Premium Essay

Business 561

In:

Submitted By whoareyou1212
Words 1345
Pages 6
Small-Business Idea

Acc 561
Nov. 7, 2012
Wayne Moore

Small-Business Idea
In today’s economy there are numerous people searching for ways to establish their own business. When an entrepreneur has the aspiration to endeavor and create a clothing company they should first think out a plan and how the business can grow in the end. Knowing the startup cost, having policies, projecting the employee ratio, and choosing the location for product launch, all play a key role into starting up a clothing company. However, the most important decision when starting up a company is deciding what business structure would best fit the company. In business and entrepreneurship there are four main forms that one can choose from to best fit the type of business that they want to create. The four forms of business are as 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 companies. Small companies are registered with the state, liable for all debt from the business, and do not pay separate income taxes (University of Phoenix, 2012). The income earned is the income earned by the owner and when reporting the income the individual must file a schedule C with the 1040 tax form. Then the last line from the Scheduled C will transfer to their personal tax return. Along with Schedule C the Scheduled SE should also be filed to calculate how much self-employment tax will be owed. Therefore, sole proprietors are personally liable for all of

Similar Documents

Premium Essay

Business Proposal Econ 561

...Final Business Proposal: Healthcare Kiosks Nephateri White ECO/561 October 12, 2015 Nancy Irizarry Healthcare Kiosks Intro- The healthcare industry is an industry that has endless possibilities as far as innovation is concerned. This is why I think that improving the whole kiosk movement would be worth the capital for hospitals, pharmacies and other medicinal clinics to use. Not only are these industries taking advantage of kiosks, but so are colleges and universities to better help aid students. Kiosks have been introduced throughout the US as early as 2010 for the healthcare industry to utilize for patient check-ins and/or dispersing some medicines to patients. Let’s further discuss how this could be beneficial to the market. Market Structure- It is said that this is a new age for healthcare kiosks. So many people are adept to new and constantly changing technology. The health care industry is one that has proven to be recession free in terms of the business cycle stages. Unaffected by catastrophic events due to the industry making more in dividends and excelling in marginal revenue (Wunker, 2013). Healthcare self-service innovators such as Allscripts and Fujitsu, Clearwave, Nova Medical, HealthAsyst, MedHost, and Interior Health have turned to KIOSK’s custom design expertise to bring new patient check-in solutions to market (Kiosk, 2015). KIOSK’s ability to leverage modular design efficiency and integrate highly custom peripherals has provided these clients with...

Words: 1585 - Pages: 7

Premium Essay

Eco 561 Week 6 Business Proposal

...Week 6: Final Business Proposal John A. Acosta ECO/ 561 April 23, 2014 Dan Olsen Week 6: Final Business Proposal Introduction Thomas Money Service Inc. has been in business since 1940 and has grown in the market as a finance industry. The company started off with financing small loans for household needs and increased throughout the years to financing business equipment in 1946 with a subsidiary name Future Growth Inc. (FGI), where it gained a huge market share with rapid speed. This business proposal will benefit the company because it is in a time frame where there is a high demand for equipment. Their move in 1946 to branch out into equipment financing moved them forward into the right direction. They saw that after World War II, everyone was coming home from the war. As people were coming home, new businesses were booming in construction and forestry and equipment were needed in these businesses. In 1951 made a daring move to purchase a manufacturing company, giving them an advantage in the market of selling their equipment and financing it and eventually just selling their own equipment instead of other brands. For over 60 years Thomas Money Service Inc. has increased profits year after year Increase Revenue / Profit –Maximizing Quantity In order for Thomas Money Service Inc. to reach their optimum point, they need to know where their marginal cost and marginal revenue meet. Once they know where that point is, it can lead to maximum profit. “In order to determine...

Words: 1019 - Pages: 5

Premium Essay

Eco 561 Cultural Challenges of Doing Business Overseas

...Running head: THE CULTURAL CHALLENGES OF DOING BUSINESS OVERSEAS Week 6 Paper The Cultural Challenges of Doing Business Overseas University of Phoenix Online ECO/561 July, 26 2010 Dr. George Sharghi Abstract Mr. Kafka is an American of Czech origin. He’s a franchisor for Chicago Style Pizza and decided to expand his business into the Czech Republic and anticipates he will face some difficulties at the new location in Prague, Czech Republic. Born in the United States, he has family and friends in the Czech Republic, speaks Czech fluently, and has visited the country of his origin several times (University of Phoenix, 2010). This paper will identify major differences, incompatibilities, risks, mitigation factor, comparative advantages that exist and how best Steve can benefit, Hofstede's four primary dimensions, trade barriers, assessment of demand, cost, and what Mr. Steve Kafka should know about price and income elasticites.   U.S./Czech Cultures & Comparative Advantages Some of the major differences and incompatibilities between the United States and Czech cultures are; norms, values, beliefs and behavior. The citizens of the Czech Republic believe in the firm hand shakes upon introduction and again when departing. They address each other by their first name takes time and occur when the consent is mutual. They raise a hand in order to get their attention.  Czech citizens are well informed about politics and religion.  The general attitude of Americans...

