Step 1: Select a business scenario. You will complete the project based on that scenario.Business Scenario:
Julie is currently a CPA, but is not as fulfilled as she used to be with all the new Sarbane Oxley protocol. In her spare time, Julie likes to knit. She knits hats, blankets, baby booties and scarves. She perceives there is a booming market for knitted wear and knitting classes in Galveston, Texas, and decides to purchase a little old dilapidated house on main street and open a store front where she will sell her products and teach classes. She may also dabble on ebay and etsy as she hears there is a fortune to be made there. Oh man, she is going to need a lot of yarn! -Choose an entity form, and if dictated by the type of entity chosen, form the entity by choosing a name, a state of formation, drafting a certificate of formation or incorporation, and the governing document of the entity, such as bylaws, a partnership agreement or a company agreement. If you have chosen an entity with limited liability protection for the owner, you may also likely need a written memorandum of organizational meeting, or to hold such a meeting and prepare notes from the meeting. Your formation documents are limited to a maximum of 10 pages. -Negotiate the supply contract for all that yarn Julie will need to buy, including some yarn that she intends to have custom created for her by her supplier. Step 3: Be sure to include: Copies of your formation documents, if applicable; Excerpts of the negotiations; an embedded video; and, a copy of the final negotiated agreement, which should contain all the elements of a contract.
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