follows; sole proprietorship, partnership, limited liability company (LLC), and a corporation. These forms have their own pros and cons, tax implications, as well as reports to the financial accounting standards board (FASB) or have established laws set by the Sarbanes-Oxley Act (SOX). Sole Proprietorship Sole proprietorship refers to someone that owns a business that is not incorporated and manages the business independently ("Entrepreneur", 2012). One example of sole proprietorship, are small
Words: 1345 - Pages: 6
Job Fair Brochure Rhonda Holt Bus210 Axia College of University of Phoenix The structure of my company is a sole-proprietorship. I am the only owner of the business. One reason that I chose my business to be a sole-proprietorship is because it is the simplest form of business (Chapter 2, p.57, ¶4). Another reason is that I do not want to be liable for anyone else’s money that they have put into the company. By being the only owner, I take all financial risks. Because of this choice
Words: 549 - Pages: 3
Legally Yours You will need to create a legal entity for your business venture. Decide whether you want to function as a Limited Liability Company (or LLC), a corporation, a partnership or would you want to be the sole proprietor. Bear in mind that when it comes to sole proprietorship liability protections are not provided. It is also easy to register a company these days using the services of such online business entity registration companies as BizFilings, LegalFilings and LegalZoom and so
Words: 260 - Pages: 2
functioning of a business. A) True B) False 5) Consumerism is an organized movement of citizens and government agencies to improve the rights and power of sellers in relation to buyers. A) True B) False 6) A sole proprietorship is a business owned and operated by a board of directors. A) True B) False 7) As a rule, for certificates of deposit the rate of interest your money earns is higher if you agree to keep your money on deposit for a longer period
Words: 3220 - Pages: 13
organization, growth and ownership. Given the concerns regarding liability, taxation and ability to raise capital of the current business structure, the company should retitle itself to be considered an LLC. Under the current classification of Sole proprietorship, the owner is held fully liable for all business obligations, receives no additional tax benefits and cannot bring in partners/shareholder as a means to raise capital. The business will also cease to exist once the owner is no longer operating
Words: 452 - Pages: 2
Virtual Organization Type of Business Key Economic Influences Key Government Influences Key Legal Influences Huffman Trucking Sole Proprietorship Stock levels perform a part in order that organizations don't have to invest money or pay taxes on stock. Huffman Trucking offers the shipment of items to organizations promptly to make sure parts are shipped just in time (JIT). Budget shortfall as well as surplus in the government would impact the demand and supply of Huffman Trucking. Huffman Trucking
Words: 416 - Pages: 2
Abstract In addressing a plan for the operations of a sole proprietorship business in a service or manufacturing industry, I will discuss the plan of starting a Business Consulting Agency to provide assistance to businesses. Organization & Communication The relevant issues associated with opening a consulting business are building cliental; establishing lasting business relationships with business owners and providing quality service when needed. The primary services that are offered include
Words: 932 - Pages: 4
other tax implications regarding each business structure. Sole Proprietorship Structure: (Option 1). Your email suggested your unfamiliarity with operating a business or owning a business. This system provides you with the freedom to operate a flexible operation. Some of the advantages include: -Controlling the decision-making process for your business. -Transferring or selling the company at your discretion. -Sole proprietorships face no corporate taxes. -Operation costs remain minimal
Words: 672 - Pages: 3
Basic Accounting Concepts and Business Structures Accounting is referred to by many as the language of business. Accounting is used throughout the business world and around the globe. Business accounting starts with (GAAP) which stands for Generally Accepted Accounting Principles; “These are guidelines or, more precisely, a group of objectives and conventions that have evolved over time to govern how financial statements are prepared and presented” ("What Are Generally Accepted Accounting
Words: 879 - Pages: 4
Competency 310.1.2: Organizational Forms a. Sole proprietorship: This is the easiest and least expensive business form to set up. Advantages include low minimal legal fees to obtain proper licenses or permits, easier tax preparation with lower tax rates, and since it only has one owner that owner has complete control in the decision making for the business. Sole proprietorship does not go without its disadvantages. Disadvantages include the challenge to raise money for business growth, unlimited
Words: 2571 - Pages: 11