Words: 979 - Pages: 4

Premium Essay

Eco 561 Week 4 Apple Iphone Business Proposal

...ECO 561 WEEK 4 APPLE IPHONE BUSINESS PROPOSAL A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=eco-561-week-4-apple-iphone-business-proposal Visit Our website: http://hwsoloutions.com/ Product Description PRODUCT DESCRIPTION ECO 561 Week 4 Apple iPhone Business Proposal Apple iPhone Business Proposal Apple launched its first phone known as the iPhone in 2008; the phone is designed to target people who wanted and needed to communicate and store information. The phone is design to provide a wireless Internet connection, music, and talk into one. The features of this phone include a 3.5 touch screen without the aid of a keyboard, using more than one finger to control the phone, and shifting the screen to view in different modes. The market for the phone was small in 2008; but today the phone has taken over. In this paper I will present a business proposal for the iPhone addressing the market structure and the elasticity of demand for the phone. Market Structure The Apple smartphone is part of an Oligopoly market; an independent market and has its own behaviors strategies. According to McConnell, Brue, and Flynn (2009), “Oligopoly, in contrast, blends a large amount of monopoly power, a small amount of competition through entry, and considerable rivalry among industry firms” (p. 222). Because Apple’s smartphone industry and competition was small, it needs to take control of the market by differentiating the iPhone from others phone in its category...

Words: 412 - Pages: 2

Premium Essay

Acc 561 Week 3 Team Assignment Tootsie Roll Industries Inc Loan Package

...In this file ACC 561 Week 3 Team Assignment Tootsie Roll Industries Inc Loan Package there is a review of the following parts: 1. Tootsie Roll Industries, Inc. Loan Package 2. A Ratio Analysis of the Financial Statements 3. Table1. Liquidity ratio table 4. Table2. Solvency ratio table 5. Table3. Profitability ratio table 6. Effects of the Loan on the Company 7. Conclusion Business - Accounting Resources: Accounting and The Successful Business Plan , and the Electronic Financial Worksheets (EFW) Excelâspreadsheet and EFW Help PDF file on the course materials page. Read the financial statement for Tootsie Roll Industries Inc. in Appendix A of Accounting and EFW Help PDF file on the course materials page. Review the 19 sections that comprise the Sample Plan in the table of contents of The Successful Business Plan , and refer to each of these specific sections within the text for further information. Conduct an Internet search information on how to assemble a loan package by researching loan package requirements at The U.S. Small Business Administration website (http://www.sba.gov/) or on other websites, such as the SCORE website (http://www.score.org/). Research the specific loan package requirements of creditors, such as American Express, by reviewing their websites. Complete theEFWspreadsheet using the Tootsie Roll financial data in Appendix A of Accounting . Be sure to: ·  Use only the applicable worksheets within the EFW spreadsheet; worksheets not...

Words: 362 - Pages: 2

Premium Essay

Marketing Equalibrating Process

...Caldwell ECO/561 Week One 20 July 2010 Lisa R. Browning University of Phoenix When one enjoys gambling, many benefits come to a casino owner. Casino owners become very innovative in their ideas to transition customers into clients. When I travel to gamble it normally takes 3 hours to get to the nearest casino arena. Because of the distance my plans are always to stay over and enjoy the gambling scenario. Because there are many like me who care to stay and enjoy their stay and hopefully win while there, casino owners have enhanced their casinos to ensure that business is consistently received. For example, Casinos have created gambling plans for their customers. One example would be if you play certain games you have the opportunity to get receive a free room or buffet dinners, this allows the customers to feel free to continue and enjoy their time. The downside to this incentive is when gamblers do not come, in this case rooms are not being occupied, food is not being eaten and money is not being made. To eliminate this casino owners have implemented timeframes as to when these rewards can be redeemed. This creates a market for equilibrium, supply and demand for the owner and their business. This benefits consumer such as myself, it allows me to spend more money while knowing that my meals and stay will be compensated based on how much or often I play at the casinos. I have begun to schedule my trips based on when I can use my rewards. For the business owner’s...

