10 0 obj Business Plan Example. Pages. Chapter 11: ORGANIZATIONAL STRUCTURES: CONCEPTS AND F0RMATS When two or more people work together to achieve a group result, it is an organization. (Hauppauge, New York: Barron’s Business Review Series, 1993), pp. Size: A4, … Expense and Formality Expenses, complexity, and legal responsibilities differ between the different types of business structures. << ���)��6!����)�br~� %���� B��* Bm0)���g,>,���I�5 ;)��y=���#+�t┻������� ����k�˰�`,B�rP¸����7�@6�-������9 wh�Ҏ�[�:^�4Ec�|0�. *Operating Agreement -a key document used by LLCs because it outlines the business’ financial and functional decisions including rules, regulations and provisions. Legal Structures for Business Organizations 1. It should include: • Business structure (corporation, partnership, etc.). File Format. Montana, P. and Charnov, B. /Length 11 0 R 2. Money Smart for a Small Business Curriculum Page 8 of 21 Continuity and Transferability This factor refers to how a business persists and how the business is sold to new ownership. ���ј�@3�0aP� "1��@ ��#��`8CL� P� ����w When beginning a business, you must decide what form of business entity to establish. • Define each legal structure for business organizations • List advantages and disadvantages for each legal structure • Describe the steps necessary to establish each legal structure. stream I describe the possible alternatives later in this chapter. >> S corporation. �3��jCAp� H�V����~Kb�ath�*�%��nf9��e���L�r2�M��I��|!�Χ#��@f7���C��Pt9ލ����2��%)��l2�&�!�ڿ=���u��GA���>tb5��&8rࠐa:��-؜2�˂5�N����l������x����i �����K�� NK��ΐ@)��� 5�(��k�b�!���������4f��z���ؓ�P���\��)����B���!<2JN��*Je)�$jt�+/�H"�-�B��A�Hr�2/B8ʐ�P�P�#��+��T ␎ ��H� ��H�'"cZ* The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. Google Docs. After the Sole Proprietorship. Partnership. /Filter /LZWDecode Editable PDF. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business … *H�CQ�G�Nl�I���o7&��@P.fA�a9��k� The business structure you choose influences everything from day-to-day operations, to taxes, to how much of your personal assets are at risk. • Short-term and long-term vision for the business. You have described … Sole proprietorship: Most new businesses with only one owner start out as sole proprietorships, and … MS Word. You should choose a business structure that gives you the right balance of legal protections and benefits. An S corporation, or S Corp, is a type of corporation where profits and losses are … H‰”“KoÓ@…÷ó+î Business Description Section The section directly after the executive summary section should describe the business in more complete detail. 3. Lm1mgTõ¦é»Ÿ•"*aˆ†ÁsUGÍ¥Œ&Ì +(ó&¹ÊÍ×Æ]€ Çt8á endstream endobj 426 0 obj 183 endobj 411 0 obj << /Type /Page /Parent 401 0 R /Resources << /ColorSpace << /CS2 412 0 R /CS3 413 0 R >> /ExtGState << /GS2 422 0 R /GS3 420 0 R >> /Font << /TT2 417 0 R /TT3 419 0 R >> /ProcSet [ /PDF /Text ] >> /Contents 414 0 R /Rotate 90 /MediaBox [ 0 0 612 792 ] /CropBox [ 37 37 575 755 ] /StructParents 0 >> endobj 412 0 obj [ /ICCBased 423 0 R ] endobj 413 0 obj /DeviceGray endobj 414 0 obj << /Filter /FlateDecode /Length 415 0 R >> stream Details. A Limited Liability Company (LLC) is a business structure allowed by state statute. 155 -169. Management: A Streamlined Course for Students and Business People . %PDF-1.2 jæ=~ ªRœJDhŒº¨º°œ±3Èñ”ñH=c». Your form of business determines which income tax return form you have to file. �i�2 �C(��� �c�A��O��F3B��[8�g�a�td4�##r=.