...the never ending changes in the business they need the tools to obtain information that can be used to make decisions for the business. The decisions to make in a business can consist of knowing what geographic region to focus on, which product lines to expand, and what markets to strengthen in the industry. To obtain the type of information that has the proper content and format that can assist with strategic decisions they turned to data warehousing. It became the new paradigm intended specifically for vital strategic information. Businesses are always looking for ways to increase customer sales or the customer base, and in most cases they set a percentage along with a period of time to meet the goal. Making these types of decisions in regard to the objectives may executives, and managers need information for the purpose of getting knowledge of the company’s operations, review and monitor key performance indicators and their affect on one another. Keeps track of how business factors change over time, compare the company’s performance relative to competition and to industry benchmarks. The executives and managers main focus is on the customer’s needs and preferences, emerging technology, sales and marketing results, quality of products, and services. The information to make these types of decisions is broad based and encompasses the entire organization. The strategic information is not intended for running the day to day operations of a business or to produce information such...
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...Business Structure FIN 571 Professor Charles Marchand August 25, 2014 Each business structure has it advantages and disadvantages, however each one structure may or may not be advantageous. An advantageous structure is a structure that is beneficial and has favorable circumstances. In choosing business structure, one must choose the structure that best fits their business plans. There are three types of business structure, which consists of partnership, sole proprietorship, and corporation. A corporation is considered to be a standalone entity. In a standalone entity, no one person is liable for the assets or debts of the company, and separates tax liabilities. Another beneficial advantage is since the corporation is its own entity the corporation does not end once the owner is no longer there but continues on through shareholder. A disadvantage of corporations is corporations have to pay taxes twice which occurs during when the corporation turns a profit and pays dividend to shareholders. A sole proprietorship is the most inexpensive way to start a business. Within this structure, the owner has complete control over operations and responsible for business decision-making. Far as taxes, no specific business taxes are paid, but the owner pays taxes on the income of the business as part of their personal taxes. The major disadvantage of sole proprietorship is the business owner is personally responsible for all obligations and debts of the business. If the business...
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...“Establishing a business in Australia” Introduction The demand for bakery products is growing in Australia as people are getting more knowledgeable about health benefits of eating protein enriched bread varieties. Since there is a bakery skill shortage in Australia(Apprenticepower 2012) and our client is specialized in making bread, cakes, tarts, biscuits and cookies he intends on starting the bakery business is Australia. The purpose of this paper is to help the prospective businessman to understand the challenges and opportunities of entering the bakery industry so that appropriate business decisions could be made. This report focuses on providing a guide to the potential bakery businessman in terms of starting a bakery in Australia. Important matters covered in this report are choosing the appropriate business structure for establishing a bakery, vital bakery business registrations and few important specifics of entering into the bakery business. Matters for consideration Business Structures Starting or buying a bakery involves many indispensable steps. The foremost priority when starting a bakery business is choosing the business structure keeping in mind the needs and the budget of the business. There are four main types of business structures used by small-medium sized business in Australia (ATO & ATC 2012). • Sole-traders • Partnerships • Trusts • Companies The appropriate types of business structures for the bakery business would be sole proprietorship...
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...Business Structures Myriah Shanks ACC/537 July 4, 2011 George Bray Business Structures Starting a new business can be an exciting yet challenging time. One of the important decisions new business owners have to make is, which business structure to use. The three business structures new owners typically chose from are sole proprietorship, partnership, and corporation. This paper will not cover a fourth type of business structure the limited liability company (LLC). Choosing the structure that fits best will help any business achieve its goals and run smoothly. A sole proprietorship is a business owned by one individual. Spouses starting a family business should be aware that only one of them can be considered the sole proprietor of the business, so this should be taken into consideration when choosing a business structure. Transferring ownership of a sole proprietorship can be very difficult but sole proprietorships are easy to set up and maintain. This type of business is totally owner controlled. For tax purposes there is no distinction between the owner as an individual and the business. This means the owner has total liability for the business. Taxes for the business are paid through the owners personal taxes so there is a tax advantage to a sole proprietorship because the total taxes are generally tax total tax paid is lower. The next type of business structure is partnership, which is a business owned by two or more people. Like a sole proprietorship it is...
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...Business Structures July 4, 2011 George Bray Business Structures Starting a new business can be an exciting yet challenging time. One of the important decisions new business owners have to make is, which business structure to use. The three business structures new owners typically chose from are sole proprietorship, partnership, and corporation. This paper will not cover a fourth type of business structure the limited liability company (LLC). Choosing the structure that fits best will help any business achieve its goals and run smoothly. A sole proprietorship is a business owned by one individual. Spouses starting a family business should be aware that only one of them can be considered the sole proprietor of the business, so this should be taken into consideration when choosing a business structure. Transferring ownership of a sole proprietorship can be very difficult but sole proprietorships are easy to set up and maintain. This type of business is totally owner controlled. For tax purposes there is no distinction between the owner as an individual and the business. This means the owner has total liability for the business. Taxes for the business are paid through the owners personal taxes so there is a tax advantage to a sole proprietorship because the total taxes are generally tax total tax paid is lower. The next type of business structure is partnership, which is a business owned by two or more people. Like a sole proprietorship it is easy to set up and maintain;...
