...Case 15-1: Private Fitness LLC* Private Fitness LLC is a springboard case that can be used as the basis of a discussion of management's need for information. It serves the same purpose for Part 2 of the book that the Kim Fuller case did for Part 1. Approach This case uses a small business as its setting so that students can visualize the business's activities, and so questions of generally accepted accounting principles will be essentially irrelevant. In fact, a shift the student needs to make as he/she begins Part 2 of the book is to think of accounting primarily in terms of its usefulness to a company's management, rather than in terms of reporting to shareholders and other outside parties. Because of the differing focus of Part 1 of the book, particularly the later chapters, some students will forget that they are dealing here with information for an apparently unsophisticated manager to help her run a small business, and not data for a NYSE company. This case is compelling both because students understand the business—fitness-training—and because there is a real problem to discuss. A trusted employee was both stealing cash and, by not recording all sales, diverting some revenues to herself. Discussion of this simple case helps students think about both the records needed to run the business and the challenges managers face in making sure the information put into the records is recorded accurately (i.e., the challenges faced in maintaining an effective internal control...
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...I. Background/Issues and Concern Rosemary Worth was talking about the consequences of a theft that had recently occurred at the business she owned, Private Fitness, LLC. Private Fitness is a small health club located in Rancho Palos Verdes, California, an upscale community located in the Los Angeles Area. As manager of the business, Rosemary hired Kate Hoffman, one of the instructors and a long-time friend. Kate’s primary tasks included marketing, facility upkeep, scheduling of appointments, and record keeping. II. Problem Statement What should be the procedures or controls that Rosemary could use to protect her business’s assets? III. Point of View There is an existing employee fraud in the company done by Kate, who is a long-time friend and at the same time, valuable instructor and marketer. Since this is a serious offense made by Kate, a better control is needed to avoid incidents like these. Another thing is the company is not yet stable when it comes to policies/regulations. Proper segregation or delegation of duties must be done. Only one person is designed to do the recording of revenues and receiving of cash which is Kate. That’s the reason why Kate can have the opportunity to conceal fraud. IV. Objectives Specifically, the objectives of the study are the following: 1. To ensure that revenues are all recorded; 2. To make sure cash and cash in bank be equal to revenue recorded; and 3. To implement a better internal...
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...CASE STUDY: PRIVATE FITNESS, LLC I-Summary Private Fitness, LLC a private fitness owned by Rosemary Worth, a small health club which is located in Rancho Palos Verdes, California- an upscale community located in Los Angeles area. The services offered by the club were personal fitness training and fitness classes of various types including aerobics, spinning, body sculpting, air boxing, kickboxing, hip hop, step and pump, dynamic stretch, Pilates and yoga. Private Fitness LLC Rate for services offered: Services Offered Rate per hour Personal training client’s $ 50/hr Prime Time (5:30-9:00 am & 4:00-9:00 pm) $ 50/hr Lean Time (9:00 am-4:00pm) $ 35/hr Students $ 12/hr Discounts for prepayments Private Fitness LLC established in the motivation and inspiration of Rosemary Worth as a former finalist in Ms. Fitness USA competition and since she was an aerobics instructor she decided to start her own Private Fitness by using her personal savings plus a bank loan in order to renovate the facility of her club and acquire necessary fitness equipments by spending $150,000. Rosemary herself ran most the spinning classes and some aerobics classes. Also she contracted with five instructors. The instructors were paid on commission which ranged, between 20% and 50% of revenue. She also hired Kate Hoffman, one of the instructors and long-time friend. Kate’s primary task included marketing, facility upkeep, scheduling of appointments and record keeping...
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...I. Background/Issues and Concern Rosemary Worth was talking about the consequences of a theft that had recently occurred at the business she owned, Private Fitness, LLC. Private Fitness is a small health club located in Rancho Palos Verdes, California, an upscale community located in the Los Angeles Area. As manager of the business, Rosemary hired Kate Hoffman, one of the instructors and a long-time friend. Kate’s primary tasks included marketing, facility upkeep, scheduling of appointments, and record keeping. II. Problem Statement What should be the procedures or controls that Rosemary could use to protect her business’s assets? III. Point of View There is an existing employee fraud in the company done by Kate, who is a long-time friend and at the same time, valuable instructor and marketer. Since this is a serious offense made by Kate, a better control is needed to avoid incidents like these. Another thing is the company is not yet stable when it comes to policies/regulations. Proper segregation or delegation of duties must be done. Only one person is designed to do the recording of revenues and receiving of cash which is Kate. That’s the reason why Kate can have the opportunity to conceal fraud. IV. Objectives Specifically, the objectives of the study are the following: 1. To ensure that revenues are all recorded; 2. To make sure cash and cash in bank be equal to revenue recorded; and 3. To implement a better internal control. ...
