Micro-Enterprise Review part 2

One advantage of establishing a new company as some type of a corporation is:

• makes the company immune from being sued

• guarantees the company will be lower cost

• may shield owners from liabilities of or judgments against the company

• will help the company qualify for federal small business administration loans

The government agency whose mission is to grow the economy of the state of Louisiana is:

• Louisiana Economic Development

• Secretary of State

• Workforce Commission

• Internal Revenue Service

Which of the following is a state government agency:

• Internal Revenue Service (IRS)

• Louisiana Workforce Commission (LWC)

• Department of Defense (DOD)

• Better Business Bureau (BBB

What is a “registered agent?”

• a government official

• an advertising agency representative

• an officer of the court

• an individual responsible for receiving legal documents

A business plan has the following purpose:

• convinces investors to consider supporting a new venture

• legally required filing with the Secretary of State on the geauxBIZ website

• determines the taxes owed by a company

• convinces employees to accept their first job offer

Which steps are part of the pre-launch research an entrepreneur should complete?

• fringe benefits analysis

• corporate articles

• competitive analysis

• news coverage analysis

Differentiation:

• indicates how a business will succeed during a recession

• indicates how a business will file required government documents

• indicates how a business is different from – and better than – competitors

• requires a detailed analysis, including a balance sheet and an income statement

An example of intellectual property is:

• computer hardware

• computer software you purchase

• computer software you create and sell

• computer repair services

Corporate social responsibility:

• requires companies to make donations to charities, equal or less than their state taxes owed

• is a way mission-driven companies can serve society while earning profits for shareholders

• focuses companies on serving the most profitable customers

• requires regulatory approval from both state and federal government agencies

Which of the following are NOT stakeholders:

• employees

• shareholders

• customers

• website visitors