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Question 1 Complete Jack and Sarah’s list for them, including the issues you think they will place on the list along with their recommendations. Which of the issues do you think will stimulate the most discussion with the attorney, and which issues do you think will stimulate the least? Issues recommendation Business form Business ownership – types – A. Start-up business, B. Self Employed&Independent contractor Business Administration EIN – Employer Identific.Nu. – process,where to register, requested papers Liabilities The kind of liabilities , garaties and limitation Taxation Self Employed Tax, Social Security Tax, Medicare Tax Structure in percentage, depreciation, accounting duty Financial Financial report orders Agreements Type of the legal form of agreements Question 2 Make a list of the things you think Jack and Sarah did right in preparing for their meeting with the attorney. • asked for the reference of the right and good attorney • research regarding the legal issues that they might discuss to understand it better • asked for an advice of experiences businessman (father of Sarah) regarding the meeting with an attorney • created the list of issues together with recommendations – they emailed the list of issues 1 week in advance to attorney in order to allow attorney to prepare well and to lead the discussion efficiently Question 3 Comment on the product feasibility analysis that Jack and Sarah completed. Do you think the way Jack and Sarah approached this task was appropriate the sufficient? Product Feasibility Analysis • Concept statement distributed to 16 people (including professors, iPhone/iPod users,…) • Responses were positive and also got input for improving their business idea • After concept statement test Survey • 410 respondents in target market • Results affirmed Jack and Sarah that the vast majority of people don‘t realize the number of accessories existing for iPod and iPhone • Moreover, participants of the survey were interested in learning more about the accessories Do you think the way Jack and Sarah approached this task was appropriate and sufficient? Yes, because ….. • concept statement: distributed to various group of people different point of views • Survey: Relative big sample size in their target market (410 respondents / 15-35 years old) • Professional (Professor) supported them by creating appropriate research design • However, nothing is known about the survey: how was the survey conducted estimation: personal interview (! Interviewer influence), what questions were asked Question 4 What advantage do Jack and Sarah have starting iUser Accessories together, rather than one of them starting it as sole entrepreneur? What challenges do you think Jack and Sarah will have keeping their partnership together? What is advantage of starting entrepreneur with partner? Shared Financial Commitment. They win 7500$ in cash and $7500 in “in-kind” from university-wide business plan competition each person able to contribute 3000$ to the business. Each one can gain 30000$ from their respective group. What is advantage of starting entrepreneur with partner? Complementary Skills They made feasibility analyze easily. Another researching Partnership Incentives for Employees They work more than 40hours in week What is challenge of keeping entrepreneur with partner? • Joint and Individual Liability. Similar to sole proprietorships, partnerships retain full, shared liability among the owners. Disagreements Among Partners. With multiple partners, there are bound to be disagreements Partners should consult each other on all decisions, make compromises, and resolve disputes as amicably as possible. • Shared Profits. Because partnerships are jointly owned, each partner must share the successes and profits of their business with the other partners.