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Question 1

It is a business that is actively
owned, operated, and managed by two or more
members of the single-family. Here, members
may be related by blood, marriage, or adoption.

Answer 1

FAMILY BUSINESS

Question 2

Market
research will tell you if there’s an
opportunity to turn your idea into a
successful business. I

Answer 2

CONDUCT MARKET RESEARCH

Question 3

It’s a
roadmap for how to structure, run, and
grow your new business.

Answer 3

WRITE YOUR BUSINESS PLAN

Question 4

Your business
plan will help you figure out how much
money you’ll need to start your business.

Answer 4

FUND YOUR BUSINESS

Question 5

one of the most
important decisions you’ll make.

Answer 5

PICK YOUR BUSINESS LOCATION

Question 6

The
legal structure you choose for your
business will impact your business
registration requirements,

Answer 6

CHOOSE A BUSINESS STRUCTURE

Question 7

You’ll
want one that reflects your brand and
captures your spirit.

Answer 7

CHOOSE YOUR BUSINESS NAME

Question 8

it’s
time to make it legal and protect your
brand.

Answer 8

REGISTER YOUR BUSINESS

Question 9

You’ll
use your employer identification number
(EIN) for important steps to start and grow
your business

Answer 9

. GET FEDERAL AND STATE TAX IDS

Question 10

Keep
your business running smoothly by
staying legally compliant.

Answer 10

APPLY FOR LICENSES AND PERMITS

Question 11

A
small business checking account can
help you handle legal, tax, and
day-to-day issues.

Answer 11

OPEN A BUSINESS BANK ACCOUNT

Question 12

give atleast 2 pros of family business

Answer 12

● A greater incentive to work hard
● A certain comfort in working together.
● A shorter learning curve.
● Getting in a better mood.
● Easier decision-making.
● Family members become stakeholders.
● Expand your network.

Question 13

give all the cons of family business

Answer 13

● Family can be distracting.
● Conflicts from work can follow you
home.
● They may break the rules.