De Paul University Business Formation Project Paper

Task-1Project Overview
This project is designed to apply the concepts of legally forming and maintaining a
legally functioning business. When creating a business, a person must consider a
number of different factors. These factors include determining the type of business
structure and what legal documents to file for that business structure. Once created, an
owner or manager must remain aware of potential legal risks throughout the course of
the business.
Instructions
The steps to complete this assignment are listed below. Your answers should use a 12
point font, be double spaced, and use APA formatting to cite references on the last
page of your assignment (if you use any external sources). It should be submitted as a
Word or PDF document.
1. Your first task is to choose a type of business that you would like to own or
manage and determine the type of business structure that would be best for
your chosen business.
2. Go online to the Indiana Secretary of State website (link listed below) to
explore information about business structures. Locate the documents that
must be filed to formally create those business structures.
o Indiana Secretary of State Website (Links to an external site.)
o Expert Advice for Small Businesses (Links to an external site.)
3. Based on the type of business you’ve chosen, determine which forms you
would file to start your company. Print the forms and complete them as you
would if you were starting this business.
o Important note: if you choose a sole proprietorship, you will still
need to fill out forms for this assignment to practice the action of
doing it. In a real-life situation, the forms are not required for this
type of business, but it it important to understand how to do the
forms in this exercise for future use.
4. Upload a copy of the completed forms to submit them as part of your
assignment.
5. Create an overview in a separate document or text entry in IvyLearn to
provide information about your business. This should include (but is not
limited to):
o Business name
o Location
o Legal Structure
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Description of the goods or services that your company will offer
Any other unique information about your business that is pertinent
for your instructor to understand
Task-2
Project Overview
When creating a business, a person must consider a number of different factors which is
what you will need to critically analyze. To complete this assignment, refer back to your
business formation paperwork and overview from Module 6. This assessment will allow
you to take a deeper dive into considerations for your business.
Instructions
Write a paper that 1) provides details on the business you are going to have, 2) explains
why you chose the business structure that you did, 3) explains ethical dilemmas you may
encounter in starting this business, and 4) discusses potential legal issues of which you
must remain aware. A complete analysis of potential legal issues will explain what the
potential legal issue is, when it might occur, how you could keep the legal issue from
happening, and the consequences (i.e. legal, financial, etc.) of failing to identifying the
problem before it occurs.
For details on your business, be sure to include the following:
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Business name
Location
Legal structure (sole proprietorship, LLC, S Corporation, or partnership)
Mission statement
Description of products and services and how they meet the needs of the
marketplace
Target market (who will buy your product or services)
Competitive advantage (what sets you apart in the marketplace to allow you
to succeed)
Objectives and goals (plans for growth)
Your paper should use a 12 point font, a minimum of 4-6 pages, be double spaced, and
use APA formatting to cite references on the last page of your assignment (if you use
any external sources). It should be submitted as a Word or PDF document.
Remember that you are being graded on the number of potential legal issues that you
can identify.