Business Project Essentials: Key Concepts and Steps
Business Project Essentials
1. What is a Business Project?
A business project encompasses all aspects from the initial idea of creating a company to its implementation. All these aspects are detailed in a business plan.
2. What are the Principal Characteristics of a Cooperative?
Its primary aim is social. The main goal is the development of its members, providing goods and services at the best possible price, or rewarding their services at the highest possible price. The minimum number of members is 5, and there is no minimum capital requirement. The liability is unlimited.
3. What Steps are Needed to Start a Company?
- Start: Census declaration and application for activity tax identification code.
- Registration in the business tax system.
- Registration for Value Added Tax (VAT).
- Registration in Social Security.
- Membership and registration of workers.
- Registration in the Special Scheme for Self-Employed Workers (RETA).
- Maintenance of registration books for staff and visitors.
- Obtaining an opening license for the establishment.
4. What Should a Business Plan Contain?
- Description of the project.
- How the product/service will be brought to market.
- Target audience.
- Staffing requirements.
- Financial needs.
- Type of business.
- Necessary steps.
5. What Kinds of Companies Do You Know?
- Sole Proprietorship.
- Corporations.
- Limited Partnerships.
- Worker-Owned Corporations.
- Cooperative Societies.
6. What are the “Personal Needs” of a Business Project?
Depending on the size of the company, organize the job roles that are needed. Discuss the qualifications required of employees, the type of contract that will be used, remuneration, criteria for recruitment, etc.
7. What are the Main Characteristics of a Corporation?
There may be one or more partners. The minimum capital is €60,101.21. Its capital is divided into shares. The partners’ liability is limited, meaning they are only liable for the debts of the partnership with their capital.
8. Define the Sole Proprietor.
Sole proprietors have unlimited liability, which means they are liable for the debts of the company with all their assets.
9. What Does the “Project Description” of a Business Project Entail?
It reflects the business idea or company that you want to create, the goals you want to achieve, the characteristics of the product or service that you offer, and a successful description of these.
10. What is the Difference Between a Corporation and a Limited Company?
Corporation: There may be one or more partners. The minimum capital is €60,101.21. Its capital is divided into shares. The partners’ liability is limited, meaning they are only liable for the debts of the partnership with their capital.
Limited Company: No required minimum number of partners. The minimum capital is €3,005.00. Its capital is divided into shares that are equal parts of individual and cumulative capital. The partners’ liability is limited to the capital contribution to the company.
11. What are the Main Features of a Worker-Owned Corporation?
It’s just like corporations, with the proviso that at least 51% of the capital must belong to the employees of the company. They have to have a permanent contract and full-time employment. No member can own more than 25% of the capital stock, except the state, which may have up to 49% of it. The liability of the partners will be limited to the capital.