Purpose: This assignment will reinforce the financial accounting concepts and terms that you have learned so far and allow you to put them into practice. Accounting is a discipline that can help you succeed in business, whether it is a business you own, manage, or wish to learn about for investing purposes.

This assignment will help you learn about various websites available to potential business owners such as the IRS and Texas Comptrollers websites with valuable resources to help start a business and information regarding the legal requirements of business owners.

Whether you want to own your own business, move into upper management with a company, or just improve a business you currently own, this project will help you get acquainted with many aspects of the accounting and profitability side of business.

Task: You will create and plan for a fictitious company.

Answer the questions on the next page of this document using your textbook, the websites listed below, or any other legitimate resource you find on the web or elsewhere.

1. List the type of business you will start (service, manufacturing, retail) and list what services you will provide or what type of goods you will manufacture or sell at retail.

2. List the business entity type you selected for your business and why you chose that (advantages). Use the information in chapter 8 of your text as well as information on the IRS website and SBA website listed above to help determine what suites your business best.

3. List your business location including city, state, as well as physically where you will operate the business from. If it is an online business, where will your office be located, will you need a warehouse to store/ship from, etc. (See the SBA launch your business section for hints about what all you need to consider when choosing a location.)

4. List approximately how many employees you think youll need in the first year of business. List at least one resource for posting jobs/hiring employees and the cost (if any).