Sole proprietorship

much adverse impact B. Describe the organizational forms a company might have as it evolves from a start-up to a major corporations. List the advantages and disadvantages of each form. SOLE PROPRIETORSHIPS
 A sole proprietorship is a business owned and managed by one individual. A sole proprietorship is not a legal entity. It refers to an individual who owns the business and is personally responsible for its debts. Owners may freely commingle business and personal assets. Owners…

My Pursuit of Happiness through Trials and Tribulations: A Personal Experience of a Sole Proprietor My mother always told me to set high goals for myself, but also not to set myself up for failure. I did not succeed in balancing those two lessons when I first opened my salon. However, having been a stylist for six years, I felt I had enough experience to venture out on my own. I had this idea that I was not only going to open my own salon but that I was going to triumph other chain salons…

business in a sustainable fashion. Therefore, a change of business strategy is required along with a set of considerations to be addressed by the business owner. This paper focusses the case study based on Otto’s Weiner World, an enterprise owned by a sole proprietor named Otto. Otto concession food business has gradually grown from a mobile food trailer to one supported with bicycle-towed concessions covering strategic urban locations. Currently, Otto wishes to open a restaurant and has…

Every trade and businesspersons engaging in an entrepreneurial endeavor are expected to have acquired knowledge regarding the given industry and its governing policies. To every business owner, it is vital that all relevant information is put together to compile the perfect plan as it plays an important role in the business. The information gathered and evaluated assists the entrepreneurs to have a clear vision while making the first critical steps. The prevailing economy of the country at that…

Corporation and their Tax treatment In a general sense, a Partnership is a business entity that is basically establish and owned by two or more owners with the sole purpose of increasing profit. A partnership meanwhile is the organization of an entity that is more structure and has many owners that are refer to as shareholders, with the sole purpose of increasing their wealth and expanding their business. A partnership is not a legal entity and as such the business is separate from its…

efficiencies and operational flexibility of a partnership” (para. 1). The funding for Shania’s business venture is provided by her husband; therefore, it makes since that they create a single member LLC to enjoy the simplistic tax filings of a sole proprietorship, assuming that the couple files their taxes jointly (“Limited Liability Company”, n.d.). Furthermore, a LLC provides Shania and Marvin much needed protection from personal liability, should their business go awry, as members are only…

Although there no such legitimate definition of Keyman insurance, it basically refers to covering the unforeseen events that the key employee comes across. The catch is that this benefit is enjoyed by the employee so long as he stays back in the company or is of any usefulness to the employer in the business operations. The actual objective of taking out the insurance is to compensate the employer for the loss of trading income that may result from the loss of the service of the key employee in…

Rough Draft What is Healthcare Accounting? Vanessa Shea Introduction Coming closer to the end of an Accounting degree begins to start the variety of questions such as, “What type of accounting are you interested in?” or, “What do you want to do with you degree?” Most people by this time have a pretty good idea of the type of career they plan to pursue. After a recent interview I became very interested in healthcare accounting and what in fact it entailed. This paper will provide…

the thought of possibly owning his own business one day. All projects that are submitted to Dane are reviewed for what type of inventory is needed, general contractors, and time frame which is paramount. Dvorak Construction is an independent sole proprietorship business that is free standing rather than being a franchise company worldwide. In the process of claiming his own independent business, he had to have a Georgia state contractor license as well as a county business license for fulling…

Chapter 10 LO 10-3 12. What are the penalties for not making timely payroll deposits? After reading I came to the realization that "If payroll taxes are not paid on a timely basis, the employer is subject to penalty. The penalty is based on the amount not properly or timely deposited. The penalties are as follows: 2% for deposits made 1 to 5 days late. 5% for deposits made 6 to 15 days late. 10% for deposits made 16 or more days late. 10% if electronic deposit is required but not used. 10% if…