Final Portfolio Choice with Outline and four to six References due on Sunday. You have a choice between the two Portfolio Projects. Go to the Module 8 Portfolio Project and read both options. Choose one, do not do both projects. You may want to view the Portfolio Project grading rubric, which can also be accessed from the Module 8 module.

What you need to submit:

Your final portfolio choice, Which is Option 1
With your choice, you will have all the tentative business proposal components. Then you will create an outline of the required material …“i.e., for the executive summary, business entity selection, legal steps for starting the business, written agreement, contract, conflict resolution strategy, and business termination plan.”
Four to six references cited
Remember, you are submitting an outline this week; therefore, you must include the topic with two to three bullet points under each required section.

ANSWER

The executive summary

The paper seeks to outline the plan for establishing an eatery business. The plan includes the business entity selection, which determines the type of business to establish. It also outlines the necessary legal steps for starting the business, followed by a written agreement and contracts necessary for running the business. The plan will also highlight the conflict resolution strategy for the business given that conflicts are unavoidable in any given business setting. Finally, the plan highlights the business termination strategy if the management of the business has decided to end the business.

Business entity selection

The business is an eatery offering meals and drinks. It will be registered as a limited liability company. The need for making it an LLC is since it will protect against any personal liability under any circumstance. There are many advantages associated with having a limited liability company, which includes the fact that if the business is sued or declares bankruptcy, no personal assets can be at risk.

Legal steps for starting the business

First, there will be a need to register the business name after deciding on the business structure. The name of the company is important in that it will reflect the brand and make sure that no one has claimed it (MBO Partners, 2020). A second legal step will entail applying for a federal tax ID number. This will aid in hiring employees, paying the federal taxes, applying for business licenses, and opening a bank account. This will then be followed by applying for the relevant business licenses and permits at both the federal and state level (MBO Partners, 2020). After following all these necessary procedures, then it will be easier to go ahead with the business plans and ensure that the opening of the business can go ahead smoothly.

Written agreement

A written agreement will be vital for the sake of the future of the business. A written agreement will be between the already registered company with the landlord of the premises it occupies, with suppliers, and with any other important stakeholder in the business. The written agreement will ensure that there are no future conflicts or disagreements on some of the processes of the business (Nolo, 2020). The written agreement entails spelling out rights and responsibilities. This will greatly help in an event of a minor misunderstanding that could erupt into full-blown disputes. Without a written agreement with any party, many issues may derail the progress of the business, and make it unable to attain its set goals and objectives.

Contract

There will be a need for the business to get into contracts with various stakeholders. This is to outline the full understanding of the business relationships and the scope of work. It will ensure that no one will claim any misunderstanding later down the road (Faris, 2019). A contract is a legally binding document that will play a huge role in ensuring the smooth running of the business. A contract will also protect both parties, hence making enforceability easier (Swaab, 2014). Finally, the business will strongly support the signing of contracts as a way of locking financial agreements. It will make sure that any involved party pays or receives payments

on time.

Conflict resolution strategy

As a business, it will be hard to avoid conflicts, mostly amongst the employees and also other stakeholders such as suppliers. One of the preferred conflict strategies will be accommodating, where one party will have to give in to the demands of the other. Collaboration will also be another crucial strategy for solving conflicts at the workplace. This will entail a method of ensuring that people are both cooperative and assertive.

Business termination plan

If the business needs to be terminated, a strategic plan will help the process to be smooth. First, there will be a need to inform all employees and stakeholders on the plan months before terminating the business (Smith, 2021). This will be followed by distributing all assets that belong to the business. The next step will entail filling for the necessary files to communicate with the authorities about the termination.

References

Faris, S. (2019). What is the Importance of Contracts to a Business? Retrieved from https://smallbusiness.chron.com/importance-contracts-business-906.html

MBO Partners. (2020). 7 Basic Legal Requirements to Start a Small Business. Retrieved from https://www.mbopartners.com/blog/how-start-small-business/legal-requirements-for-starting-a-small-business/

Nolo. (2020). Creating a Business Partnership Agreement. Retrieved from https://articles.bplans.com/creating-a-business-partnership-agreement/

Smith, N. (2021). Guidelines for a Business to Terminate a 401 Plan. Retrieved from https://smallbusiness.chron.com/dissolve-pension-39175.html

Swaab, N. (2014). The Importance of Contracts. Retrieved from http://businessofillustration.com/the-importance-of-contracts/#:~:text=Contracts%20provide%20a%20written%20document,re%20binding%20and%20legally%20enforceable.