SMALL BUSINESS FUNDAMENTALS TRAINING

COURSE SYLLABUS

· Definition
· What happens to profits and losses?
· What are advantages of sole proprietorship? Disadvantages?
· When should I choose to establish my business as a sole proprietorship?

B. Partnership

· Definition
· What is a General Partnership?
· Do I need a written agreement for a general partnership?
· Do I need to apply to the State when forming a general partnership?
· Who controls a general partnership?
· What about taxes?
· How does a general partnership differ from a sole proprietorship?
· What are the advantages of a general partnership over a sole proprietorship?
· What are the disadvantages of a general partnership?
· What happens if a partner dies, withdraws from the partnership, or declares bankruptcy?

C. Limited Partnership

· Definition
· Difference from General Partnership
· Is anything special required by the state for a limited partnership?

D. The Corporation

· What is a Corporation?
· Advantages/Disadvantages of incorporating
· Liability issues
· Regulatory issues
· First steps to incorporating
· Ongoing legal requirements
· Functions of Board of Directors
· Corporate taxes
· Subchapter S Corporations
· Qualifying for Subchapter S
· Incorporating outside the State

III. Contracts and Business Agreements (elements of enforcement, basic ingredients, types of contracts.

IV. Negotiating and Signing Agreements

V. Other Legal Considerations

· Insurance
· Location and Zoning
· Uniform Commercial Code
· Parking
· Fair Labor Policies
· Toxic Substances and Hazardous Waste

VI. Business Taxes

· Tax deductible expenses for home offices
· Employees vs. Contractors
· Retention of Records
· Income Tax - Federal
· Employment taxes
· State Taxes

VII. Business deduction checklist for home business owners