295B - Small Business Management

Faculty:  Klein, G.

This is a survey course to acquaint you with the various regulatory, financial, and costing issues that are commonly encountered in managing a small business. It is designed to complement the skills learned in New Venture Initiation and Business Plan Writing, although neither course is a prerequisite. The course begins by focusing on the more technical aspects of conducting a business enterprise as a traditional corporation, S  corporation, partnership, LLC, or LLP. Issues covered include the admission and termination of owners, legal constraints, tax considerations, and fiduciary duties of management. In addition, advanced accounting issues in admitting new owners and maintaining essential capital account information will be examined. The second segment of the course examines various issues encountered by small businesses in managing their input factors: labor, physical assets, and intellectual property. The key personnel issues include the use of independent contractors, the use of forfeitable stock and stock options to attract key employees, non competition agreements, agency law, and patent assignment agreements. Mundane, but nonetheless critical, issues of managing workers’ compensation costs, unemployment insurance costs, self-employment taxes, and payroll taxes are also examined. The key asset issues examined include lease versus buy decisions, acquisition timing, and depreciation, as well as a brief overview of trademark, trade secret, and goodwill considerations.

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