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...It is not easy to become a corporate company. When entrepreneurs like Rosemary enters the market with limited sources, the very important thing is to create a team. The team members should be professional of their business in accordance with the jobs that they are doing. Rosemary is an instructor and she also hired 5 instructors to run the classes and training sessions. It is very suitable to hire instructors for training. And training is also a field that Rosemary has experience. Apart from them, she hired Kate Hoffman who also has an instructor experience and a close friend of her. Rosemary has given the marketing, facility up keep, scheduling and record keeping responsibilities to her. Although Kate has no experience on those specialized fields, Rosemary also has a limited knowledge about those tasks. It is very dangerous for a manager to give disproportionate responsibilities to the employees. If as a manager or company owner, you are not an expert on the marketing, accounting, human resources and other department’s functions, it is a good idea to hire professionals or receive consultancy. To run a company, it is not only enough to know the technical functionalities. The company should at least have a trustable accountant and cash handler in order to control the money flow. Since Rosemary is not an accountant it is very easy for her to lose the control about the company records. It is very clear that Kate is telling lie to Rosemary and unfortunately she has no records...
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...* Skip to Navigation * Skip to Content TermPaperWarehouse.com - Free Term Papers, Essays and Research Documents The Research Paper Factory * Join * Search * Browse * Saved Papers ------------------------------------------------- Top of Form Search Bottom of Form * Home page » * Business and Management Private Fitness Llc In: Business and Management Private Fitness Llc PRIVATE FITNESS, LLC Background/Issues and Concern: • Acts of Kate with regards to the theft • Rosemary and Kate are long-time friend • Rosemary wanted to increase her standard of hiring by capitalizing on her reputation and knowledge in the growing fitness field and to have more time to spend with her two young children • Rosemary wants to protect her assets Problem Statement: How should Rosemary address her prolem with regards to the situation with Kate as well as in protecting her assets? Point of View: Rosemary Worth, the owner of the Private Fitness, LLC Objectives: 1. to strengthen the controls of the business 2. to eliminate theft and any other kind of fraud which can harm the entity 3. to operate and earn revenues effectively and efficiently Areas of Consideration: 1. The market of their business 2. The acts of Kate 3. The goal of Rosemary 4. Protection of assets 5. Rosemary’s situation Alternative Courses of Action: 1. Fire Kate and hire one of the remaining instructors as a manager Advantages: • Possible thief will...
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...Case 15-1: Private Fitness LLC* Private Fitness LLC is a springboard case that can be used as the basis of a discussion of management's need for information. It serves the same purpose for Part 2 of the book that the Kim Fuller case did for Part 1. Approach This case uses a small business as its setting so that students can visualize the business's activities, and so questions of generally accepted accounting principles will be essentially irrelevant. In fact, a shift the student needs to make as he/she begins Part 2 of the book is to think of accounting primarily in terms of its usefulness to a company's management, rather than in terms of reporting to shareholders and other outside parties. Because of the differing focus of Part 1 of the book, particularly the later chapters, some students will forget that they are dealing here with information for an apparently unsophisticated manager to help her run a small business, and not data for a NYSE company. This case is compelling both because students understand the business—fitness-training—and because there is a real problem to discuss. A trusted employee was both stealing cash and, by not recording all sales, diverting some revenues to herself. Discussion of this simple case helps students think about both the records needed to run the business and the challenges managers face in making sure the information put into the records is recorded accurately (i.e., the challenges faced in maintaining an effective internal...
