Learn how to structure your business in accordance with your goals. From LLC to sole proprietorship, to the recent B Corp designation—there are many tax and ownership implications of being a for-profit business. Or if you're setting up a nonprofit business, it's important to understand the parameters of how they work.
- Is a profit really necessary?…Does a company really need to focus…on knocking down its competition and growing?…Let's explore not-for-profit businesses,…how we they're different from for-profit businesses…and when they might be appropriate for your business.…Non-profits are built so that a profit motive…does not get in the way of the services they deliver.…There are entire markets dominated by non-profits.…This is true for medical care, education,…religion, social services, and even insurance.…In these markets, a profit motive can be ignored…and the focus can instead be on meeting a client's need.…
Non-profits come in many forms:…co-ops, mutual organizations, credit unions, and charities.…They're all structured to funnel profits…back into the business or go to the clients…in one form or another.…Some non-profits are pure charities…that rely on donations to deliver services.…Others are businesses that generate…a tremendous amount of revenue.…But don't be fooled by the name.…Non-profits must still cover their costs.…
- Explain the advantages and disadvantages of different business and corporate structures.
- Determine cash flow using the concepts of revenue and expenses.
- Demonstrate knowledge of best practice fundamentals for business.
- Explain the importance of a cash reserve.
- Differentiate between the types of insurance and other protections a business should have.