Words: 434 - Pages: 2

Premium Essay

Bakery

...Super Bakery John Redman ACC: 561 January, 22, 2012 Cynthia Reyburn Super Bakery Many business are now non-traditional in structure. This is due to changes in technology and different opportunities to succeed. Super Bakery Inc is one of the business that cannot use traditional method to benefit it’s organization. The ability to manage cost require financial data in a relevant form. Strategies Super Bakery Inc is a virtual corporation. This means that the company is composed of several different businesses. There is a central organization that outsources, production, selling, and shipping. The actual Super Bakery Inc core structure strategize and utilize outsourcing which minimize long-term cost of building, machinery, employees. This strategy minimize cost, but require commitment to the business for product. The disadvantage of this strategy is control inside the outsourced building. The issue with traditional cost methods. The use of activity based cost accounting (ABC) allows for control necessary to manage the organization cost and determine different outsourcing and customer strategies. ABC separates cost by drivers activity cost pools and product (Kimmel & Kieso, 2007). This method was necessary due to multiple venues, and allowed for better accounting practices. Though cost of this method is higher it allows for appropriate research. The organization chose to not invest into bakeries and this strategy is less cost in manufacturing, but is costly in accounting...

Words: 462 - Pages: 2

Premium Essay

Business Research

...Background Last minute sick calls by staff at California University Hospital (CaUH) increases operational costs. Since the hospital needs to provide 24 hour nursing coverage and adhere to mandated staffing ratios, this results in staff callbacks, increased overtime, and the need to outsource staffing to outside agencies. Business Problem California law mandates specific nurse to patient ratios based on patient acuity, location, and population served. Although there is a budget allocated to “backfilling” and replacing employees that are on vacation or protected leaves of absence, over utilization results in the creation of a variance that exceeds the allocated budget. The desire of this learning team is to find ways to not only decrease sick call utilization but decrease the operational payroll dollars required to maintain proper staffing levels. Role of the Team The team will assess the current Attendance Policy and look at the employee attendance calendars to identify trends and patterns associated with last minute sick call. Factors may be department specific, hours/shifts worked, full-time vs. part-time, recent denial of time off requests, etc.. This data will be collected and analyzed into a summary with statistical techniques applied. Research Question from Independent and Dependent Variables Our management dilemma began when a manager asked if they are over budget in premium dollars due to excessive last minute sick call replacement coverage. We formulated...

Words: 384 - Pages: 2

Premium Essay

Marketing Equilibrating Process

...Marketing Equilibrating Process ECO/561 Laurie Gazzale February 22, 2010 Marketing Equilibrating Process The marketing equilibrium process in Direct Selling Association businesses is analyzed from two perspectives. This paper will review the perspective of the manufacturing company and the individual selling the product. Changes in supply, demand, and equilibrium are addressed. Direct selling home businesses have become more popular as the job market becomes less dependable. With the rise of unemployment and “stay-at-home moms” wanting to contribute to the household income, more families are choosing established at home businesses. One business in particular that has seen record increases is Tastefully Simple. Tastefully Simple is a member of the Direct Selling Association of which policies and procedures are put in place to protect the end user, the consumer. Since the incorporation in 1995, the company has increased from a small, two person operation in Minnesota to a nationwide at-home business consisting of more than 28,000 active consultants in the United States and Puerto Rico (2010, February). Since 1995 the price of the product has increased slightly because of the price in manufacturing costs. For instance, in 1995 the Bountiful Beer Bread had a retail price of $4.99 and just last year increased to $5.49. The increased retail price has not slowed down sales for a large part of the selling audience; however...

Words: 462 - Pages: 2

Premium Essay

Master of Managment

...your career interests. Whatever courses you select, you must complete 11 courses to earn 33 semester credit hours to complete this degree. You can earn up to nine advanced standing credits for equivalent graduate course work, although time limits may apply depending on when you completed the courses. You have to earn at least 24 of your credits for this degree at Walsh College. While taking your Walsh courses, you must earn at least a 3.0 GPA, with at least a grade of “C” (2.0) in each course to count it for your graduation total. Specialization Areas You can select from these available areas: * Health Services Administration * Human Resources Management * International Business * Marketing * Project Management * Strategic Management Core Courses | BIT 561      Fundamentals of Project Management BIT 580      Secure Management COM 520   Management Communication FIN 579      Finance for...

Words: 370 - Pages: 2

Premium Essay

Costing Methods Paper

...Running head: COSTING METHODS PAPER Costing Methods Paper Marsha Pettus University of Phoenix Accounting ACC/561 Bethany Kessel November 27, 2013 Costing Methods Paper Super Bakery, Inc. was founded by Franco Harris, formerly of the Pittsburgh Steelers, in 1990. The corporation supplies healthy, vitamin enriched doughnuts and other baked goods, out of an initial desire to make a difference in the institutional food market by targeting school systems nationwide (Kimmel, 2009). While, the company experiences positive growth since its inception, Super Bakery is at the point where it needs to explore a costing system that can establish a more accurate product costing method that can, at minimum, improve control of overhead costs. What strategies did the management of Super Bakery, Inc. use? Formed as a virtual corporation, Super Bakery designed a business model that performs key strategic planning and business functions in-house while outsourcing all manufacturing components as a cost reductions strategy. Super Bakery successfully maximizes profits by outsourcing all other components such as sales, manufacturing, warehousing, and shipping to external companies (All Business, 2012). As a result, Super Bakery watched its profits successfully grow, on an annual basis by 20%, since its inception in 1990. Why did Super Bakery’s management think it was necessary to install an ABC system? Super Bakery, Inc. believed it was necessary...

