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This is what you need to do for the Hypothetical Corporation Assignment. 1. Thi
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This is what you need to do for the Hypothetical Corporation Assignment.
1. Think of any business idea. I want you to pick something you are passionate about (no Chicken business please!) Imagine you are going to create a business that you are passionate about. I want you to choose one business entity between a General Partnership, Limited Partnership, Corporation or Limited Liability Company. You will write me a short paragraph why you chose that entity type. Tell me the advantages and disadvantages of the entity you chose and why you did not choose another entity type.
3. I want you to go to the Secretary of State’s Website (link is in your slides or just Google ‘California Secretary of State’). I want you to locate the proper form to create your new business organization. If you are preparing a Partnership, there are forms to create a General Partnership. If you are creating an LLC, there are forms for the Articles of Organization for LLC. I want you to download the form and fill it out (it is generally 1-2 pages, max). Go here to this link https://www.sos.ca.gov/business-programs/business-entities/forms
4. I want you to go to the Secretary of State’s Website and look up the corporate filing of “California Chicken Cafe” which is one of my favorite restaurants in the Valley. You need to hit “LLC/LP” search and search for California Chicken Cafe. Then I want you to click on the PDF that says “Registration” and look at their Limited Partnership filing. It is 12 pages. Tell me who are the General Partners and who is the Limited Partners. Tell me what their split is for profits and losses.
So, what you will be submitted to me is as follows:
1. Your business idea and explanation why you chose that business entity.
2. Copy of your hypothetical make-believe Articles of Incorporation or Parntership document, etc filled out completely (made up address, registered agent, shares of company, etc).
3. Look up California Chicken Cafe’s partnership document. Tell me what kind of entity this is. Are they a general partnership? LLC? LP? Corporation? Then I want you to tell me who are the general and limited partners (it’s written in the document) and look to see what their proposed split is regarding sharing profits and losses.
Group all of this into 1 big document PDF and will be submitting it on Canvas.
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