Business Project Paper

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What is the name of your company? Feel free to be creative.
The company name for the established organization will be Elite Freight and Logistics LLC.
What type of company are you starting and in what industry is your company going to operate?
Elite is a freight and logistics company that is in the supply and value chain industry.
What will you offer (good, services, both) and who is your target market?
This is a freight and logistics company that deals with the transportation of goods both locally and internationally. Elite freight will offer solutions in delivering goods bought through other companies on the online market platforms such as Alibaba and Amazon.
The target market for this business is clients from regions that include China, India, Africa, and the neighboring countries that buy goods from online-based platforms in bulk and require delivery to be made at their area of location. The business will be mainly a business-to-business (B2B) channel.
Where are you going to set up/register your company (city and state) and why?
Elite Freight and Logistics Company will be registered in Kampong Glam, Singapore. This is because there are rigid financial institutions in the country and hence it would be easier to access capital. Also, there are good judicial systems in the country. The city is also strategically located near the coastline where freight goods can be easily transported through the sea.

The city offers an excellent location since the primary market for the freight business will be in China, India, and Africa. Also, there are no capital gains tax that are deducted in Singapore.
Based on where you set up/register the company and where you will do business, in which states could your company be sued?
Since Elite will be registered in Singapore as its country of Origin, all disputes will be handled in the industrial courts of Singapore.
Will you have any physical locations (any “brick and mortar” stores, distribution/storage facilities, warehouses, etc.) or be a strictly virtual/online business?
Elite being a logistics company will require a warehouse for the storage of goods. There will be the establishment of three primary warehouse centers in China, India, and Singapore. Also, the company will also establish an office in West Africa through an agent that will be used for correspondence and delivery of the goods in the region.
What business form will your company take (i.e., Sole Proprietorship, Partnership, LP, LLP, LLC, Corporation)?
The business will take the form of a Limited Liability Company (LLC). An LLC is a separate legal entity and hence will be able to operate efficiently whether or not the owner is present. Also, LLC will have a wider array of options when it comes to access to funds in the form of capital required (Miller 45). The registration of a Limited liability company has a higher member registration as compared to partnerships. Therefore, the higher number of members means there will be a more diverse level of knowledge expertise available to the company.
How does your chosen form of business protect you or others from exposure to personal liability?
Elite Freight and Logistics will be a limited company. This means that the members of the company are not liable for the actions of the company (Miller 50). The company is a separate legal entity from the members, and hence in the event of liquidation, individual members are protected from any form of liability.
What are the tax implications of your chosen form of business?
The major taxes that are levied for Limited liability companies include income tax, goods, and services tax (GST), duties charged on stamps, and interest charged on property held, (property tax).
Identify five (5) different contracts into which your business/company will need to enter to be and running, including the purpose of each contract
Lease agreement
This is an agreement that will be signed for the premises that will be acquired and used as the warehouse and other offices. The lease agreement will also be entered into if the company might need to acquire other assets such as machinery to offset workload during peak season.
Sale of goods contract
This is a contract that will be regularly entered by the company and its clients that will protect the client and the company during the provision of freight services by the company to its clients.
Insurance contract
Elite will enter into a contract with the appropriate insurance company in which premiums will be paid to be indemnified against risks such as theft, fire or other accidents.
Employment contract
This is a contract that will be entered between the company and the prospective employees of the company, in which the terms and conditions for working will be outlined. Staff members will sign a contract in which they will be aware of their job description and the mode in which the deal could be terminated.
Agency contract
Elite will enter into an agency contract, whereby the agent of Elite will be given the mandate to carry out particular operations in particular locations on behalf Elite.
Work Cited
Miller, Roger LeRoy. Business Law Today. New York: Cengage Learning, 2016.