Entity Selection Exercise

Bo was excited to meet Helen, since he did not often get to make the acquaintance of an entrepreneur anymore. After years in the insurance and scalp massage business in Wilmington, Bo had already become good buddies with every other businessman and businesswoman in town. He welcomed Helen and told her that he could hook her right up with what she needed.He explained to Helen the importance of an umbrella of insurance, to cover everything in one neat package.

Bo jotted down some numbers to show Helen the statistics for businesses going to court to defend themselves, then he showed her how much is spent in any given year by businesses defending themselves. When he compared this to the premium that Helen would pay for the ironclad insurance coverage, Helen excitedly agreed that she should get that right away.Once the paperwork was signed, Bo asked Helen if she was comfortable with recordkeeping, since he knew of a real good accountant close by. Helen said she had years of experience with the circus, but since that was mainly a cash business (sometimes people paid with liquor) and the acrobats, clowns, and lion tamer were all paid under-the-table, she was not entirely sure if she would know the correct way to keep track of sales taxes, utilities payments, and customer billings.So, having no more clients for the afternoon, Bo walked Helen across the street to Rufus Q. Beancounter’s office.

There, in a brief meeting with the introverted accountant, Helen worked out an agreement with Rufus that he would check her records and balance her books each quarter for a small fee and the use of a 10×10 storage unit.Rufus did not say what he would store in the unit and Helen was afraid to ask, especially after the handshake with Rufus felt like choking a dead fish. Rufus also offered to complete Helen’s taxes annually in exchange for 3 rides with her on her Harley-Davidson each year. She agreed, an Offer of Services was signed as accepted, and Helen left feeling much better than when she had been in the clerk’s office earlier that afternoon.


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