Team Time
What’s the Plan?
Imagine that you work for the U.S. Small Business Administration and have the opportunity to advise new business owners on the form of ownership their businesses should take. Form groups of three to five people and choose one of the business ideas below. Work as a group to create an outline of a business plan for each business idea (see Mini Chapter 2 for some sample outlines). What kind of business forms would you suggest for each idea and why? Be sure to consider the potential risks and liabilities, the potential income tax situations, and the current and future investment needs of each business. Assume that in five years, the business needed additional capital to expand by adding a new building in a different ...
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