(L. OBJ. 5) Organizing a proprietorship [5—10 min]
You begin A-1 Cell Service by investing $2,000 of your own money in a business bank account. You receive capital for your investment. Then the business borrows $1,000 cash by signing a note payable to Summit Bank.
Requirement
1. Listed below are the steps that you must take to organize the business and run it. Place the steps in their proper order:
a. The bank approves your loan.
b. You deposit a personal check for $2,000 into the account for A-1 Cell Service.
c. You contact the bank and set up a checking account for your new business called A-1 Cell Service.
d. Representing A-1 Cell Service, you apply for a loan from the bank.
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