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Business Description
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- Business structure.
- Description of products or services offered.
- Unique selling proposition.
Today is mostly about making choices.
To determine the structure, you need to know this:
Sole Proprietorship
Owned and operated by one individual.
Liability: The owner is personally liable for all debts and obligations.
Taxation: Income is reported on the owner’s personal tax return.
Partnership
Two or more individuals share ownership.
A. General Partnership: All partners share responsibilities and liabilities.
B. Limited Partnership: Includes general partners (who manage) and limited partners (who invest but have limited liability).
Liability: Generally, partners are personally liable for business debts.
Taxation: Profits and losses pass through to partners’ personal tax returns.
Corporation
A legal entity separate from its owners (shareholders).
A. C Corporation: Subject to corporate income tax; unlimited number of shareholders.
B. S Corporation: Pass-through taxation; limited to 100 shareholders and specific eligibility requirements.
Liability: Limited liability for shareholders; personal assets are protected.
Taxation: C Corporations face double taxation (corporate and dividend taxes), while S Corporations pass income directly to shareholders.
Limited Liability Company
Combines features of corporations and partnerships.
Liability: Owners (members) have limited liability.
Taxation: Flexibility in tax treatment; can choose to be taxed as a sole proprietorship, partnership, or corporation.
Cooperative
Owned and operated for the mutual benefit of its members.
Liability: Limited liability for members.
Taxation: Generally taxed on profits, but can pass profits back to members.
Nonprofit Organization:
Operates for charitable, religious, educational, or public service purposes.
Liability: Limited liability for directors and members.
Taxation: Generally exempt from federal taxes; can receive tax-deductible contributions.
Describe your intended specialty to a certain detail.
An adequate description of this is an “authentic Mexican restaurant with a short list of seven specials”.
There is not just one type of unique sales proposition (USP).
Functional Proposition
Focuses on the practical benefits and features of a product, highlighting how it solves a problem or meets a need.
Emotional Proposition
Appeals to the emotions of the consumer, connecting on a deeper psychological level. This can include feelings of happiness, nostalgia, or security.
Value Proposition
Emphasizes the overall value offered, often comparing the benefits against cost to show why the product is worth the price.
Social Proposition
Targets the consumer’s desire for social acceptance or status, often through brand image or community involvement.
Experiential Proposition
Highlights the experience associated with using the product, such as lifestyle enhancement or unique interactions.
Innovative Proposition
Focuses on the uniqueness of the product, showcasing new technology or novel features that set it apart from the competition.
Quality Proposition
Stresses the superior quality or craftsmanship of a product, appealing to consumers who prioritize durability and excellence.
Sustainability Proposition
Addresses environmental concerns by promoting eco-friendly practices, materials, or corporate responsibility.
Convenience Proposition
Emphasizes ease of use or access, appealing to consumers looking for time-saving solutions.
Customer Service Proposition
Highlights exceptional customer service or support, reassuring consumers of assistance and satisfaction guarantees.
Best of luck for your sucgess!!