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Unformatted text preview: Sharon Ng Professor Henderson BUS051 30 June 2011 Lesson 3 Homework The Miller brothers (Jack, Bill, and Evan) are about to fulfill a life-long dream. They are buying a thousand acre farm and plan to grow cotton. Seeking independence, they are not interested in bringing in any outside owners. They have obtained financing from the Farm Credit Bureau that will allow them to finance the purchase of the farm and some equipment. The brothers are realistic and expect to work very long hours. However, they have a few critical decisions left to make. The Miller brothers are not sure how to organize their business. What are their options in terms of legal form? Answer: The Miller brothers can choose to buy an existing business, do a franchise, or start from scratch. They also must create a business plan in which they thoroughly develop and describe their business strategy and demonstrate how it will be implemented. This plan allows them to set goals and objectives. A business plan defines strategies for production and marketing, legal elements and organization, and accounting and finance. I t marketing, legal elements and organization, and accounting and finance....
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- Summer '11