Assignment 1
Purpose:
When setting up a business, it is necessary to choose
between the different business forms (sole proprietorship, partnership, LLC,
corporation). The decision made about
the business form will depend on the type of business and preference. In this case scenario, you are provided with
three options for growth for Gerald Kaye Necklet business. You will select the best business option for
growth. Then, you will look at different
business forms and determine the advantages and disadvantages of each business
form. Using the information gathered,
you will then assess the best business form for Gerald Kaye’s business. Lastly, you will discuss the business forms
not selected for Kaye.
Outcomes Met With This Assignment:
discuss the financial, economic, regulatory, sociopolitical,
and technological factors as they relate to a dynamic business environment
identify the critical business functions and how they
interact in order to position the organization to be effective in the current
business environment
explain the importance of the integration of individuals and
systems to organizational effectiveness
Instructions:
This assignment is the first of two assignments. You will read a case scenario related to
business forms. In completing the
assignment, you will analyze a case study scenario and apply the concepts
learned in week 3 by answering a series of required elements. You will complete the assignment by not
asking questions but by responding to each required element thoroughly and
accurately answering in paragraph and sentence format without bulleting.
NOTE: All submitted
work is to be your original work. You may not use any work from another
student, the Internet or an online clearinghouse. You are expected to understand the Academic
Dishonesty and Plagiarism Policy, and know that it is your responsibility to
learn about instructor and general academic expectations with regard to proper
citation of sources as specified in the APA Publication Manual, 6th Ed.
(Students are held accountable for in-text citations and an associated
reference list only). Serious sanctions
can result from violations of any type of the Academic Dishonesty and
Plagiarism including a zero on an assignment, a zero for the course or
dismissal from the university.
Step 1: Preparation
for Writing the Assignment
Before you begin writing the paper, you will read the
following requirements that will help you meet the writing and APA
requirements. Not reading this
information will lead to a lower grade;
Review “How to Analyze a Case Study” under Week 4
Content. You are expected to use the
facts from the case scenario focusing on using this information to determine
opportunities and solve problems.
Read the grading rubric for the assignment. Use the grading rubric while writing the
paper to ensure all requirements are met that will lead to the highest possible
grade.
In writing this assignment, you will read and following
these tasks:
Third person writing is required. Third person means that there are no words
such as “I, me, my, we, or us” (first person writing), nor is there use of “you
or your” (second person writing). If
uncertain how to write in the third person, view this link:
http://www.quickanddirtytips.com/education/grammar/first-second-and-third-person.
Contractions are not used in business writing, so you are
expected NOT to use contractions in writing this assignment.
You are expected to paraphrase and NOT use direct
quotes. You are expected to paraphrase,
which can be learned by reviewing this link:
https://writing.wisc.edu/Handbook/QPA_paraphrase2.html.
You are responsible for APA only for in-text citations and a
reference list.
You are expected to use the facts from the case scenario
paired with the weekly courses readings to develop the analysis and support the
reasoning. No more than two (2) external
resources can be used in completing the assignment. The expectation is that you provide a robust
use of the course readings. No other
books besides the course eBook can be used.
When using a source document, the expectation is that the information is
cited and referenced with a page or paragraph number. Note that a reference within a reference
list cannot exist without an associated in-text citation and vice versa. View “How to Cite the Saylor eBook” Under
Week 1 Content to learn how to cite and reference the course eBook- Exploring
Business.
Step 2: How to Set Up
the Paper
Create a Word or Rich Text Format (RTF) document that is
double-spaced, 12-point font. The final
product will be between 4-6 pages in length excluding the title page and
reference page. You may not exceed six
(6) pages so it is important to write clearly and concisely.
Follow this format.
Consider making an outline to ensure the correct headings are in place
and to keep you organize the paper.
Title page with title, your name, the course, the
instructor’s name; date
Introduction – One paragraph
Best Business Option
Advantages and Disadvantages of the Different Business Forms
Best Business Form for the Chosen Option
Other Business Form
Summary paragraph – One paragraph
Step 3: Read the
following Case Scenario:
Gerald Kaye is a sole proprietor of an online jewelry
business. He has invented a series of
designs that revolve around a product called a necklet. The product is unique in that it can serve
as a bracelet or a necklace. Kaye
patented his invention and feels strongly that he retains ownership of his
creations. The business has caught on
and Kaye is considering starting a storefront.
He knows to do so he will need a loan or obtain investment capital to
make the expansion work.
The following week, several individuals approached Gerald
with offers for his business, making it difficult for him to make a
decision. After much though, Gerald put
on paper the following options from which he will choose. He also has decided to keep an open mind when
assessing each option.
Option 1:
Jude Jones, who owns her own storefront, approached
Gerald. Jude is looking to retire in a
few years. She has an existing
storefront business with significant inventory.
She has proposed to Kaye that he come into the business as a partner. He
would bring his online business and the jewelry designs. In return, Jude would offer the existing
inventory and storefront. Profits would be split 50/50 and Kaye could maintain
his ownership of the necklet patent. When Jones decides to retire, Kaye would
have first right to buy her interest for half the current value of the
business.
Option 2:
Franchise R US, a huge consulting firm for individuals
interested in matching investors with products for franchising, has matched
Kaye with an investor to create a franchise line of necklet kiosks in malls
around the country and abroad. Kaye
would have to turn over his patent to the investor who would invest $250,000 in
the marketing of the franchise line in exchange for 50% of the licensing
profits for the first three years and 40% of the profits each year
thereafter. The investor will return the
patent to Kaye upon sale of the business or at the time he has recouped the
original investment plus 7.5% interest, whichever comes first.
Option 3:
Kaye could pursue a bank loan to expand his business on his
own as a sole proprietorship.
Step 4: Write the
Introduction
Create the introductory paragraph. The introductory paragraph is the first
paragraph of the paper and tells a reader the main points covered in the
paper. To help you know how to write an
introduction, view this website to learn how to write an introductory
paragraph:
http://www.writing.ucsb.edu/faculty/donelan/intro.html
Step 5: Answer the
following required elements.
You are to consider the different business forms and then
select the option (option 1, 2, or 3) that is the best fit for Kaye to
pursue;
Create a table that identifies the advantages and
disadvantages of each business form (Sole proprietorship, General partnership,
Limited Liability partnership (LLP), Limited Liability Corporation (LLC) &
corporation);
These additional resources will be helpful:
7 Advantages and Disadvantages of a Limited Liability
Partnership
Advantages and Disadvantages of Different Business
Entities
Select the best business form for the chosen option and
explain why this business form was selected and why it is the best business
form for the option;
Why were the other business forms not selected?
Step 6: Write the
summary paragraph
Write the summary paragraph. A summary paragraph restates
the main topics of the paper. Make sure
to leave a reader with a sense that the paper is complete. The summary paragraph is the last paragraph
of a paper and does not need a heading.
Step 7: Review the
Paper
Read the paper to ensure all required elements are
present. Use the grading rubric to
ensure that you gain the most points possible for this assignment.
Proofread the paper for spelling and grammatical issues, and
third person writing.
Read the paper aloud as a first measure;
Use the spell and grammar check in Word as a second measure;
Have someone who has excellent English skills to proof the
paper;
Consider submitting the paper to the Effective Writing
Center (EWC). The EWC will provide 4-6
areas that may need improvement.
Step 8: Submit the
paper in the Assignment Folder (The assignment submitted to the Assignment
Folder will be considered a student’s final product and therefore ready for
grading by the instructor. It is
incumbent upon the student to verify the assignment is the correct
submission. No exceptions will be
considered by the instructor).
