Legal Issues in Setting Up a Business Draft_Kassidy McKay.pptx

This is a voice over presentation created in my business law course

1. Legal Issues in Setting Up a Business Assignment- Draft Kassidy McKay

2. The Business

3. Setting up the business In order to create a business, I would first start out with an in-depth business plan (why am I starting, what am I providing, target market, how am I starting {money wise}, licenses/insurances needed, what taxes need to be done, legal structure of my business). Once the legal structure is identified, starting to set it up. Identify how I am starting in terms of money; loan, traditional lender, SBA, investors, etc ; and begin to obtain it. Create accounting services/book-keeping services, trademarks, copy rights, and financial management/financial tracking. Identify a place of business (location, building, equipment, office, etc ) Register the music business Hiring key personnel Marketing and branding (strategy, websites, visual identify) Promotion and revenue streams, growth scaling, partnerships, and improvements.

4. Business Entity Disadvantages- ~Members are considered self employed and charged for social security/Medicare tax is often a higher rate than corporations. ~Minority discounts for estate planning purposes may be lower in an LLC than a corporation. ~May have to pay a “franchise tax” which is not required of corporations. Advantages- ~Can use pass through taxation or choose to be taxed as a corporation. ~can be set up with just one natural person involved or in some states as one member which may be an entity itself. ~Require less administrative paperwork and record keeping than corporations. What and Why- For my business I would choose it to be a Limited Liability Company (LLC), this is because it combines a corporation and a sole proprietorship; this is through the taxation of the proprietorship with the protection from personal liability that a corporation offers.

5. Licenses Needed

6. Insurance Needed

7. Contracts Needed

8. References- Peach, S. (2023, September 13).  Contract types startups need to know (and use) . Ironclad. https:// ironcladapp.com /journal/contracts/contract-types/ Harroch , R. (2022, April 14). 10 Essential contracts for small and growing businesses.  Forbes . https:// www.forbes.com /sites/ allbusiness /2016/02/03/10-essential-contracts-for-small-and-growing-businesses/ Musicbed . (n.d.). https:// www.musicbed.com /knowledge-base/types-of-music-licenses/28 Bistricer , R. (2024, February 19). How to start a music business.  Wix Blog . https:// www.wix.com /blog/how-to-start-a-music-business