Business & Finance homework help
Respond to this forum with a minimum of 450 words, 3 scholarly articles, and Biblical references:
Starting any venture involves making vital fiscal decisions, planning, and completing legal activities. Interested persons conduct market research to confer a competitive advantage to their venture. Additionally, a business plan or a road map is a crucial tool required to smooth the running, growth, and structuring of a new business (Small Business Ass., n.d). Strategy in an industry also helps estimate how much capital is needed to start the venture. Besides, an appropriate location is essential as it will affect taxes, revenue, and legal requirements. Most importantly, choosing a business name not in use by another individual captures the owner’s spirit and reflects on the brand. Ultimately, registering the business to the federal government and acquiring federal and state tax IDs, permits, licenses, and finally opening a bank account to help handle day-to-day issues is essential.
Shania Jackson, a Christian, wants to open a Christian coffee house in Denver, Colorado, under a suitable entity. Before choosing a business entity that meets the business’s central objectives, Shania should evaluate her business vision in 18 months and five-ten years. “What is her plan? Who will be running the business? What is her exit-plan?” Is this a long-term project? These questions should lay down a foundation for the venture. Shania should consider taxes in the context of a sole proprietorship, partnership, or LLC, which require filing individual tax forms, social security contributions, and other employment taxes (Prakash, 2020). A sole proprietorship means one carries the burden and personal liability solely. Notably, a marriage business owner faces the risk of being flagged for audit and IRS if the business reports a long history of losses. Operating a Limited Liability Company, on the other hand, enables firms to serve as a single entity separate from the owner.
Consequently, Shania can consider a partnership entity with two or more parties in a formal arrangement, where they manage, operate, and share their business profits. In a general partnership where all the parties share financial and legal liability equally, each individual is personally accountable for the association’s debts. A written partnership agreement is laid out for profit sharing specifics. Besides, partnerships do not pay income tax and may receive favorable tax advantages than a corporation. Griswold (n.d) affirms that partnership allows coordination of actions between the parties, exchanging ideas and views, and opening to innovations and momentum to growth. This entity will enable joint service delivery, benefiting the business by strategically providing a balance between operations’ and services’ effectiveness and efficiency. Also, two parties working together means increased access to funding and compliance with the States guidelines. As Griswold (n.d) posits, the sharing of resources results in economies of scale as managerial time and efforts are pooled, during which effective communication, transparency, and understanding are critical for the full realization of the business’ potential
A business database search identified 42 matching records to Shania’s business name, “The Gathering Place,” as already available in Denver, Colorado (The Secretary of State, n.d). However, Shania should retain her business name idea but make appropriate changes, being more specific. She can consider naming it “The Gathering Place Coffee House.” This naming will save her the incertitude of coming up with legal entities and will promote instant recognition of the business by new customers. The business name will also act as a trademark, and Shania can include a standard character mark and typed drawing. Notably, including a logo will enable her to apply for a trademark smoothly.
Shania may consider Marvin’s, her spouse’s, willingness, and including him to support her business. She should understand that being a silent partner means Marvin only invests in the company but is not involved in its daily activities. Also, Marvin is not engaged in decision-making, does not attend meetings, and cannot oversee review strategies or finances. Shania would require an assigned agreement with her husband that he only offers his investment as a loan. Terms and conditions would clearly state if Marvin expects any form of payment to respect how Shania runs her business.
Kelsey, on the contrary, is not the right choice for Shania as a business partner. Kelsey’s first obligation is her marriage. Her husband clearly states that he does not support her interest in joining Shania’s business and requires her to stay at home wife, taking care of their children. Going against her husband’s wish would be a violation of her marriage covenant. “Wives submit unto their husbands as they do to God. As Christ is the head of the Church and the Savior, the husband is the head of the wife. And the wife is subject to their husbands as the church is to Christ” (Ephesians 5:22-23). The Bible does not advocate for obedience without questioning; rather, it indicates marriage is a partnership that needs respect.
Further, Carlos could be the best choice for Shania at “The Gathering Place.” Even though he is only interested in joining the business venture to earn extra income and is a non-Christian, Carlos has goodwill. He supports Shania’s idea of a “Christian thing” as it will attract the surrounding community infested with churches, Mormon temples, and a kingdom hall of the Jehovah Witnesses congregation. Shania can consider employing Carlos as part-time. She can invite him for a meeting and clearly explain the marketing strategy and plan, what she expects from her employee, especially the non-Christian ones. Additionally, this could be a chance for Shania to minister to Carlos. Besides, the differences in religion cannot cause tension since Carlos is only an employee and is not involved in its decision-making.
In conclusion, Shania being a mature Christian, Marvin, her spouse, is the best option for a business partner. As Theory of Work (2011) states, one should discern whether their working environment and relationships lead them towards working according to Christ’s ways. In this context, Shania receives full support from Marvin since he has her best interest at heart.
References
Griswold, J. (n.d.). Business Search Results. Retrieved from <https://www.sos.state.co.us/biz/BusinessEntityCriteriaExt.do>
King James (n.d.). Bible Gateway passage: Ephesians 5:22-25 – New International Version. Retrieved from <https://www.biblegateway.com/passage/?search=Ephesians+5%3A22-25>
Prakash, P. (November 2020). Business Entity Types and How to Choose the Right One. Retrieved from <https://www.justbusiness.com/legal/business-entity>
Small Business Administration. (n.d.). Retrieved December 11, 2020, from <https://www.sba.gov/business-guide/10-steps-start-your-business>
Theology of Work (2011). A Biblical Perspective on Faith and Work. Retrieved from <https://www.theologyofwork.org/new-testament/2-corinthians/working-with-nonbelievers-2-corinthians-614-18>
Starting any venture involves making vital fiscal decisions, planning, and completing legal activities. Interested persons conduct market research to confer a competitive advantage to their venture. Additionally, a business plan or a road map is a crucial tool required to smooth the running, growth, and structuring of a new business (Small Business Ass., n.d). Strategy in an industry also helps estimate how much capital is needed to start the venture. Besides, an appropriate location is essential as it will affect taxes, revenue, and legal requirements. Most importantly, choosing a business name not in use by another individual captures the owner’s spirit and reflects on the brand. Ultimately, registering the business to the federal government and acquiring federal and state tax IDs, permits, licenses, and finally opening a bank account to help handle day-to-day issues is essential.