Words: 915 - Pages: 4

Premium Essay

Evaluating Business Communication

...Introduction Today’s technology has offered business organizations multiple methods to communicate. Some forms of communications are more effective than others. Communication is one of the most important elements of a successful business. When writing a business communication it is crucial that you know who the members of your audience are and communicate with the visible purpose. Effective communication achieves its objective to persuade, respond or gain information by considering the style, format, purpose, organization and by tailoring the communication style to meet the audience requirements. Purpose Learning Team A was given five different accounting scenarios with limited amount of information on the JJJ Company, Riordan Mfg, Ad hoc Committee, CEO and the employees. Each team member was assigned a role from the accounting scenario and instructed to write and effective communiqué based on that roles. The communiqués could be n the form of a formal memo, email, power point, and text message. The types of communiqués were based on the information, i.e., formal, informal, long report, short report format, email, power point presentation, or memo, etc. Then each team member had to evaluate the business communication written by the other members and determine its effectiveness by using the following questions as a guide. 1) How well did the communication convey the intended message? 2) Would another type of communication have been more appropriate? Why? 3) Is the...

Words: 1082 - Pages: 5

Premium Essay

Accounting

...|[pic] |Course Design Guide | | |School of Business | | |ACC/561 Version 4 | | |Accounting | Copyright © 2011, 2009, 2008 by University of Phoenix. All rights reserved. Course Description This course applies accounting tools to make management decisions. Students learn to evaluate organizational performance from accounting information. Other topics include financial statements, cost behavior, cost allocation, budgets, and control systems. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If...

Words: 2594 - Pages: 11

Premium Essay

Amazon

...Аbstrаct The report detаils on the Industry- e-commerce, to which Аmаzon belongs аnd how Аmаzon implemets E-commerce in its model. Аmаzon’s business strаtegies аnd it’s mаrket strаtegies hаve been covered in brief. Аmаzon is one of the biggest plаyers in the field of cloud computing аnd the wаy it’s implemented hаs been covered. Vаrious MIS tools аnd Models which аre employed by Аmаzon in it’s business solution, helps in developing better understаnding of the compаny аnd the subject in generаl. Industry Introduction: E-Commerce Electronic commerce populаrly known аs e-commerce is а new growth direction for the business community. It is the use of digitаl trаnsаctions between businesses аnd individuаls. In other words, e-commerce is the use of the Internet to conduct business trаnsаctions. Given the huge potentiаl thаt this formаt hаs, technology will certаinly improve ecommerce аnd hence provide individuаls with more choices, thereby аdding to the economy. E-Commerce is аlso defined аs the аbility of а compаny to possess а dynаmic presence on the Internet which will thus аllow the compаny to conduct its business electronicаlly; in other words shift to аn electronic shop. Products here аre аdvertised, sold аnd pаid electronicаlly. Due to the expаnsion of the internet, аdvertising аnd is аvаilаble to people аcross the world for аlmost negligible. Аn аdditionаl аdvаntаge is thаt, the technology offers immediаte up grаdаtion аnd solution to issues. The biggest chаllenge for...

Words: 3760 - Pages: 16

Free Essay

Club It Part 2

...Club IT part 2 Mark Reis Xbis/219 August 18, 2013 Katherine Escobar Club IT part 2 Ruben Keys and Lisa Tejada along with many other business owners understand that information system technologies will let their originations to compete and flourish in the market place. Lisa, Rubin, and a systems consultant have analyzed the current information system status and during this analysis they have identified three areas that need improvement. This prompted Lisa and Ruben made the decision to upgrade their information management systems. The first problem their information system identified was neither Lisa nor Ruben were not up-to-speed with e-commerce. The second problem is that their computers are old and out-dated along with that their Internet connection was the old hard-wired system that plugged directly into the computer. The third problem, they need a better way to keep track of customer orders along with keeping track of inventory. A “Water Fall” method was Lisa and Rubens choice of method to use in their systems analysis (Wiley Higher Education, 2006). Current Information System Lisa and Rubin use their information system to help run their business and in their decision-making process’ (Wiley Higher Education, 2006). Their intranet and using the Internet helps them search for and retrieve needed information quickly. The web site has a login for employees, and they can access their personal information like, how many hours they...

Words: 941 - Pages: 4