Project Overview
This project is designed to apply the concepts of legally forming and maintaining a legally functioning business. When creating a business, a person must consider a number of different factors. These factors include determining the type of business structure and what legal documents to file for that business structure. Once created, an owner or manager must remain aware of potential legal risks throughout the course of the business.
Instructions
The steps to complete this assignment are listed below. Your answers should use a 12 point font, be double spaced, and use APA formatting to cite references on the last page of your assignment. It should be submitted as a Word or PDF document.
Your first task is to choose a type of business that you would like to own or manage and determine the type of business structure that would be best for your chosen business (sole proprietor, partnership, LLC, franchise, or corporation). Information about these types of business structures can be found in Chapters 17 and 18 in your textbook. If you choose to start/buy a franchise, you will have to search elsewhere, as the forms are not available on the website listed below.
Go online to the Indiana Secretary of State website (link listed below) to explore information about business structures. Locate the documents that must be filed to formally create those business structures. The types of documents needed can also be found in your reading (chapters 17 and 18, depending on what business structure you choose).
Indiana Secretary of State Website (Links to an external site.) (navigate first to ‘Division Forms’ on the left-side of your screen and then ‘Business Forms’ in the center to locate your type of business)
Expert Advice for Small Businesses
(Links to an external site.)
Based on the type of business you’ve chosen, determine which forms you would file to start your company. Print the forms and complete them as you would if you were starting this business.
Important note: if you choose a sole proprietorship, you will still need to fill out forms for this assignment to practice the action of doing it. In a real-life situation, the forms are not required for this type of business, but it it important to understand how to do the forms in this exercise for future use.
Upload a copy of the completed forms to submit them as part of your assignment (minimum of three forms).
Create an overview in a separate document or text entry in IvyLearn to provide information about your business. This should include (but is not limited to):
Business name
Location
Legal Structure
Description of the goods or services that your company will offer
Any other unique information about your business that is pertinent for your instructor to understand
