Create Your Own Business
Is your business a (circle one of the following) : sole proprietorship, partnership or cooperation?
Who is in your company? What are everyone’s’ jobs? How did you decide? (Jobs to be decided on are:
CEO, CFO, COO, graphic designer, Public Relations)
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Where is your business going to be located? _________________________________________________
What are you going to sell? ______________________________________________________________
Who are you going to market your product too? _____________________________________________
How much are you going to sell your product for? ____________________________________________
What other jobs or businesses do you need to manufacture and sell your product?
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What rules will you require your employees to follow? (think about discrimination, harassment,
courtesy, hygiene, ect.)
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Design your logo (brand) below:
Name: ___________________________ Date: _______
Creating your own business and Business Firms
Standards Met: Career Exploration 5.0 demonstrate decision making and critical thinking skills (5.1 –5.3)
Career Exploration 6.0 develop communication skills (6.1,6.2,6.6)
Definitions:
1. Legal Structure –
2. Sole Proprietorship –
3. Partnership –
4. Corporation –
5. Le Al Entity –
6. Stock –
7. Board of Directors –
8. Limited Liability Company -
Questions:
1. Why are there so many kinds of firms?
2. Why should those elected to the board of directors follow duty of loyalty and duty of care?
3. What are the 3 types of corporations?
4. What is a Co-Op? what are 3 characteristics of a Co-Op?
GIVE AN EXAMPLE OF EACH FIRM:
SOLE PROPRIETORSHIP
PARTNERSHIP
CORPORATION
LIMITED LIABILITY COMPANY
TYPE OF FIRM ADVANTAGES DISADVANTAGES