PLST 350 Liberty University LLC Articles of Organization Base Discussion

Question Description

Getting Started Exercise Business Memorandum

1. What will be the name of your business you will form?a. The name of the business I will form is Basement Academy.

2. Call the secretary of state in your state or visit its website and check to see whether yourproposed name is available. If you made a phone call, what is the name of the person youspoke with?a. The name Basement Academy is available in California. The secretary of state inCalifornia is Alex Padilla.

3. Will you operate the business under any names other than the name indicated in youranswer to question 1 above? If so, what name?a. No, the name would not be changed.

4. Briefly describe your business and the industry in which it will engage?a. Real Estate property is the focus, and the industry would be catered to residentialhomes.

5. State whether your business will be selling, manufacturing, or purchasing anything. If so,explain.a. The business would rent our properties to residents.b. We do not manufacture any products.

6. State whether your business will be providing any type of service or services. If so,explain.a. Real Estate property is our service providing residents with beautiful properties torent.

7. Other than yourself, how many other person/entities, if any, will have an ownership interestin your business? What percentage of the total business will they own?a. There will be one other person besides myself. It will be a 50-50 investmentbusiness.

8. Who will conduct the day-to-day operations of your business?a. I will conduct the day-to-day operations until I have a solid number of clients. Iwill hire property management help once we have 5 or more properties.

9. How much time per week will you and the other owners (if any) be able to devote to yourbusiness?a. 8 hours a day, 5 days a week. Switching off every other weekend day Saturdays andSundays. Always on call for emergencies.

10. What type of start-up expenses do you think you may incur in starting your business?

a. I would need to eventually have a real estate license and extra training to file therental documents and getting the right forms to do the things I would need to do. Iwould invest about 25-30,000 to start.

11. In what states will your business operate?a. I would like to start my business in California but gradually expand.

12. Where will any needed cash or start-up monies come from (e.g., family, your own funds,bank loans, another owner, etc.)?a. My own savings, group funding and bank loans.

13. Will your business have any employees?a. Yes, I would need extra help with the Real Estate filings and searches

USING THE ANSWERS FROM THE QUESTIONS 1-13.

GOING TO MAKE THE FORMATION DOCUMENTS ASSIGNMENT

make the

PLST 350 Base Form LLC Articles of Organization (22.656 KB)
PLST 350 Base LLC Operating Agreement Form (41.643 KB)

by erasing the initial information given by the professor and inserting my information from the above questions 1-13

Attached Files:

PLST 350 Formation Documents Assignment Grading Rubric (15.643 KB)
PLST 350 Formation Document Assignment Instructions (16.116 KB)

You will draft a set of organizational documents to form a business organization.

Please see the attached documents for specific instructions and resources for this assignment.

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