Entity Business Plan Week 3 Individual Assignment

Entity Business Plan Week 3 Individual Assignment - Entity...

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Entity Business Plan 1 Entity Business Plan Joanne V. Macon University of Phoenix Professor Kim Peterson February 16, 2009
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Entity Business Plan 2 Introduction For the purpose of this assignment, the Entity Business Plan the business venture that will be covered is a Global Computer Consultant. Owning a business, organization or franchise is not as simple as one might assume. There are many things to consider when opening a business - the first and most important choice to make is what form of business - or what type of business entity - the company will take. Business Planning Ideas It is easy to create a sole proprietorship. There are no formalities, and no federal or state government approval is required. Some local governments require all businesses, including sole proprietorships, to obtain licenses to do business within the city. If no other form of business organization is chosen, the business is by default a sole proprietorship. A sole proprietorship can operate under a same name of the sole proprietorship or a trade name. Operating under a trade name is commonly known as d.b.a. (doing business as). (Cheeseman, 2007) I plan to operate as a sole proprietorship. Because of the personal liability associated with this form of organization I realize that insurance coverage will be very important and I intend to be adequately insured and represented by an expert insurance agent. In the future, as my consulting business grows, I will discuss with my lawyer if or when it would be advantageous to switch to a LLC. The initial primary service offered will be hourly technical aid, although retainer contracts and projects will be considered in the future growth. My consulting service will require specialized knowledge in all aspects of computer knowledge to provide the best service for individuals, home base businesses and corporations. I have been moonlighting in
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Entity Business Plan Week 3 Individual Assignment - Entity...

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