusts, and estates
May not be partnerships, corporations or non-resident alien shareholders
Have no more than 100 shareholders
Have only one class of stock
When can you file to become an S-Corporation?
500
Everything about money goes in this section, the income statement, balance sheet, cash sheet, and writeups.
What is contained in financial data?
500
In this section the company discusses what kind of outcomes may come from the business, whether they are positive or negative, and possible problems.
What is the risks section of a business plan?
500
One is taxed separately as its own self, the other is used as a pass through for the owners.
What is the difference between a C-Corporation and a S-Corporation?
500
Protects the personal assets of its shareholders. Pass-through taxation. Does not pay federal taxes at the corporate level.
What are some advantages of a S-Corporation?
500
The owner of the business is responsible for it
Who is the person that all the debt falls on if a sole-proprietorship fails?