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TOPIK 8: THE ORGANIZATIONAL PLAN - Coggle Diagram
TOPIK 8: THE ORGANIZATIONAL PLAN
developing the management team
the management team not operate the business as part-time venture
prepared to be operate the business full time and at a modest salary
three basic legal forms of business
proprietorship
partnership
corporation (C corporation)
new forms of business formations
limited liability company (LLC)
limited liability partnership (LLP)
tax attributes of forms of business
tax issues for proprietorship
tax issues for partnership (general)
tax issues for partnership (limited)
tax issues for corporation
the limited liability company
a partnership/corporation hybrid
LLC has members
no shares issued
liability does not extend beyond member's capital contribution
transfer of interest requires unanimous consent
the role of a board of directors
reviewing operating and capital budgets
developing longer-term strategic plans for growth and expansion
supporting day-to-day activities
resolving conflicts among owners or shareholdres
ensuring the proper use of assets
the organization and use of advisor
outside advisor are usually used on an as-needed basis.
they can become a part of the organization and need to be managed.
the relationship between the entrepreneur and outside advisor can be enhanced by involving them thoroughly and at an early stage.
even after hiring advisors, the entrepreneur should question their advice.