Prepare a written report that contains the following information about your new business, assignment help

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Business Finance

Description

Description: The purpose of this final project is to help you evaluate some of the decisions that prospective business owners need to make by setting up a business of your choice. Before you start, however, I strongly advise that you conduct some independent research over the Internet at the secretary of state’s office in the state in which you plan to establish your business. You can usually start with a Google search that uses terms such as “your state name, secretary of state corporation forms.” Your search will usually result in information for setting up business entities in the state you have chosen. You will use this information to prepare your written report described under the instructions.

Instructions 1. Prepare a written report that contains the following information about your new business: a. Name of your company/business b. Be sure to use the proper ending in your name to show your type of business entity, e.g., corporation, LLC, LLP, etc. c. State in which you are forming your business d. Brief description of what your business does e. Explain why you selected the type of business entity you chose f. This explanation should be based on independent research that compares various business entity types g. At a minimum, you should discuss the following issues: i. Ease and cost of creation (you should be able to determine this at the secretary of state’s website for the state in which you plan to establish your business) ii. Owners and ease of transferring ownership interests iii. Liability iv. Duration v. How will profits be taxed Page 2 of 2 h. A list of at least three properly formatted references i. One of your references can be your text

2. Prepare an annotated outline of an operational document for your business entity

3. An annotated outline is more than an outline that uses key words, but not the same as a fully completed document

4. I don’t want you to simply cut and paste a set of corporate bylaws or an operating agreement into this component of your Final Project

5. Rather than using key words in your outline, you will write a description of what you are proposing in outline form, but do not write the final language

6. Your operational document should address the following topics, but may include other subjects you think are important for your business: a. Describe the business managers/officers with subtopics concerning number of managers, how they are elected, how they are removed, and duties

b. Meeting schedule for owners and managers with subtopics concerning when notice of the meeting must be sent, whether actions can be taken without a meeting (explain how), and the quorum and voting requirements for a meeting

c. General provisions related to the following topics: i. Who must sign company contracts and checks ii. Policy concerning gifts to various stakeholders iii. General employment safety policy iv. General environmental policy v. Statement concerning ethical behavior, decision making, and social responsibility of the company owner(s), manager(s), and employee(s)

d. This should be your own work e. If you do use resource material to prepare your annotated outline, be sure to provide properly formatted references

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Explanation & Answer

Attached.

Running head: GUIDELINE ON MAKING YOUR OWN BUSINESS

Guideline on making your own Business
Name
Institution

1

GUIDELINE ON MAKING YOUR OWN BUSINESS

2

Guideline on making your own Business
Name and location of the new business
California Best Agency Ltd will be the name of the new business. It will be registered
as a private company under Company's Registration Act. The company will be based in
California City. The city is ranked as the largest in the United States and is, therefore, most
preferred for this business. It also has the largest population. There are a lot of residential
areas as well as commercial businesses in the city. The city is secured and developed to
support any sensible business. There are few businesses of this type, and there still exists a
great market to explore opportunities.
Description of the business
California Best Agency Ltd will be an intermediary of different kinds of businesses.
The city has attracted very many investors who have invested in residential housing and
commercial infrastructures. One of the functions that the company intends to do is rent
collection on behalf of the landlords. This service will be charged 20% commission on all the
rent collected. The agency will also market new residential and commercial houses for the
investors at a fee. People looking for rental or commercial houses will also be directed to
their preferred locations at a small fee. The company will also act as a recruitment agency.
The city is highly the most populated state in the United States with over 37.2 million people.
Many of the residents in the city are employees of various businesses in the City. The city,
therefore, has a high potential of creating employment opportunities. Firms looking for
qualified staffs will be assisted at a specified commission depending on the nature of the task.
The company will, therefore, advertise job opportunities on behalf of the employers to attract
a broad range of qualified employees.

GUIDELINE ON MAKING YOUR OWN BUSINESS

3

Justification for selection of this business
Many reasons justify the choice of this business. The first one is because the market
for agency business is growing at a high rate. Globalization has made the business world a
global village. Investors come from all over the world and invest in any country. The city has
attracted so many foreign investors who would prefer to get their properties managed by an
agency. Local investors also prefer to avoid some of the business inefficiencies by entrusting
agencies to do some work for them for a small fee. Agency businesses in the United States
have a good reputation of doing a good job. The company will make sure that the properties it
manages are always clean and safe. Other than the hospitable business environment, the
business does not require a high cost of capital to start. There are fewer formalities involved
in registering the business. The company only requires a minimum number of two members
and a maximum number of 200 members. The company also has limited liability. In the case
of incurring losses under any circumstances, the members of the company can only sell the
assets of the company to pay the loss, but personal assets are not at risk. The company also
has perpetual succession. In case a member is deceased, the company continues to operate.
The company will also not be required to maintain an index of its members. It is only
required to have two directors minimum to operate. California Best Agency Ltd will be taxed
at the rate of 39.1% which is the local federal taxation rate in the United States.
The management of the business
Three directors will manage California Best Agency Ltd. The directors will be
recruited through a highly competitive selection process to identify the most competent and
experienced managers. The selection of the managers will be based on the experience the
directors' possess both in management and agency experience. Other factors including
creativity and interpersonal interests will also be considered. The managers will be hired on
Five years contract which will be renewable depending on their performance. Managers who

GUIDELINE ON MAKING YOUR OWN BUSINESS

4

will be found engaged in fraudulent activities which harm the business resources or
reputation will be removed from the office immediately. The renewal of the contract will also
be based on manager's performance. Performance metrics will be built on the contribution of
the director in enhancing growth for the company.
Duties of the directors
The manager's primary responsibilities will be to oversee the activities of the
employees in their respective sectors. The business will deal with d...


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