Sole proprietorship

other than a taxpayer 's name, are among the favorite targets of the IRS DIF system and its staff of auditors. If self-employed, consider forming a limited liability company (LLC) or corporation because they 're audited less frequently than sole proprietorships. The tax advantages include qualifying for more deductions and being able to hire family members and offer them tax-advantaged benefits that legitimately reduce your tax burden. Other IRS Red Flags to Consider…

before filling out any forms. You should have all records that report your business earnings and expenses in front of you. How you operate your business determines the type of form you will need to fill out. Many small businesses operate on a sole proprietorship which allows them to report all business income and expenses on a Schedule C attachment to their personal tax return. A Schedule C attachment form is two pages long and lists all expenses that can be claimed. You subtract your…

bookkeeping. It can likewise give bits of knowledge into debits and credits. The fundamental bookkeeping mathematical statement is: Assets = Liabilities + Stockholders ' equity (if a corporation) Or Assets = Liabilities + Owner 's equity (if a sole proprietorship) Generally these types of accounts are increased with a debit: Dividends (Draws) Expenses Assets Losses Generally these types of accounts are increased with a credit: Gains Income Revenues Liabilities Stockholders ' (Owner 's) Equity…

Profile of the Entrepreneur The entrepreneur I chose for this interview assignment will be Dan Brubaker, a native Seattleite who is partner at Hands On Travel, his LinkedIn profile can be found at https://www.linkedin.com/in/d240i. Dan Brubaker is operating a company under partnership with other three partners and the company falls under tourism and travel industry. The company Brubaker currently operates called, “Hands on Travel” is a travel agency that focus offering “hands on” experiences in…

Arts organizations often operate in a not-for-profit environment. In brief, not-for-profit organization is an organization that does not seek profit. It is obvious that not-for-profit organizations cannot be operated without “profit” and most of the not-for-profit organizations do commercial activities. However, any profit must return to the organization to support their mission in a not-for-profit organization. The goal of a not-for-profit organization may be its mission, not just money. The…

In business, there are many factors involved in the channel of distribution for any product. The way in which a company’s product will travel from producer to consumer is one of the most critical decisions a business will have to make. In some industries, businesses have taken advantage of a variety of ways to manufacture and distribute their products. A great example of where this is in effect is in the coffee industry. Among all commodities, coffee is the second most traded product in the…

There are several business that offer one or two of these services however no business has all services under one roof. We specialize in your pet’s fitness and healthy lifestyle. Coming to Penthouse Paws reduces travel cost and time since everything is under one roof. Benefits of Penthouse Paws: Year round play area that is climate controlled Positive release of your dog’s energy Improved social skills Healthier Happier Pets Peace of mind knowing your pet is getting lots of attention…

Case Study: Ebay Company Name: E-bay Company Website: www.ebay.com Business Industry: Online trade channel, retail, worldwide marketplace, auction place Background/History Ebay was founded in 1995 to create a platform for the sale of goods and services by community individuals and businesses. It was founded by Pierre Omidyar who immigrated to the United States from Paris when he was six. He graduated with Computer Science degree from Tufts University in 1988. He married Pam who has a pretty…

Review System or Continuous Review System? It depends on several factors whether to adopt continuous review system or periodic review system. These factors include sales of business and number of personnel handling inventory. For example, a sole proprietorship with limited sales may not require adopting continuous review system however a large retailer with huge sales and limited employees may require continuous review system to maintain the level of accuracy for business. References…

1. a) Three types of firms are: • Oligopoly- small groups/firms/businesses that manage a particular market. In this type of firm, usually 2 firms or more controls the market e.g. Banks and WASA. Characteristics of oligopoly are 1) run by smaller firms that is usually small but not smaller than the market. 2) Not easy to enter in that there are certain things to be done before you can enter 3) These firms have a tendency to sell the same or different products/services 4) Use a…