March 14, 2010

Objective: Students will begin to explore the various legal structures including their

advantages and disadvantages.

Upcoming Schedule• March 14th (Today) – Assignments 6.3 & 6.4 are due• March 15th – Computer Lab (Unit 3 – Red Section of the

Business Plan is due)– This is due to Metro this Sunday March 20th so if you want a grade an

comments to make changes before the due date you MUST turn it in TODAY.

• March 16th – Library– Metro Students upload and turn in assignments 6.1, 6.2, 6.3, 6.4 and

6MA (if ready) then work on missing work or 7.1– Non-Metro Students work on missing assignments 6.1, 6.2, 6.3, 6.4,

6MA, or 7.1• March 17th – Junior Achievement• March 18th – Assignment 7.1 due

Corporate Structures KWL

• Complete Sections K (What I Know) and W (What I Want to Know) about each of the following corporate structures.

• Sole Proprietor• Partnership• Corporation• S-Corporation• LLC

L – What’s I’ve Learned

• Now you need to use pages 60-67 to fill out the L column of the KWL worksheet

• These will be your notes on Corporate Structures which you will use to complete your 7.1 Homework Essay.

• You may work on these with a partner or small group but each person should have their own KWL worksheet they are working on.

Focus On• The Advantages and Disadvantages of that

ownership type including:• Ownership effect on ability to raise capital?• Ownership affect on ability to make quick decisions?• Does this ownership type have single or double

taxation?• Does this ownership type have Limited or Unlimited

life?• Does this ownership type have Limited or Unlimited

Liability?

Assignment 7.1 – Due March 18th• For EACH of the 4 types of legal entities create a

min. 500 word essay discussing the significant advantages and disadvantages of each type of ownership option. The 4 types of legal entities are:– Sole Proprietorship– Partnership– C-Corporation

• S-Corporation is a hybrid derivative option to this type of legal entity that should be additionally addressed.

– Limited Liability Corporation (LLC)