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Start-up Legal Checklist | Law homework help

3 Company Formation

3.4 – Assignment: Employee Identification Numbers

Legal Requirements

Review the following sections (1) Legal Requirements Overview, (2) Determining Your Requirements, (3) Registering and Licensing, and (4) Federal Identification Number found in the SBA video: Legal Requirements Video (SBA/21:00).Links to an external site. You may need to use the Next navigation button to find some of the required videos.

Assignment Details

After reviewing the Legal Requirements video, download the Legal Start-Up Checklist (DOCX) Download Legal Start-Up Checklist (DOCX)and respond to the twelve (12) Checklist questions. Use the SBA information included in the course support links and any other research to fully supports your answers. Responses must be clear and contain complete descriptive detailed sentences. When constructing assignment answers, post the question before responding. Assignments can include information from independent outside business or legal sources. Follow the Citation Formats identified in Module 1.3 – Understanding Legal Research.

Responses must be clear and contain fully descriptive sentences that incorporate the question into the response. Responses can contain quotes. Include supporting citations (including page and source identification) for all sources.

The IRS requires you to obtain an IRS identification number similar to a Social Security number individuals use when filing tax returns. In this assignment, you will locate the EIN Form SS-4 on the IRS website: Employer Identification Numbers (Internal Revenue Service).Links to an external site.

Download the document, complete all questions, and upload the form to your instructor (Do not submit to IRS). Note: part of this assignment is demonstrating competence in locating the download SS-4 form and completing the form using case study information. Any direct information not provided in the case study may be constructed using fictitious information consistent with the case study.

Submission Instructions

Upload the following documents:

  • Start-up Legal Checklist
  • A copy of the completed IRS EIN form SS-4

3 Company Formation

3.2 – Sally’s Case Study

Sally’s Business Idea

Sally and you have been best friends since childhood. She is a fourth-year student at the Culinary Institute of America (CIA). Whenever you met up, you two spent the entire time planning the “dream restaurant.” It was always an inspiration and, ultimately, what led her to go to a culinary school. You would always tease her that she did not need to spend hundreds of thousands of dollars to operate a food truck. You were always intrigued by the hospitality industry and ended up at ERAU’s flight school. Sally would always tease you back by saying you did not need to learn to fly the plane to be a flight attendant. But she knew you were a wiz at business and felt comfortable with you managing the business end of the venture. “Just think,” Sally said. “Opening a high-end white-tablecloth restaurant with a fancy name, live entertainment with outdoor tables on a balmy cool-breeze night by a Florida beach – wouldn’t that be amazing?!”

Sally said, “After conducting some preliminary research, it’s now or never!” You both have been pooling resources for some time and have stockpiled a ton of money from your inventions, investments, and network marketing operations. Sally, too, has accumulated her share of funds from the lucrative government catering contracts.

After discussing her notes, you suggest that she research the initial requirements for start-up businesses, and you volunteered to complete those functions. You both realized that by investing in these activities early, there would be substantial cost savings. Sally agreed and stated that she would develop the back-of-the-house functions in the kitchen design and restaurant layout. Sally has been experimenting with new food preparation technologies. Her goal is to create a menu that appeals to high-end customers who experiment with original exotic flavors and culinary delights. She has been in the experimental cooking labs at school, learning advanced food preparation technics. You agreed that with her experience running her multi-million dollar catering business, it would be best if she took the lead in creating the direction, design, and management style of the food and beverage aspects of the backroom side of the company. As a student at the CIA, she has had multiple courses in restaurant management.

Fortunately, you are enrolled in a business law course covering the essentials of legal theory and business operations that should be helpful. The course was designed using a hands-on application of authentic legal and business-planning tools and required documentation to start up and operate a business. The course is going to provide a wealth of information.

Sally agreed to handle and provide various issues that need documentation. As her lifelong friend, you remember one important thing; she always has many questions. Timelines, deadlines, and expectations must be met and completed thoroughly and perfectly. You always tease Sally that it’s like having a professor around all the time; all you want to do is assign a grade to everything! So you have developed the habit of reading all the support material you can find and performing research that you can use to document everything using a standard legal format that demonstrates that you have good sources and documentation for your work. She expects you to read your course material and follow the directions to complete assigned work. You must perform outside research and review all references provided as resources to assist you in constructing your work product critical to building a sound business plan and completing all of the requirements for a legally recognized company. Most importantly, the organization of work submitted is perhaps the most valuable asset!



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