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UAS Express is a C corporation that offers delivery services for small businesses located in Florida. The following considerations were taken into account when choosing a legal form of business. Firstly, fridge benefits available for C corporations offered the tax advantages for UAS Express that are not available for sole proprietorships, partnerships, S corporations, and limited liability companies (LLCs) (Mancuso 21-40). Secondly, to reduce taxation, an income of a C corporation could be shared among multiple owners of the legal entity.
Finally, in addition to being taxed less, C corporations have the option of increasing their funding by selling stock shares. The company’s shareholders were not willing to be taxed under partnership structure and were intent upon gaining revenues right from the start of the operation; therefore, they opted for registering their legal entity as a C corporation. The company is owned by 15 shareholders who have voting rights. UAS Express is managed by a board of directors who also play the legal roles of shareholders. They hold a minimum of two annual meetings where decisions regarding the business dealings of UAS Express are taken. The board of directors appoints a chief executive officer (CEO), a secretary, and a chief financial officer (CFO).
A founder of the company John Travis holds several corporate titles by serving as a CEO, shareholder, and director of the corporation. Michael Stanhope is a vice president of UAS Express. Another corporate officer of the company who performs the roles of both Secretary and Legal Counsel is Robin Clarence. Kevin Blackwell is a Treasurer of the corporation. John Travis, Michael Stanhope, and Kevin Blackwell are owners of the company.
At the time of incorporation, all stock shares were equally divided between the three partners; thus, each of them owned 33 percent of UAS Express. However, as the company grew, the need to change ownership percentage emerged. Moreover, UAS Express looked for additional funding for some of its expanding operations. Therefore, the board of directors decided to issue stock to potential investors. Since common stock is known to outperform bonds and preferred shares in the long-term perspective, the board voted for it (Finch 109).
The directors decided to have a small number of shareholders who can decide on the number of shares distributed among its owners; therefore, they opted for an authorized stock. They established a price per share and readjusted percentage of ownership between the company owners thereby making John Travis the biggest shareholder with 25 percent in UAS Express. Michael Stanhope and Kevin Blackwell were left with 20 percent of shares each. The board of directors decided to provide additional incentives for investors by issuing warrants. Secretary and Legal Counsel of UAS Express Robin Clarence received call options.
John Travis is the CEO of the company. His primary duties include the development and execution of the main business directions the company takes. Among his responsibilities are managing relationships with all key stakeholders, directing the commercial, technical and organizational aspects of the company’s operations. He has been an effective manager of the company for five years. Travis was able to set the unique culture for UAS Express.
Previously he worked in the service and delivery industries where he oversaw inventory over $100 million in value. Many of the company’s partners recognized his authority in the field of product delivery. John Travis has an MBA from the Institute of Commercial Management. His main skills are strategic planning and enhancing business development. The special skill of the CEO is the ability to identify and focus resources. They are pretty similar to my talents and will help UAS Express to devise the most efficient strategy for further growth. His guaranteed salary is $230,000 with an annual increase that is justified by the company’s profitability.
Michael Stanhope was a vice president of UAS Express for five years and was able to upturn revenues, market share, and earnings of the company. His primary duties include managing a network of the company’s operations and facilitating the delivery of end-to-end services. The vice president is responsible for developing and managing the following strategies: pricing, sales, service development, and cost reduction.
He earned a Master of Business Administration in Management from The University of Southern California. He held a general manager position in a major telecommunications corporation where he was able to increase employee productivity by 50 percent for which he was recognized by the senior management of the company and promoted to receivables manager. His skills include exceptional work ethics and diligence. Moreover, he has a unique ability to achieve cost reductions. They complement my talents and will help the company to better oversee and train its numerous employees. Stanhope’s guaranteed salary is $130,000.
Kevin Blackwell was a CFO of UAS Express for five years. His primary responsibilities include managing financial and operational areas of the company operations. Other duties of CFO are finance, accounting as well as billing and collection issues. He holds a Master of Business Administration from the California School of Business Administration. Blackwell is a member of the American Institute of CPAs.
He worked for four years for P & M where he managed 30 divisions and 20 branches over three years thereby significantly improving the company’s procurement practices. His skills include finance, regulatory accounting, cash management, and GAAP. Moreover, his special skill is the vast background in mergers and acquisitions. It will complement my knowledge of the field and help the company to improve financial performance. Blackwell’s guaranteed salary is $100,000.
Finch, Brian. How to Write a Business Plan. London: Kogan Page, 2010. Print.
Mancuso, Anthony. LLC or Corporation? How to Choose the Right Form for Your Business? New York: Columbia University Press, 2014. Print.