! Different Types of Business Organizations! ! Sole Proprietorship. ! ! Sole proprietorships is one of the easiest types of business organization to sign up for. This unincorporated business only requires one person to have ownership. Convenience is why this form of organization is preferred, as this organization has the least amount of regulatory oversight. The single owner of the business is the one personally liable for the actions of the business. When filling your income tax
Words: 874 - Pages: 4
Acme Fireworks Business Evaluation Ryan Magana BUS311: Business Law I (BBL1524C) Maureen Martinous July 13, 2015 Acme Firework Business Evaluation Acme Fireworks is looking to change the business entity of their company but needs help deciding how to go about doing it. There are plenty of options for the company to go with but some might be more beneficial when it comes to thinking about long term. In this evaluation we will go over the options that are available and what we consider to
Words: 267 - Pages: 2
Startups A Small Business Start-Up Checklist 1. Conduct Research and Development *First, answer the following questions: · Is there a current or potential demand for your product or service? · Who makes up your target market? · Does the demand have potential staying power? · What does the current competition look like? · What are the anticipated production/operation costs? (This includes the average cost of any necessary supplies, equipment, and facilities as well as the cost to hire
Words: 1034 - Pages: 5
proprietorship is a business organization, which is owned by a single individual. The individual makes all decisions for the business without having to consult with other employees or departments. There are many advantages in sole proprietorships. First off, sole proprietorships are easy to create. The owner simply starts doing business by providing goods or services and charging for the goods and services provided. In addition, the owner makes all decisions concerning the business and how it is operated
Words: 732 - Pages: 3
Small-Business Idea Vanessa Singleton ACC/561 May 20, 2013 Aaron Strenkoski Small-Business Idea Due to the government releasing funds to establish small businesses, my vision of owning a spa becomes a reality. Starting a new business is challenging, a potential business owner should develop a well thought out business plan to set their venture into action. As a business owner, I have to take into consideration which of the four forms of business organizations best suit my services. I must
Words: 1795 - Pages: 8
To: Business Owner From: Justin Lugar Date: November 4, 2015 Subject: Business Form Recommendation It seem as though the you are looking for a couple distinct business characteristics for improving areas of concerns you have for your, so far, promising business venture. Since you are now operating in a sole proprietorship, which allows business and personal finances to be one in the same, one worry is not having enough liability coverage to protect your personal assets/finances in unforeseeable
Words: 905 - Pages: 4
might be needed in certain business industry, as in food or liquor business. Autonomy Own the business out right. Set own hours of operations Can choose pace of growth Can quickly choose to have new areas of business Can operate under a DBA/ assumed name other than owners personal name a. Cannot have corp or Inc. in name Disadvantages: 1 owner/can not bring in partners If owner were to die, business cannot transfer. Raising capital for further business would be a problem a
Words: 311 - Pages: 2
concepts that relates to how accounting statements are prepared: Business entity Business entity are organisations that exist individually due to tax. Common types of business entities include the likes of corporation, sole traders and limited liability companies. Materiality Materiality describes the significance of transactions and balance in a financial statement. Going concern Going concern describes a business that is able to run without the risk of liquidation within the next
Words: 253 - Pages: 2
Environments of Business When a person decides to start up a business of any kind, they have to decide what type of business it is going to be. There are three major types of businesses; sold proprietorship, partnership and corporation (Griffin 2005). Before deciding which the best one for the business is, the owner needs to know what each one is and how it operates. A sole proprietorship is a business that is owned and operated by only one person. Anyone can open up a business as a sole proprietor
Words: 328 - Pages: 2
LEGAL ISSUES IN BUSINESS ORGANIZATIONS Legal Issues in Business Organizations Toya M. Smalls Student ID: 000295300 LIT1 Task 310.1.2-01-06 June 28, 2013 Legal Issues in Business Organizations A business can be organized in one of several ways and the form its owners choose will affect both the company’s and owners’ legal liability and income tax treatment. It is important that the business owner considers these different forms of business organizations: sole proprietorship
Words: 2373 - Pages: 10
