BUS116_BP

Overview, Learning Objectives, Class Preparation

Business Plan- Legal
Insurance

OVERVIEW

Legal: This section describes the choices of organizational forms available to the entrepreneur and the effect of that choice on liability and tax issues. The legal section of the business plan should also include an explanation of any patents, copyrights, etc., as discussed in Chapter 7.

Insurance: This section reviews the types of insurance that a business might need and explains the losses covered by each.

LEARNING OBJECTIVES

To be aware of the many forms of organization available for small businesses.
To understand the tax consequences of each form of organization.
To realize that the entrepreneur’s liability is a major factor in choosing a form of organization.
To be aware that companies are required by law to carry some types of insurance.
To understand the general categories of insurance.
To be aware of the many risks a company faces and the types of insurance available to minimize financial losses.

Format for Discussion Questions: Typed, (Question in bold) followed by your answer. May be submitted in class paper copy, email, or Blackboard.

Classprep:

READ Business Plan Legal and Insurance pg 234-248

Fill out the Checklist and bring them to class. We will discuss your work.

Be prepared to discuss your answers in class.

Power Point Slides