Sole proprietorship

December 5, 2015 From: Nyatiah Nickens NN Re: Tax Consequences of Incorporation Facts: The accompanying facts are known and applicable to Stacey Small situation. Stacey has a small salon that she has kept running for a couple of years as a sole proprietorship. Stacey utilizes the cash method of accounting and the calendar year as its tax year. Stacey is looking for extra capital for development and knows two individuals who may be keen on investing. One would like to practice on hairdressing…

Business Description Dreamer is a small business, which operates by sole proprietorship. Dreamer has only one owner and operating by sole proprietorship since it has established. Adile Akgoren, a Turkish entrepreneur, established Dreamer in 2011. She opened up the first branch in Rehoboth, Delaware. Then, she enlarged the company to Miami and opened two Miami store. Today, dreamer is 6 years old café and juice bar with 3 branches, twenty-five employees. The company has an approximately three…

see no profit. 3. Decide on a business entity The paperwork and legal costs of starting a business can be very high. One strategy is to start a small business as a sole-proprietorship as a test phase. This way you can make sure the business is viable before spending time and money on incorporation. However, doing business as a sole proprietor has some added risks, so you should weigh the savings against the risks. A tax professional or business attorney can be of help when making these…

General Company Description Hopeful Photography will be a retail portrait photography studio that will serve Tulsa, Oklahoma and surrounding cities with photography and graphic design services. These services include weddings, family portraits, seniors, baby pictures, and custom invitations. Mission Statement The mission of Hopeful Photography is to create and capture lasting memories that evoke creativity and enthusiasm. Company Goals and Objectives The followings are Hopeful Photography…

who has had a good experience with childcare than they are to see a catchy ad and put all their trust in teachers based on the company’s marketing ability. Learning to Know is set up as an LLC, while Debra’s other business, Tiny Tots, is set up as a sole…

first business needs to take the form of ownership into high consideration because of the liabilities and expenses that are incurred depending in the form of ownership that they end up choosing. For example, if you start an online business where as the sole owner you contribute all the necessary needs of the business and part of your investment is to file as a corporation, then you might be incurring in more tax,…

Classifying Business The person I decided to focus on is my mother Cheri who works as RN (Registered Nurse) at the Brockville Psychiatric Hospital. One way businesses can be categorized is by whether they’re profit or non-profit. If the business is for profit the only goal is to make money. Profit comes from the money left over after the expenses are paid (Revenue-Expenses=Profit). On the other hand the goal of non-profit business is not to make profit but simply break even while providing…

Overview and Objectives Cutting Edge is a sole proprietorship that is owned and operated by Lisa Turner. The company provides services and products for hair in its everyday operations. The owner would like to transition her company to use QuickBooks accounting software to record the daily transactions of the business. The client’s needs are an ongoing list of the clientele with current contact information, to record services and products sold, keep track of inventory and supplies on hand, and…

As the manager of Acme Fireworks a company that started out as a garage endeavor, I am proud to put together a detailed plan on how we should handle this recent influx of bigger business contracts. In the following pages I will explain in detail the changes and precautions that I believe must happen. I will be discussing first how I believe the contracts will be governed and the importance of the five essential elements of these contracts. Next I will lay out in detail the any liability…

There are 5 basic structures to choose from: sole proprietorship, limited liability company (LLC), general partnership, C Corporation (Inc. or Ltd.), and sub chapter S Corporation (Inc. or Ltd.). (Kathleen, 2001) The sole proprietorship structure is usually owned by one person, it is a simple and inexpensive form of business. The business is operated by the owner, the owner has full responsibility…