4. Choose an example of a type of new company you could start, and then use this company idea to answer the questions below. TIP: You might choose to open a hair salon, a babysitting service, a record store, or many other things.
(a) Describe the type of company you chose. (1-2 sentences. 0.5 points)
(b) If you were starting a new company, describe at least three departments to the company that you would need right away. Why are these departments so important? (1-5 sentences. 1.5 points)
(c) What type of organizational structure would you want to use for this company (by function, by process, by product, and so on)? Explain why you would prefer this structure. (2-4 sentences. 1.0 points)
(d) How important would liability protection be for this type of company? Explain why it would or would not be important. (2-4 sentences. 2.0 points)
(e) Which business structure would make the most sense for this type of company (sole proprietorship, partnership, LLC, C corporation, S corporation, or nonprofit corporation)? Explain why this structure would be good for this type of company. Give at least 3 reasons. (3-6 sentences. 6.0 points)
(f) Describe at least three factors of success that you would want to focus on for this company. (1-3 sentences. 1.5 points)
