Two business questions..please help.10pts!?
Lamont wants to improve his chances to be a successful entrepreneur and so he has written a business plan. One advantage of developing this plan is that it:
A) meets federal reporting requirements of the Internal Revenue Service.
B) insures financing will be available from the Small Business Administration.
C) forces Lamont to think carefully about all aspects of his planned business.
D) will enable him to switch from a sole proprietorship to a corporation without any further paperwork.
Samantha recently applied for a microloan from the SBA. The SBA's decision to grant or deny the loan will be largely based on Samantha's:
A) credit history and the collateral she can offer.
B) age, since microloans are only available to senior citizens.
C) previous record of business success.
D) integrity and the soundness of her business idea.
Please help me, these are the last two questions I have to do and il give 10 pts to the correct answers. I will know right away.
- cosmo girlLv 69 years agoFavorite Answer
1. B (because his business requires financing or investors in order to operate, as well as his business plan must be presented to the SBA or investors).
2. A (an individual must have collateral as well as good credit to secure any loan, the SBA just like any other creditor wants to ensure that the debtor has the ability to pay in the event that the debtor should default on the loan).
- vanmeterLv 43 years ago
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- susanperrLv 79 years ago
C and A.