Chapter 11: One-Stop /Internet
Learning Goal: I’m working on a business question and need an explanation and answer to help me learn.
For each of the following topics, research and summarize what they are, why they’re important to you as a business owner.
1. Submit the associated blank forms or the link to the required forms. These will also be required in your Business Plan appendix.
Employer Identification Number – submit required forms.
Non-Disclosure Agreement (Confidentiality Agreement)- submit a sample
Non-Compete Agreement- submit a sample.
Worker’s Compensation- no forms, but who is required to have it, why, and what is it? Submit your article/link.
2. Using this 1st Stop Business Connection (Links to an external site.), link to the Small Business Administration website, go to “CHECKLIST”, select the business most similar to your business type. This checklist will determine what licenses, permits zoning and certificate regulations are required for your specific business. Download the files and/or the listing of license, permit and certificate required for your business. At a minimum, submit the listing of your requirements for this assignment, but you will need to include your forms in the Appendix of your business plan also.
What you should know this week
By now, most of you have chosen to operate as a sole proprietor for your business. However, there are some other options that you should consider. In chapter 11 you will read about the most common forms of business, sole proprietorship, partnership, and corporations. As you will read, each has its own set of advantages and disadvantages, particularly; taxation and liability. Be sure to review the Business Organizational Options in Ohio chart in the text.
This week you will also read about the importance of contracts. Understanding the components of a contract is critical to your success in business. If you’ve ever signed a cell phone contract, a mortgage, rental agreement, etc. you have already experienced some of the challenges that come with contracts. Be sure to read and understand the information discussed on pages 369-373 regarding contracts.
Insurance for your business is not only risk management but peace of mind! There are several types of policies that you, as a business owner should consider purchasing-in addition to those listed in your book, there are some industry-specific policies available as well. Some other types of policies include malpractice insurance and insuring a baseball pitcher or football quarterback’s arms, etc.
Be sure to discuss your legal structure and business insurance policies within your business plan!! See the book’s business plan for examples of text.
Module Outcome
Objectives
Choose a legal structure for your business
Understand the importance of contracts
Protect your intellectual property
Choose the right insurance policies for your business
Module Resources
Read Chapter 11 in the Entrepreneurship textbook.
Review the presentation on the next page.
Review the link: Types of Businesses Insurance You May Need (Links to an external site.)Links to an external site.
Review this link: Business Entities (Links to an external site.)
Review this link: General Liability Insurance- the Hartford (Links to an external site.)
Watch these videos:
NOTE: Click the text to view these videos in YouTube.
Importance of Business Liability Insurance & Workers Compensation (Links to an external site.)
Importance of Business Liability Insurance & Workers Compensation, video with Closed Caption (Links to an external site.)
Business Owners Policy (BOP) Explained (Links to an external site.)
Business Owners Policy (BOP) Explained, video with Closed Caption (Links to an external site.)
Contract Basics (Links to an external site.)
Contract Basics, video with Closed Captions (Links to an external site.)
For the IKEA video, the transcript is located at the bottom of the page when viewing.
Why is IKEA a non-profit? (Links to an external site.)
Read this article:
Everything You Need to Know About Partnerships (Links to an external site.)
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