One area of entrepreneurism and small business development that oftentimes is overlooked is the legal contracts and protection. The following are a few of the documents to contemplate… Non-Compete, Non-Solicitation, Non-Circumvention Agreement Non-Disclosure Agreement (NDA) Job Offer Contract Letter of intent or Initial Proposal Memorandum of Understanding (MOU) and Statement of Work (SOW) or Service Agreement Lease, Loan, and Stockholder W2 Vs 1099 Employee Status Beyond the decisions above you also need to decide upon business formation. As a small business owner, it is best to move away from a sole proprietorship or unincorporated partnership. Formation options to be considered would include: Limited Liability Corporation – LLC Shareholders Corporation – S-Corp Subchapter C – C-Corp Benefit Corporation – B-Corp Non-Profit Organization – NGO Once formation is decided upon each carries a host of documents to craft to ensure the organization is protected. Typical to most business in the start phase wanting to incorporate would include… Form SS4 – IRS – EIN Name Reservation Application – Important to also consider Domaine Bylaws, Articles or Organization, Operating Agreement Tax Registrations Business Licenses To complete this assignment students will complete a thorough appraisal of the legal scaffolding of your business entity. The lists I have included are not exhaustive but rather thought starters. If you have additional considerations for your business, please specify accordingly. Students have found the examples completed by prior students extremely helpful, before you get underway check them out…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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One area of entrepreneurism and small business development that oftentimes is overlooked is the legal contracts and protection. The following are a few of the documents to contemplate…

Non-Compete, Non-Solicitation, Non-Circumvention Agreement
Non-Disclosure Agreement (NDA)
Job Offer Contract
Letter of intent or Initial Proposal
Memorandum of Understanding (MOU) and Statement of Work (SOW) or Service Agreement
Lease, Loan, and Stockholder
W2 Vs 1099 Employee Status

Beyond the decisions above you also need to decide upon business formation. As a small business owner, it is best to move away from a sole proprietorship or unincorporated partnership. Formation options to be considered would include:

Limited Liability Corporation – LLC
Shareholders Corporation – S-Corp
Subchapter C – C-Corp
Benefit Corporation – B-Corp
Non-Profit Organization – NGO

Once formation is decided upon each carries a host of documents to craft to ensure the organization is protected. Typical to most business in the start phase wanting to incorporate would include…

Form SS4 – IRS – EIN
Name Reservation Application – Important to also consider Domaine
Bylaws, Articles or Organization, Operating Agreement
Tax Registrations
Business Licenses

To complete this assignment students will complete a thorough appraisal of the legal scaffolding of your business entity. The lists I have included are not exhaustive but rather thought starters. If you have additional considerations for your business, please specify accordingly. Students have found the examples completed by prior students extremely helpful, before you get underway check them out…

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