Describe mission, vision, and culture. What will be an ideal ...

[Anajune7]

Describe mission, vision, and culture.
 
  What will be an ideal response?

Question 2

What are the tax issues for the various legal structures your business can have?
 
  What will be an ideal response?

[peter]

Answer to Question 1

Mission is a concise communication of strategy, including the business definition and competitive advantage. The vision is a broader and more comprehensive perspective on an organization than its mission; it is built on the core values and belief systems of the organization. Culture indicates the beliefs, values, and behavioral norms of an organization.

Answer to Question 2

Each legal structure has tax advantages and disadvantages. For example, all profit earned by a sole proprietorship belongs to the owner and affects his or her tax liability. The business does not pay taxes on profits separately. In contrast, a C corporation's profits are taxed and the owners must also pay taxes on the distribution of profits that they receive.