Purpose

This assignment is intended to help you learn to do the following:

• Apply legal principles necessary to create a business organization.
• Recognize, analyze, and discuss various legal problems presented in specific situations.
• Develop critical-thinking and case-analysis skills.

Overview

Starting a business involves planning, making key financial decisions, and completing a series of activities. Market research will tell you if there's an opportunity to turn your idea into a successful business. It's a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business. This assignment provides you with some essential elements used to determine is your business idea will be viable.

Action Items

1. Log into the U.S. Small Business Administration website and click on theBusiness Guide.
2. Read through the following topic areas to become familiar with the stages of business development: Plan, Launch, Manage, Grow.
3. Choose a type of business organization that you would like to create and develop the initial steps of a business plan.
4. Develop a paper, including a reference page, using the following outline:
   1. Plan Your Business
      1. Company Name and Description
         1. Legal Issues
      2. Start-up Costs
   2. Launch Your Business
      1. Business Location
         1. Rationale for Business Location
      2. Business Structure
         1. Rationale for Business Structure
         2. Liability & Taxation
   3. Manage Your Business
      1. The Company Team
         1. Employment Law Issues
      2. Emergency Preparedness
   4. Grow Your Business
      1. Local Resources
      2. Business Characteristics
5. Submit the assignment before the scheduled class meeting this module. Important note: you must submit this assignment before the class meeting even if you are unable to attend.
6. Be prepared to do a 2- to 3-minute presentation (in a format of your choice) regarding your business during class.