University of Maryland Small Business an Entrepreneurs Business Plan Discussion

I attached the book let me know if you want anything

answer this to me chapter 10,11,12

VIEW VIDEOS: YOUR FINDINGS AND VIEWPOINTS:

CHAPTER 10:

CHAPTER 11:

CHAPTER 12:

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replies to two of my classmates

student 1/

Chapter 10

Chapter 10 discusses staying out of court. As a new business owner, you should hire a seasoned/knowledgeable small business attorney that has experience in your field because they can help with things like product liability, trade-marks, bankruptcy, exit strategies, and buy-sell agreements. Your lawyer can also help you determine the form of you business, along with business and tax specialists. The different forms of businesses discussed were limited liability companies, Subchapter S corporations, standard C Corporations, and nonprofit organizations. Partnerships should always have a dissolution of partnership just in case there is a need for separation. The structure of your business will have an effect on how much money you have to pay in taxes. I enjoyed learning the differences between a trademark, copyright, and patent and how they protect your business, ideas, and products in different ways that I was not fully aware of.

Chapter 11

Chapter 11 talks about teaming with passion and following the law. When creating a team for your business, you should choose people that are specialists in their field. Investors look for this experience because it provides some proof about who/what they’re spending their money on. A virtual organization can broaden a business and open a gateway to compete with big companies. The two common types of partnerships with other businesses are joint venture or strategic alliance. Independent contractors and employee leasing are ways to cut down on expenses for your business. If you choose to hire employees, you will need to consider their costs and comply with rules and regulations. Employees need to be hired, trained, and retained. Noncompliance of the labor laws can cost you your business. There should also be sexual harassment prevention and workers compensation put into place.

Chapter 12

Chapter 12 touches on insurance, crime, taxes, exit strategy, and ethics. Insurance can protect you and your business from many risks. This may include employee theft which accounts for about 30% of small business’s failure. I know an entrepreneur whose employee stole money from them but I did not expect for the statistic to be that high. In the US, small businesses have an obligation to pay personal or company income taxes, employment taxes, sales taxes, and property taxes. Your exit strategy for your business should be considered at the beginning of your planning but may change as time progresses because of the employees, economy, technology, and maybe (but hopefully not) legal modifications. As the head of your business, your ethics will impact your employees and customers so you want to make sure that you are setting a good example.

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student 2 I will send him tomorrow