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...PRIVATE FITNESS, LLC A Case Analysis Presented to MR. EDGEL EARL ABEAR, CPA, MBA Professor DIVISION OF BUSINESS AND ACCOUNTANCY Cor Jesu College Digos City In Partial Fulfillment of the Requirements of the Subject ACCTG 16A and ACCTG 17A MANAGEMENT CONSULTANCY AND SYNTHESIS SUBMITTED BY RAE KRYSTINE AYO GIESELLE MANINGO BRITZIE MARI SOLATORIO RENIEL TABORADA NOVEMBER 23, 2011 I. ISSUES AND CONCERNS 1. Different Hourly Rates for Customers. * With personal trainors/instructoors - $50 * Prime Time (bet. 5:30-9:00am & 4:00-9:00pm) - $50 * Slower Time (9:00am – 4:00pm) - $35 * Students - $12 * Discounts for Prepayments 2. Segragation of duties and responsibilities of Kate Hoffman and others. 3. Salaries and commission. * The instructors are paid on commission, which ranged between 20% and 50% of revenue, varied depending on the instructors experience and on whether the instructor brought the particular client to Private Fitness. * Kate Hoffman was paid a salary and commission on gross revenue. 4. Theft and non-disclosure of clients by Kate Hoffman. 5. Rosemary’s family concerns and responsibilities. 6. Understated income. II. STATEMENT OF THE PROBLEM What should Rosemary do to solve the problems for the betterment of her business? III. POINT OF VIEW Rosemary Worth, owner of Private Fitness, LLC. IV. OBJECTIVES 1. To fix business...
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...Legal Forms of Business Paper Matos-Negron, Gerardo E. LAW/531 6 May 2013 SOLE PROPRIETORSHIP Dave personal fitness trainer wants to develop a small gym in the back of his house to train private customer. Dave already safe enough money to purchase the require exercise machine but he needs to expand his house to place the equipment. Dave goes to the local bank, and requests a small business loan to acquire capital for his investment. Dave put his house as collateral in case the business fail and cannot pay to the bank the loan. The only thing that he requires is a license from the city allowing him to conduct business at his own house. Dave would be the sole proprietorship for his business and only him will be hold accounted for in case of any liability. PARTNERSHIP Frank and Alex want to open a restaurant near to commercial area in downtown. Both agree to put 50/50 in the investment and split they revenues in equally after paying all. Frank will be the front man of the business while Alex take care the kitchen staff and supply. Both agree to the duties of general partnership and everything be managed in accordance with the general partnership agreement. LIMITED LIABILITY PARTNERSHIP (LLP) GG wants to open Dog Boarding Kennel in Washington State, but in order to do so she needs to find someone who wants to share her dream. However, there is a Dog Boarding Kennel that management is sealing the key for the business because the owner wants to move to another State...
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...Hussein v. L.A. Fitness International, LLC – Case Brief Summary Christopher G. Staton Columbia Southern University Facts On February 14 2009, Sahal Hussein became a member of a fitness club at a Chicago based L.A. Fitness, which is a chain of fitness centers headquartered in Irvine, California. On July 7, 2009, Mr. Hussein was visiting the Chicago based L.A. Fitness. During his visit, while using the upper and lower bar and movable and adjustable bench on an assisted dip/chin exercise machine, he fell, striking his head and body, and as a result, is now a quadriplegic. When becoming a member at L.A. Fitness, Mr. Hussein signed a fitness service agreement and release of liability form. Mr. Hussein filed suit against L.A. Fitness in 2010. The circuit court granted L.A. Fitness’ motion to dismiss the pleading as factually insufficient and allowed Hussein to replead. L.A. Fitness is a privately owned corporation which was under no obligation by law to accept Mr. Hussein as a member. Issues 1. Is Mr. Hussein’s negligence suit regarding serious personal injuries he suffered while using exercise equipment at a fitness club barred, under Minnesota law, by an exculpatory clause in his contract with the fitness club? Holding and Rule 1. Yes. Mr. Hussein doesn’t present much of a case. The law dictates that the courts reject Mr. Hussein’s lawsuit. Hussein’s complaint was dismissed pursuant to section 2-619 of the Code of Civil Procedure, which govern the involuntary...
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...motto and our mission is "Health for Life." Menon’s Yoga Centre, LLC intends to fulfill the mission through the opening of multiple Yoga centers. Initially our first centre will be used as model on which to base additional franchised studios. Yoga is growing trend in health and fitness industry and Menon’s Yoga centre will teach both traditional and unique styles of Yoga classes. This blend of styles draws more customers than typical studios attract. By capitalizing on this strength, we are in unique position to create nationally recognized style of teaching and recognized brand. The primary objective is to open a flagship centre that will draw clients from other local studios. Franchise additional studios under the Menon’s Yoga Centre brand, will establish our unique system of yoga training as branded system. The objective to open our first local studio, train teachers in our methodology create branded retail products then expand our unique yoga fitness system into recognizable market culture. The second step is to train teachers and staff. The Mission Statement Menon’s Yoga Centre, LLC, is dedicated to promoting healthier living and reduced stress through yoga and meditation classes and massage therapy. Classes are offered morning afternoon and evening seven days week to accommodate all of our clients' schedules. The Centre will be open daily from 8 a.m. to 8 p.m. Massage therapy meditation classes and private classes will be offered as contracted services and scheduled by...