Shania Jackson, a Christian, wants to open a Christian coffee house in Denver, Colorado, under a suitable entity. Before choosing a business entity that meets the business’s central objectives, Shania should evaluate her business vision in 18 months and five-ten years. “What is her plan? Who will be running the business? What is her exit-plan?” Is this a long-term project? These questions should lay down a foundation for the venture. Shania should consider taxes in the context of a sole proprietorship, partnership, or LLC, which require filing individual tax forms, social security contributions, and other employment taxes (Prakash, 2020). A sole proprietorship means one carries the burden and personal liability solely. Notably, a marriage business owner faces the risk of being flagged for audit and IRS if the business reports a long history of losses. Operating a Limited Liability Company, on the other hand, enables firms to serve as a single entity separate from the owner.
Consequently, Shania can consider a partnership entity with two or more parties in a formal arrangement, where they manage, operate, and share their business profits. In a general partnership where all the parties share financial and legal liability equally, each individual is personally accountable for the association’s debts. A written partnership agreement is laid out for profit sharing specifics. Besides, partnerships do not pay income tax and may receive favorable tax advantages than a corporation. Griswold (n.d) affirms that partnership allows coordination of actions between the parties, exchanging ideas and views, and opening to innovations and momentum to growth. This entity will enable joint service delivery, benefiting the business by strategically providing a balance between operations’ and services’ effectiveness and efficiency. Also, two parties working together means increased access to funding and compliance with the States guidelines. As Griswold (n.d) posits, the sharing of resources results in economies of scale as managerial time and efforts are pooled, during which effective communication, transparency, and understanding are critical for the full realization of the business’ potential
A business database search identified 42 matching records to Shania’s business name, “The Gathering Place,” as already available in Denver, Colorado (The Secretary of State, n.d). However, Shania should retain her business name idea but make appropriate changes, being more specific. She can consider naming it “The Gathering Place Coffee House.” This naming will save her the incertitude of coming up with legal entities and will promote instant recognition of the business by new customers. The business name will also act as a trademark, and Shania can include a standard character mark and typed drawing. Notably, including a logo will enable her to apply for a trademark smoothly.
Shania may consider Marvin’s, her spouse’s, willingness, and including him to support her business. She should understand that being a silent partner means Marvin only invests in the company but is not involved in its daily activities. Also, Marvin is not engaged in decision-making, does not attend meetings, and cannot oversee review strategies or finances. Shania would require an assigned agreement with her husband that he only offers his investment as a loan. Terms and conditions would clearly state if Marvin expects any form of payment to respect how Shania runs her business.
Kelsey, on the contrary, is not the right choice for Shania as a business partner. Kelsey’s first obligation is her marriage. Her husband clearly states that he does not support her interest in joining Shania’s business and requires her to stay at home wife, taking care of their children. Going against her husband’s wish would be a violation of her marriage covenant. “Wives submit unto their husbands as they do to God. As Christ is the head of the Church and the Savior, the husband is the head of the wife. And the wife is subject to their husbands as the church is to Christ” (Ephesians 5:22-23). The Bible does not advocate for obedience without questioning; rather, it indicates marriage is a partnership that needs respect.
Further, Carlos could be the best choice for Shania at “The Gathering Place.” Even though he is only interested in joining the business venture to earn extra income and is a non-Christian, Carlos has goodwill. He supports Shania’s idea of a “Christian thing” as it will attract the surrounding community infested with churches, Mormon temples, and a kingdom hall of the Jehovah Witnesses congregation. Shania can consider employing Carlos as part-time. She can invite him for a meeting and clearly explain the marketing strategy and plan, what she expects from her employee, especially the non-Christian ones. Additionally, this could be a chance for Shania to minister to Carlos. Besides, the differences in religion cannot cause tension since Carlos is only an employee and is not involved in its decision-making.
In conclusion, Shania being a mature Christian, Marvin, her spouse, is the best option for a business partner. As Theory of Work (2011) states, one should discern whether their working environment and relationships lead them towards working according to Christ’s ways. In this context, Shania receives full support from Marvin since he has her best interest at heart.
References
Griswold, J. (n.d.). Business Search Results. Retrieved from <https://www.sos.state.co.us/biz/BusinessEntityCriteriaExt.do>
King James (n.d.). Bible Gateway passage: Ephesians 5:22-25 – New International Version. Retrieved from <https://www.biblegateway.com/passage/?search=Ephesians+5%3A22-25>
Prakash, P. (November 2020). Business Entity Types and How to Choose the Right One. Retrieved from <https://www.justbusiness.com/legal/business-entity>
Small Business Administration. (n.d.). Retrieved December 11, 2020, from <https://www.sba.gov/business-guide/10-steps-start-your-business>
Theology of Work (2011). A Biblical Perspective on Faith and Work. Retrieved from <https://www.theologyofwork.org/new-testament/2-corinthians/working-with-nonbelievers-2-corinthians-614-18>
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