Fluent Essays

Domestic Business Plan ( Photographer)As an entrepreneur, you want to start a business. You know that the first step is to consider drafting a business plan to organize all of your ideas. For this assignment, you will be submitting a business plan for your imaginary business. For research purposes, you can choose any state for the location of your business. Your business plan should include the following:Introduction of the proposed business/executive summaryoThe executive summary is often considered the most important section of a business plan. This section briefly tells your reader where your company is, where you want to take it, and why your business idea will be successful. If you are seeking financing, the executive summary is also your first opportunity to attract a potential investors interest.oThe executive summary should highlight the strengths of your overall plan and therefore be the last section you write. However, it appears first in your business plan.Identify and describe the type of business entity that is best for your business.oExamples may include: partnership, limited liability company, corporation, etc. (For purposes of this assignment, you should NOT choose a sole proprietorship for your business entity.)oDefend your choice of business entity (this may include advantages/disadvantages of the selected type of business entity based on your business concept).Describe the specific legal steps needed to be followed to successfully start the business.oNote: Steps will vary, depending on the type of business you choose and state you are located in.oGood sources of research for this area include the following:§Textbooks§Information on the business formation process can be found at: http://smallbusiness.findlaw.com/incorporation-and-legal-structures/business-formation-quickstart.html (Links to an external site.). The Small Business Administration website will be helpful; it includes information on how to start a small business.Recommend and describe an appropriate written agreement for the particular type of entity chosen.oExamples: Articles of incorporation, articles of organization, partnership agreement, etc.A draft of a valid contract with a vendor, supplier, customer, etc. that illustrates all elements of a contract and takes into consideration some of the topics discussed in Modules 6 and 7Explain potential ethical considerations for your business, including any social responsibility plans or attitudes that your business will embrace.Describe a possible disagreement that could be encountered among the partners or investors and shareholders. Recommend potential resolutions (referring back to the formal documents, such as the articles of incorporation or the partnership agreement).oExamples could include the introduction of a new product line, borrowing money for expansion, an advertising campaign, etc.Determine how the business would be terminated if the disagreement between the board of directors, shareholders, or partners could not be resolved.Your well-written plan should be 8-10 pages in length, not including the title or references pages. Headings and subheadings may help you organize your work. Include at least four academic or other legitimate sources to support your findings, not including your textbook. The MGT315 Business Law Library Guide (Links to an external site.) can help you with finding quality resources.Review the Portfolio Project grading rubric, and make sure to follow the CSU-Global Guide to Writing & APA (Links to an external site.). Please be sure to reach out to your instructor at any point in the course if you have questions about the assignment. mod_4_prof..doc Unformatted Attachment Preview Running head: PHOTOGRAPHY BUSINESS Photography Business Portfolio Milistone Jamie Poe Colorado State University – Global Campus 1 PHOTOGRAPHY BUSINESS 2 Photography Business Portfolio Milistone To: Subject: To whom it may concern: o NTRO: Hello, I’m Jamie. I am a lifestyle and natural light photographer located in Dayton, Ohio. I’m a proud military spouse, mom of two little boys and love Jesus, coffee, and sunshine. I love to surround myself with people that aren’t afraid to be themselves, and live with the mantra of Be your best, Do your best, and Be Kind to Others, When I am not behind my camera lens, I am living a very active lifestyle, wrestling with my boys, hiking, park hopping, and enjoying the outdoors. I’m a California native and feel the happiest when surrounded by my family and nature. One of the reasons I fell in love with photography was that I love finding the beauty in life and truly enjoy meeting people. I value that genuine connection with my clients and love capturing those