Benefits of a Business Plan correct answers -blueprint for your business
-used as a planning and benchmarking tool
-sometimes requires by bank, loan officers or investors
Elements of a Business Plan correct answers -cover page
-executive summary
-company summary
-list of services/produc...
NASCLA- Part 1 || A+ Graded Already.
Benefits of a Business Plan correct answers -blueprint for your business
-used as a planning and benchmarking tool
-sometimes requires by bank, loan officers or investors
Elements of a Business Plan correct answers -cover page
-executive summary
-company summary
-list of services/products
-market analysis
-marketing strategy -financial plan
Business Plan Pitfalls correct answers -not portraying a accurate picture of your business
-not keeping it simple in language or jargon
-not covering the risks as well as the opportunities -not analyzing competition
Sole Proprietorship correct answers -one owner
-easy formation and operation
-unlimited personal liability -entity not taxed; profits and losses claimed on personal taxes
-minimal legal restrictions
-termination of business at time of owners death
Partnerships correct answers -two types: general and limited
-two or more persons; each contributes money, property or skill
-share in profits and losses
-business keeps a separate bank accounts and financial records
-taxes are the responsibility of every partner
C Corporation correct answers -unlimited number of shareholders
-managed by board of directors -no personal liability of shareholders
-entity is responsible for business debts
-dividends paid to shareholders are taxed individually
-easy ownership transfer through stock sales
-double taxation (taxed on both corporate profits and dividends paid)
S Corporation correct answers -similar to C corporation but offer special tax considerations
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