You are applying for a business startup loan for your new venture. A bank officer tentatively agreed to loan you the $75,000 accepting a second mortgage on your home as collateral based on your business plan. Your home was appraised three years ago for $250,000 and you owe $165,000 on the first mortgage. He is now having second thoughts based on two things.

First, he has discovered that you encountered some financial difficulties that caused you to fall behind on your debts 7 years earlier. You thought that this was not supposed to remain after 6 years. You struggled back then after losing your job but finally paid everything in full years ago. For the past 6 years, you have had an excellent payment history. You have $25,000 in savings with this bank.

Second, he is concerned that your home has actually lost value since the appraisal. However, you believe that the improvements that you have recently made to the home including a new kitchen and bathroom have actually increased the value!

Part One – What are some factors you should consider when negotiating with the banker?

Part Two – What are some factors the banker should consider when negotiating with you?

Imagine the government has released funds for creating small businesses. You are interested in establishing a
small business, and you must decide which of the four forms of business organization would best suit your unique
product or service. Consider legal, tax, accounting, and other implications when selecting from the four business
types.

Write a paper discussing your small-business idea. Include the following:

• The advantages and disadvantages of the four different forms of business organization, which include the
following:

o Sole proprietorship
o Partnership

• The different types of financial statements associated with each form of business organization
• The following consequences associated with each form of business organization:

o Tax implications
o Legal implications
o Accounting implications, such as SOX and FASB

• An explanation of the unique product or service your small business provides
• Your choice of business organization form for your new business
• Your rationale for choosing this form of business organization
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