Entity Business Paper

Sarah DeMoss

BUS/415

Mr. Cardillo

September 08, 2009

Business Development Plan

Creating a business in today’s economy is a very risky decision. A successful business takes time, money, and dedication. Not every business venture that is set out after is successful; many don’t make it and one has to be willing to take that risk. Careful planning and thought have to go into the design of any business plan. I have chosen to open a sports bar franchise, where individuals can watch multiple sporting events on big screen televisions. The name of my bar is going to be all Cooper’s. Cooper’s will be located on restaurant row in Mesquite. My husband and I will be co-owners and hire a staff of around 10 employees initially. Listed below are the considerations that I must take into account while trying to get my business up and running.
Goals of the business I plan to provide a place that sport fans and others alike can come and watch a sports event while having tasty beverage along with a meal if they so choose. My sports bar will offer a full bar to its customers along with a menu that offers tasty appetizers along with an array of sandwiches and burgers of all kind to choose from. Cooper’s will provide 5 different big screen televisions that our customers can use to watch their favorite sports team play the big game on. Cooper’s target customers will be anyone who enjoys a cold beer while grabbing a good bite to eat while watching a good football game. We will be family orientated and offer a fun and tasty child’s menu for the little ones who are there to watch the game with their parents. Cooper’s will have a full bar area for those who choose to come in solo and hang out. We will also have a dining area for families who come in for lunch or dinner. We chose to open Cooper’s on restaurant row in Mesquite because it already provides for potential customers who come to the row to eat out. The existing restaurants on the row have shown to be successful and have longevity. We are hoping for the same.
Various business structures Various types of business structures exist that a new organization can choose to become. The various types include a sole proprietorship, a general partnership, a limited partnership, a corporation, a limited liability partnership (LLP), or a limited liability company (LLC). First a “sole proprietorship exists when a single individual operates a business and owns all of its assets” (Selecting a Business Structure, para. 3). The individual is personally liable for all debts and the business ownership is nontransferable. This individual is also responsible for putting up all the funds for getting the business up and running. A “general partnership exits when two or more individuals join to operate a business” (Selecting a Business Structure, para. 4). Under a general partnership, a separate business entity exists, but creditors can still look to the partners’ personal assets for satisfaction of debts owed by the business. In a general partnership, the partners share equally in assets and liabilities. A limited partnership is very similar to the general partnership, except that in a general partnership the partners share equally in debts and assets, while limited partners have limited debt obligations. A limited partnership must have one or more general partners and one or more limited partners. A limited partnership must be registered with the Secretary of State. A “corporation is created when two or more individuals, partnerships, or other entities join together to form a separate entity for the purpose of operating a business in the state” (Selecting a Business Structure, para. 7). A corporation has its own legal identity separate from its owners. The corporation offers protection to the business owners’ personal assets from debts and liabilities. A corporation must pay taxes on the profits made and taxes on any