authentic, genuine moments, that you look back on and smile. I am interested in expanding my business and purchasing a loft to hold my photography equioment, as well as hold sessions in with clients. I am reaching out to you to see if there is a potential to partner in this exciting new chapter. o Identify and describe the type of business entity that is best for your business. -Jamie Poe Photography is currently an LLC, currently located in Dayton Ohio. “ A limited liability company (LLC) combines elements of a partnership, sole proprietorship, and a corporation to ensure that the owners of the company are not personally liable for their companys debts or liabilities” (Johnson, H 2020). o List of specific steps taken to successfully start business: -Decide on a name and check trademarks -Create an LLC or stay as a sole proprietorship -Get an EIN PHOTOGRAPHY BUSINESS 3 - Set up your business finances - Determine your tax strategy, - Make a decision about insurance - Photography contracts - File Taxes as a Women Owned Business (MATSA, D. A., & MILLER, A. R. (2014). Workforce Reductions at Women-Owned Businesses) o Recommend and describe an appropriate written agreement for the particular type of entity chosen. - Examples: Articles of incorporation, articles of organization, partnership agreement, etc. - Mark Kalish is co-owner and vice president of EnviroTech Coating Systems Inc. in Eau Claire, Wisconsin was asked what business structure makes the most sense when starting a business? “Depends, he says, on the individual circumstances of each business owner. Each situation Ive been involved with has been different, he says. You cant just make an assumption that one form is better than another o A draft of a valid contract with a vendor, supplier, customer, etc. that illustrates all elements of a contract and takes into consideration some of the topics discussed in Modules 6 and 7 o Explain potential ethical considerations for your business, including any social responsibility plans or attitudes that your business will embrace. - Entrepreneurship is defined as “the process of discovering and developing opportunities to create value for anexisting or new organization” (Fisscher, Frenkel, Lurie,& Nijhof, 2005, p. 207). Entrepreneurs are change agents who create a novel idea, introduce it to the marketplace, and thus (ideally) meet or exceed consumers’ expectations (Buchholz & Rosenthal, 2005; Ireland & Webb, 2007). Since entrepreneurs generate new ideas, they must make decisions in conditions with high uncertainty (Schumpeter, 1942; Venkataraman, 1997). For if conditions were certain, there would be little role for entrepreneurs, who generate profits by acting on opportunities unnoticed by others (McGrath & Macmillan, 2000). Ethics absoluty play a part in my business model and is not compramized based on the stigma of being an Entrepreneur. o Describe a possible disagreement that could be encountered among the partners or investors and shareholders. Recommend potential resolutions (referring back PHOTOGRAPHY BUSINESS to the formal documents, such as the articles of incorporation or the partnership agreement). -Examples could include the introduction of a new product line, borrowing money for expansion, an advertising campaign, etc. o Determine how the business would be terminated if the disagreement between the board of directors, shareholders, or partners could not be resolved. 4 PHOTOGRAPHY BUSINESS 5 References Buchholz, R.A., & Rosenthal, S.B. (2005). Toward a contemporary conceptual framework for stakeholder theory. Journal of Business Ethics, 58(1), 137-148. Choose Your Business Structure. (2001, March 19). Retrieved from https://www.entrepreneur.com/article/38822 Fisscher, O., Frenkel, D., Lurie, Y., & Nijhof, A. (2005). Stretching the frontiers: Exploring the relationships between entrepreneurship and ethics. Journal of Business Ethics, 60(3), 207-209. Herrington Rachel N. (2016). Five Years in : A Review of the Women-Owned Small Business Federal Contract Program. Public Contract Law Journal, 45(2), 359. Johnson, H. R. (2020, May 8). What is an LLC (Limited Liability Company)? Retrieved from https://www.legalzoom.com/articles/limitedliabilitycompany MATSA, D. A., & MILLER, A. R. (2014). Workforce Reductions at Women-Owned Businesses in the United States. ILR Review, 67(2), 422–452. https://doi.org/10.1177/001979391406700206 McGrath, R.G., & MacMillan, I.C. (2000). The entrepreneurial mindset: Strategies for continuously creating opportunity in an age of uncertainty (Vol. 284). Harvard Business Press. Schumpeter, J. (1942). Creative destruction. Capitalism, Socialism and Democracy, Harper & Row: New York. ... Purchase answer to see full attachment