Project Memo-Business Managers

1. Read all the directions for the group project, including the files on Angel and the class emails sent by the instructor to the class. 2. Decide who will research the following types of business entities. If you have 3 in your group, I suggest the following divisions: a.Sole proprietorship, partnership, and limited partnership b. Limited liability company c. All types of corporations, including (regular or C) corporations, S corporations, and closely held corporations (also called family corporations.) 3. You must create a plan by Friday. The plan will be in the discussion forum. The plan will state: a.Who is assigned to each topic b.The date that your rough draft will be submitted to your group in the discussion forum for review by your members (I suggest at least 2 days before it must be submitted to the drop box so your team members may comment on it.) c. The date it will be submitted in the drop box (this date is in the assignment) 4. Follow all instructions for posting in the discussion forum. Pay attention to, and follow all due dates. 5. Please begin all post titles with your name so that we can easily see who posted. (Example) Shanaun: business choice 6. You may NOT contact the company, its members, or customers. You may research the company or similar companies for information that you may find helpful when developing your plan. 7. The instructor will monitor the forum to see whether all students are contributing to the group. 8. If a person drops out of your group, let the instructor know, but the remaining members will have to cover all the information. If a person is added to the group, the new person can research S corporations and closely held corporations. 9. The link to your business is below. If I have trouble posting the link below, I will post it in a new post containing just the link. Team Project: Recommendation of Business Organization form for a local small business Description of the Project: Assume that your team has been hired by the business assigned to your team to review the business with the purpose of determining what business organization would be optimal for the business and why. The business you are analyzing is real and you may choose to search the business on line; however, you may not contact any of the owners or employees of the actual business. Therefore, you may have to make certain assumptions about the business in order to analyze choices. If you assume any fact not in the article provided, or available on the businesses existing website, you must identify those facts as part of your final memo. Your work will be monitored in the following ways. 1. All team communication must take place in the team discussion forum, or must be documented within the forum so that the instructor can clearly monitor what work is being done and by whom. 2. A group plan must be timely set forth in the discussion forum as described below. 3. Each student must timely submit a research memo answering the questions below regarding one form of business organization. 4. The team must submit a written plan identifying the responsibility assumed by each team member and a time table for completing the steps the team establishes for reaching a consensus on one final recommendation. 5. The team will collaborate to prepare one final recommendation memo to the owner of their assignment business, but each member of the team must submit it separately in order to receive an individual grade. Performance Criteria: 1. You must use full sentences, good grammar, punctuation, and proper sentence structure. 2. No late projects will be accepted. (See the calendar for the time/date it is due.) 3. You must identify references when you use other resources. There is to be no plagiarism. (Remember the copyright laws you learned about in chapter 6.) 4. You must work as a team, and document your team communication in the discussion forum assigned to your team. 5. The research memo will be in a memo form to you to your teammates. The recommendation memo will be in a memo form your team to the owner(s) of the small business. A sample of the memo form will be provided. It will state to whom the memo is directed, from whom it is sent, the date, and the title of the memo, followed by subparts with headings that address the all the required questions regarding the business entity being recommended in separate paragraphs. 6. Resources: All final memos should refer to the Ohio Secretary of State’s website for business formation, . You may use these publications for additional assistance: Any other reference or resource used must include a link or correct citation for proper attribution to the source. Team Process: 1. Groups will work in teams of 4 picked by your instructor. As a group, you will divide up the project by assigning different team members to address different business organizational options. During the week scheduled for discussion of Chapter 20, you must post or submit a “group plan” identifying which team member is assuming which form of business organization, and you must complete an agreed upon timetable and procedure or plan to describe what steps your team will take to complete the final project. 2. During the week scheduled for discussion of Chapter 21, each team member will post or submit their individual answer to all the questions below regarding their assigned business organization. Also, this week, the team must begin to discuss and debate within the team, the relative merits of each choice toward the goal of reaching a consensus for the final recommendation memo. If the team exchanges ideas in a discussion forum, no other written documentation of the discussion is necessary. If the team meets in person, or in an alternative online forum, such as Google Chat, at least one member of the team must provide a written summary of the discussion to the instructor, either my email, discussion forum or in person, as requested by your individual instructor. 3. If requested in advance, your instructor can help set up a chat session using Angel to help facilitate group discussions. You may also use Google Chat or Skype to meet, as long as the meetings are documented in your team plan. 4. The team will prepare ONE joint final memo, which includes the team’s recommendation for your assigned small business. Although all 4 members of the team should have the exact same memo, each person must separately attach the memo to the designated dropbox to receive an individual grade. If only one team member submits the memo, only the person who submitted the memo will receive a grade. In the research memo, each team member must separately answer the following questions, as it relates to ONE form of business organization: 1. Discuss basic factors: a. Describe the “legal position” by describing the relationship between the owners and the entity you choose b. Describe how the business entity is formed c. Identify what state they should file their required organizational documents, and explain why it makes a difference what state is selected. 2. Discuss decision making criteria: a. Identify who would be the primary stakeholders (partners, promoters, officers, subscribers or shareholders) and who would be listed as the statutory agent b. Describe the duties of each person identified in 2 (a) c. Describe the “control considerations” by describing the relationship between the owners over management issues d. Describe how ownership can be transferred and how the entity can be terminated or dissolved e. Explain how and why they should protect their business name f. Explain how they risk personal liability and what steps can be taken to protect and reduce their risk of personal liability g. Describe any tax advantages or disadvantages The recommendation memo should include all of the above for the one form of business organization your team is recommending, plus: 3. What facts are you assuming in order to complete your recommendation? 4. When and for what purpose should the owners seek the help of a business law attorney and how should they locate an attorney with the necessary expertise and experience? 5. Conclusion and Recommendation. Be thorough and itemize the reasons for the choice your team is recommending!

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