Acme Firework Case Study

1814 Words 8 Pages
Register to read the introduction… Our current is the entity of a Sole Proprietor, which is good because you and your business are one in the same. The taxes are easy your file one form each year that contain your family and your business and then you are done. You have complete control of what is said and done within the business; no one else has the right to seek for your business. The disadvantage of the sole ownership is that if someone got hurt in the business and sued you they are also suing your family as well. You cannot sell stock in your business so it is hard to raise money and most investors will not invest, and banks are very hesitant to lend …show more content…
Instead, all profits and losses are "passed through" the business for each member of the LLC. LLC members report profits and losses on their personal federal tax returns, just like the owners of a partnership would (Small Business Administration 2014)”, or yourself if you choose not to have members. Members can be anyone of your choosing that you would want to share the profits and ownership responsibilities.
As this paper come to an end, I have covered each of the aspects that you the owner of Acme Fireworks as requested I cover. I have covered a lot of material in a short amount of time for you and all very helpful for our growing business. Please use the information wisely and understanding that I am trying to help our business grow in the right way. As a growing company, we need to ensure that our consumers know their rights and we need to ensure that our products have the proper labeling to follow the US Federal Regulations Title 16. With the oncoming of the new contracts and employees the growth of the company I recommend that we as a company go to a Sole Proprietor LLC. This you can protect your business and your family as we grow your

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