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...Holistic Health Care Center | Kneading Choices, LLC | Reba McBride January 23, 2012HCA 311Richard Burke | | Holistic Health Care Center BUSINESS PLAN KNEADING CHOICES, LLC 1616 Bear Paw Lane Cherokee, North Carolina 28719 The mission of Kneading Choices is to bring preventative and restorative lifelong health solutions to the whole consumer. We believe in providing essentials for a healthy body, both on the inside and the outside, using natural methods that are chemical-free and allow the consumer to take responsibility for their health. • EXECUTIVE SUMMARY • PROGRAMS • MARKETING • COMPETITION • BACKGROUND ON PRINCIPAL PARTNERS • OPERATING PROCEDURES • PERSONNEL • BREAK-EVEN ANALYSIS EXECUTIVE SUMMARY Description of the Business Kneading Choices, LLC, is a wellness studio. The partners, Raven Cailleach and Willow Cailleach, are both professionals in a health/wellness field and they are teaming up to put several health/wellness services under one roof. Kneading Choices will offer holistic skin/personal grooming care services, personal fitness training, nutrition classes and counseling, Yoga/Pilates classes, and therapeutic massage. We feel these are a good combination of services because as a person becomes interested in one aspect of a healthier lifestyle, it naturally leads to interest in other phases, and we feel the components we offer are part of a larger healthy lifestyle continuum. This holistic healing business plan is...
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...Estate Acquisition 4 1.3. Report capabilities 4 1.4. References 4 1.5. Financial Information 4 2. Response to scope 4 3. Proposed Pricing 5 4. Other 6 4.1. Building requirement 6 4.2. Building location 6 4.3. Lease 6 4.4. Flood plain 6 4.5. Remaining issues 6 Attachments: Building location 7 Lease 16 1. Summary of proposal Office, Retail, Industrial & Investment Sales, LLC, is pleased to offer our bid to provide office space to the General Service Administration (GSA) in the Atlanta Metro area, Solicitation number: 3GA0233.. William Jones is Co-Owner and Principal Office, Retail, Industrial & Investment Sales, LLC, and has been involved in the commercial real estate industry since 1987. During this time span, William has completed approximately 1000 transaction with total consideration in excess of $1,500,000,000. Cynthia has been honored consistently as an industry leader while also recognized as a “Top Producer” by the Atlanta Metro Real Estate Association over the past 20 years William has been instrumental in growing Office, Retail, Industrial & Investment...
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...services. This essay aims at looking at their wellness programs (macleans.ca, 2014, n.d) Wellness programs help both the employees and employers to be more productive and in turn increase the company’s human resource potential. Well and fit employees are known to establish a good rapport with their employers and thus enjoy their job which in turn means that their work morale is always at the peak. The program further helps reduce the costs of health care and tax benefits. The wellness programs can be offered on the employer's places or off-the-site. However, some companies are now offering both on-site and off-site wellness programs. These programs include hypertension management, health risk appraisal, eldercare and childcare, physical fitness, smoking cessation and stress management among many others (Edelheit, 2013, p.201). The main goal of the wellness programs is for the company to encourage healthier lifestyles among the employees. Unlike traditional health care the wellness programs are focused on the prevention of illness....
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...services. This essay aims at looking at their wellness programs (macleans.ca, 2014, n.d) Wellness programs help both the employees and employers to be more productive and in turn increase the company’s human resource potential. Well and fit employees are known to establish a good rapport with their employers and thus enjoy their job which in turn means that their work morale is always at the peak. The program further helps reduce the costs of health care and tax benefits. The wellness programs can be offered on the employer's places or off-the-site. However, some companies are now offering both on-site and off-site wellness programs. These programs include hypertension management, health risk appraisal, eldercare and childcare, physical fitness, smoking cessation and stress management among many others (Edelheit, 2013, p.201). The main goal of the wellness programs is for the company to encourage healthier lifestyles among the employees. Unlike traditional health care the wellness programs are focused on the prevention of illness....
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