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Hi this question is for business law, please answer as soon as possible. Thank you Section 2 Business organizations (32 TOTAL MARKS) 5. Please start

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Hi this question is for business law, please answer as soon as possible. Thank you

image text in transcribed
Section 2 Business organizations (32 TOTAL MARKS) 5. Please start a hypothetical business and answer the following (30 Marks total): a. Describe your hypothetical business in a sentence or two. (2 marks) b. Without giving away any confidential information, what is one thing that sets your business apart from the competition? (2 marks) c. Which basic business organization did you choose and why? (3 marks) d. What is one advantage of another type of business organization you did not select? (1 mark) e. What is one level of government that you must interact with to operate your business and what is one thing required by that level of government? (2 marks) f. What is your business name; why did you choose that business name and what government requirement did you need to respect regarding your name choice? (3 marks) g. What is one contract or type of contract that your business will enter? (1 mark) h. Who will sign the contract in g. on behalf of the business and in what legal capacity? (2 marks) i, How will you finance your business? What will the people who provide your business with funds receive in consideration for those funds? (3 marks) j. How is your business taxed? (2 marks) k. How will you receive money from the business and how will you be taxed on that money? (2 marks) 1. Who owns the assets of your business? (2 marks) m. Identify one risk facing your business and one thing you will do to reduce that risk. (2| marks) n. Your circumstances change, and you want to transfer your business interest. Can you do this and what are two steps you would take

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