| 9a. Catalog Description: |
| This course presents the fundamentals and considerations involving the use of a private residence as the primary location of a small business. Topics include the advantages and disadvantages of home-based operations, licensing, zoning and use permits, legal and liability considerations, specific state and federal tax compliance, employing family members, and the business use of personal assets. |
| 9b. Other Catalog information: |
| This is a credit/no credit only course. |
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| 10. Student Performance Objectives: |
As a result of successful completion of this course, a student will be able to:
1. Identify the advantages/disadvantages of a home-based business.
2. Develop guidelines for complying with city and local regulations.
3. Understand the specific requirements for qualifying for home office tax deductions.
4. Develop a process for identifying and deducting personal assets as a business deduction.
5. Understand the criteria and process for establishing a personal business retirement account.
6. Understand the legal requirements for employing a spouse/dependent child.
7. Develop a record-keeping process for compliance with state and federal tax laws. |
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| 11. Methods of Evaluating Student Achievement: |
| Class projects and objective tests/quizzes |
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| 12. Student Assignments (Homework): |
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| a. Required Reading Assignments: |
| 40-60 pages (Reading, library research) |
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| b. Required Writing Assignments: |
| None |
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| c. Other (Terms projects, research papers, portfolios, etc.) |
| None |
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| 13. Course Content Outline: |
The substance of this course requires students to analyze, evaluate, investigate, compare and contrast the elements of starting a home-based business.
I. Advantages of a Home-based Operation
1. Capitalization of Personal Assets
2. Cost Savings
3. Legal/Tax Advantages
II. Disadvantages of a Home-based Operation
1. Legal Restrictions
2. Tax Effect When Selling Residence
3. Increased Liability and Business Insurance
III. Legal Requirements for Establishing a Home Business
1. Licenses and Use Permits
2. Zoning Regulations and Restrictions
IV. Taxation
1. State/Local Taxes and Compliance Regulations
2. Federal Compliance Regulations
3. Business Use of Personal Assets
V. Retirement Plans
1. Self-employed Retirement Plans
2. Plans for Employees
VI. Employees
1. Your Spouse/Dependent Child
2. Outside Employees and Independent Contractors. |
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| 14a. All textbooks, resources and other materials used in this course are: |
| Not primarily college level
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| 14b. EXAMPLE texts, reading and resources:
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Randall Shores. Starting and Managing a Small Business.
Randall Shores, 2003
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