Identify and describe your business. What is the name of your business? What entity have you chosen to create? What changes did you make from Week 1? What are the steps for creating that entity?
MLA format, the business name is Smith-Michael-Business. I have attached the week one feedback
The work should be three pages excluding coverpage and refrences. Ensure no AI, and please attach a screenshot of copyleaks to show the work is clean
In this project, you will use the fundamentals learned this week to take a business into cyberspace. Using your chosen business from Project 1 (during Week 1), you will revise your name and entity choice sections based on feedback from your instructor and then decide what it will take to get that business operating in cyberspace. You will discuss the differences between a brick-and-mortar business and an online business and the necessary requirements for getting your business cyber-ready.
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<<br>What You’ll Need
<<br>Your tech kit including laptop
<<br>Internet for research
<<br>Prepare
<<br>Review the slideshows and eBook selections in the reading and viewing assignment section, paying special attention to regulations specific to cyberspace.
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<<br>Create
<<br>Prepare a Word document (2-3 pages double-spaced) that discusses the following:
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<<br>Identify and describe your business. What is the name of your business? What entity have you chosen to create? What changes did you make from Week 1? What are the steps for creating that entity?
<<br>Next, explain what you will need to get that business ready to operate in cyberspace.
<<br>Explain which aspects of the business will operate differently in cyberspace as compared to a brick-and- mortar business.
<<br>Explain what will be different about the set-up of the business (set-up steps, taxes, insurance, name of business). Why is each one different in cyberspace?
<<br>Explain what additional documents will be needed to run the business online. Why will you need each of those documents?
<<br>List each of the regulations pertaining to cyberlaw that will affect your business. How will they affect your business? What will you do as a business owner to ensure you are in compliance with each one?
<<br>Now that you have your business ideas ready, it may a good idea to seek some legal advice. Search for and choose two possible attorneys or law firms with whom you could consult. List their names and addresses. Explain why you chose them and list the pros and cons of each attorney or firm, ie. cost, location, etc.What documents will you take with you? What questions will you ask the attorney?
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<<br>I have attached the file of the business I used, that will be used for this project.
Requirements: read instructions
Teacher’s Notes from Week 1 project
Feedback
Stephanie FlemingMon Aug 14 @ 01:45 pm EDT
Michael,
Excellent job with your business. Sounds like an awesome business!
Here is a breakdown of your grade:
Thoroughness/Relevance: 60/60 – thorough explanation of all the topics.
Company name: Cool business and choice in name! I love the name– great idea! Good search! It’s important also to check the state, Google, and social media. Always check if there are other companies out there with similar names that may hurt your business or confuse consumers. And always check the secretary of state website where you will do business. That is also where you will go to file the LLC. If you file before searching the name, your filing could be rejected because it’s too similar to another LLC, which would just cost you more time and money. So, always check the name first.
Entity Type: Sounds perfect for your needs. It protects you personally and gives flexibility with taxes. I think the LLC should be everyone’s first choice for a small business unless their needs fit better elsewhere. I’m glad you chose it. The main reason for it is to protect your personal assets from the debts of the company and tax flexibility.
Tax Consequences: Good! LLCs allow for pass-through taxation, passing through to the personal income of the members. An LLC has so much flexibility that you can actually choose to have it taxed as an S-Corp if you ever wanted to. You have to create the LLC and then go to the IRS website and request S-Corp status. One reason for wanting to do this with an LLC is to save a little on taxes. You may save about 15% of your taxes by claiming them as distributions instead of income. But the S-corp is a status for tax purposes. You can split the profits as you see fit among members.
Insurance: Good choices. Anything else that might be appropriate? Business interruption? Each business has its needs and will likely have an insurance agent to guide them, but it’s good to know and understand the different types. Those are all excellent choices. Of course, you’ll also have to consider the cost of insurance and how much is worth the protection.
Creating the Entity: Good!
If you do choose to create an LLC, your steps would be:
1. File Articles of Organization with the state
2. Pay state-required fees
3. Request an EIN and elect S-Corp status (optional) on the IRS website
4. Create an Operating agreement that explains the important operations of the business.
It is also very important to obtain any business licenses required by the city/county/state where you do business and to have a good business plan. And when you create your LLC and open financial accounts in the name of the business, be sure to always keep your personal finances separate from the company’s.
Organization/Clarity: 30/30 – assignment is very well organized and easy to follow.
Writing Mechanics: 10/10 – writing skills are good.
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