the progress towards to its stated aims. The objectives of Mama’s Delight Pizza are: • To make a profit with the first 6 months • Improve efficiency and speed of delivery. • To maximums sales Ownership Partnership A partnership is the relationship existing between two or more persons who join to
Words: 1511 - Pages: 7
requirements of their company, and devise strategies for acquiring those funds. b. The three main forms of business organization are (1) sole proprietorships, (2) partnerships, and (3) corporations. In addition, several hybrid forms are gaining popularity. These hybrid forms are the limited partnership, the limited liability partnership, the professional corporation, and the s corporation. The proprietorship has three important advantages: (1) it is easily and inexpensively formed, (2) it is subject
Words: 1984 - Pages: 8
that seems to be most advantageous to most is a partnership. According to Wilkipedia.com (2011), the definition of a partnership is an arrangement where parties agree to cooperate to advance their mutual interests. Partnerships exist within, and across, sectors. Non Profit, religious as well as political organizations may partner together to increase the likelihood of each achieving their mission and to amplify their reach. (p.1) Although partnerships may sound intriguing and advantageous, as with
Words: 1438 - Pages: 6
a business, there are many different business models that can be chosen. Some of the most popular models are: Sole Proprietorship, Partnership, Limited Liability Partnership, Limited Liability Company, S Corporation, C Corporation and Franchise. When deciding which business model is most appropriate, there are two major elements to consider: taxation and liability. Each of the above business models has advantages and disadvantages in these two areas. This paper will discuss the pros and cons of
Words: 1981 - Pages: 8
business handles tax matters and whether there is protection against personal liability. A business owner should consider several factors in choosing a business structure, including the number of individuals in the business, type of business, profitability of the business and insurance. In this paper I will explain the legal forms of business, sole proprietorship, partnership, limited liability partnership, limited liability company, S corporation, franchise, and corporate form. I will develop a scenario
Words: 1118 - Pages: 5
RANULFO ALEJADO ACC/537 Financial Accounting Basic Accounting Concepts and Business Structures Executive Summary Most businesses nowadays either sole proprietorship, partnership or corporation should prepare financial statements in accordance with the Generally Accepted Accounting Principles (GAAP). Financial statements are the major source of financial information that would help management, creditors, and investors in their decision making. Financial reporting is one of the responsibilities
Words: 1801 - Pages: 8
Basic Accounting Concepts and Business Structures ACC/537 August 13, 2012 Sources of GAAP and Source Hierarchy According to our textbook Financial Accounting, “General Accepted accounting principles (GAAP) have substantial authoritative support. The American Institute of Certified Public Accountants (AICPA’s) code of professional conduct requires that members prepare financial statements in accordance with GAAP. Specifically rule 203 of this code prohibits a member from expressing an unqualified
Words: 1040 - Pages: 5
things will unfold. With seven different forms of business to choose from and all with specific advantages to polices, financial structure, and risk it is important to know the advantages and disadvantages. Each situation has a preferred choice and liability and one or two plus people must research and justify why they prefer the corresponding business form. Sole Proprietorship “The sole proprietor is an unincorporated business with one owner who pays personal income tax on profits from the business
Words: 1330 - Pages: 6
Scenario: Partnership- Dr. Kerry Netzi and Dr. Steven Haas are two local dentists that own and operate, The Tooth Fairy Children's Dental Clinic in Eastlake, California. They have been in business since they both graduated from Baylor School of Dentistry in 2001. Together they run their practice which operates M-S, 9-6. The business employs a total of four dental assistance and three front office personnel. This arrangement would best be suited under a partnership. The dentist could
Words: 961 - Pages: 4
starting a business it is important that to check into the business entities, licensing, state laws, and all other necessary regulations in order to start the business. In this paper it will show the importance of the control mechanism, taxation, liability issues, and the risk issues that must be taken into consideration. In following scenarios the discussions will cover elements from above, and discuss employment laws and regulations, necessary for the business to be conventional when making decisions
Words: 1039 - Pages: 5