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...Business Structure Types for Forming a Business Business Law/LAW 531 Business Structure Types for Forming a Business When I person decides to be an entrepreneur, choosing the type of business structure that would be right for the business they plan to open can be a daunting task. The reason is being is that there are many different types of business structures a person can choose from. Before making the decision on the type of business structure for the business, there are a few things that should be done before hand. The entrepreneur would first need to have a business plan that will guide them on how they would start the business and run it successfully. Next they should get any necessary assistance or training on how to go about forming a business. Once this has been done, a business structure can be determined after researching each type of structure to see which would fit their business idea the best. In the process of starting a business, choosing the type of legal business structure for a business will be one of the most important tasks a new entrepreneur will do. The reason is that whichever structure is chosen will have an impact on items like taxes the entrepreneur will pay, the amount of paperwork required for the business structure picked, the personal liability the business will have, and the ability to raise the money for the business structure picked. When going forward with the formation of the business, a person will have to know...
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...BUSINESS STRUCTURE ADVICE Tyanieka Jackson FIN 571 November 3, 2014 Zhenhu Jin BUSINESS STRUCTURE ADVICE Thanks so much for the opportunity to provide consultation on how to proceed with starting your new business. There are certain advantages and disadvantages to choosing a particular business structure over another. This document will be providing options and feedback on each so that you can make the best decision possible. If you plan on running your business as an individual, there are a couple of options to consider. Running a business as a single owner provides a means of having total control of the decision making, daily operations, and the profits. The other side to this is that all financial burdens fall on the single owner and they have unlimited liability in terms of potential judgments and debts that may arise. There exist the potential for debt collectors to lay claim to an owner’s personal property in order to satisfy a financial judgment. The other option available to a single business owner is the Limited Liability Company (LLC). It has all of the advantages of the sole proprietorship with the added advantage of the owner having limited liability. If you are considering taking on partners with the new business, the structures to consider may be the general partnership, which has basically the same advantages of the sole proprietorship or again the Limited Liability company described above. The LLC allows for both single and multiple owners...
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...Business Organization The first thing to understand when starting a business is how the structure of the company will be set up. There are several types of business entities and each entity has its own particular benefits and list of drawbacks. In this paper I will enumerate the following types of business structures: sole proprietorship, partnership, corporation and limited liability corporation, how they differ from each other, their advantages and disadvantages. Choosing the wrong structure may lead to paying more taxes and putting my personal properties at risk when something go wrong with my business. Being new in the business world, determining the limitations and liabilities of each business entities will guide me in choosing the right business structure that will best fit to my business field, my limitation, protection of my assets and the potential growth of my business direction. My husband and I were planning to start up a café shop. Joe is a coffee lover and I have a passion in baking. So we believe that putting together his love to coffee and my baking passion into a business is a great idea. There are several factors I should take in consideration in choosing the right entity for this business. First I wanted to know the extent of my personal liability, I am also concern how my earnings and profit will be taxed, how much work do it takes in setting the business into operation and how much capital I need to sustain the business. In order to answer these concerns...
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...Business Structures One of the first steps before starting business should be choosing the proper business structure of the company as each type of business structure will have its own legal and tax implications. The types of business structures include sole proprietorship, partnership and corporation. Sole Proprietorship A sole proprietorship is the most common type of business in United States. This type of business typically consisting of the proprietor and a handful of employees. In Sole Proprietorship business type, the owner of the business is entitled to all profits and handles all your business’s debts, losses and liabilities. The advantages of Sole Proprietorship include complete control of the business, Ease and inexpensive to forming the business and easy tax preparation as Sole Proprietorship is not taxed separately. Disadvantages for this type of business include unlimited personal liability, hard to raise capital and heavy burden as you handle success or failure of the company. Partnership A partnership consists of two or more owners who have joined legally to manage a business. Partners of the business contribute to all aspects of the business, including decision making and raising money for the business. To form a partnership business, all owners enter into an agreement with all the roles and responsibilities of each owner. They also agree on how profits are shared and how ownership will be transferred in case of specified events, such as the retirement...
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...Limited Liability Corporation and Partnership Paper K. Smith FIN/419 June 2, 2014 The thought of running your own business can be very overwhelming. There are many things to be considered when starting a business. It involves writing a business plan, choosing a location, knowing whether to get a loan or start the business with another individuals. Knowing whether or not you will start the business as an individual or with a partner will help with the next question. How will you structure the business? In this paper I will discuss the roles of the Limited Liability Company (LLC) and the Limited Liability Partnership (LLP). I will also include my opinion as to why I would choose an LLC or an LLP if I was starting a new business. A limited liability company (LLC) is an entity in itself somewhat like a corporation; an LLC can conduct business, open a bank account and obtain a tax identification number. Owners of an LLC can choose to run the business themselves or hire someone for the day-to-day affairs of the business. An LLC can have one to several members including corporations as members (Paul, 2011). The owners of an LLC have limited liability meaning they are not liable for the debts and liabilities of the company. Creditors cannot hold the owners of an LLC responsible for payment from their personal assets if the assets of the company are not enough to pay a debt. The LLP must have one person responsible for the legalities of the company not including silent partners...
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...Projects and Organisational structures Course Roadmap Organisational structure “An organisational structure defines how activities such as task allocation, coordination and supervision are directed towards the achievement of organizational aims”. Reference: Pugh, D. S., ed. (1990).Organization Theory: Selected Readings. Harmondsworth: Penguin To improve project success! Sources: http://www.pmi.org/ CHAOS summary report 2013 Common types of project management structures • Functional • Dedicated Project Teams • Matrix Reference: Gray, C & Larson, E, Project Management, 5th Ed. McGraw-Hill Functional Organisation of projects • Different segments of the project are delegated to respective functional units. • Coordination is maintained through normal management channels. • Used when the interest of one functional area dominates the project or one functional area has a dominant interest in the project’s success. Functional 1. 2. 3. 4. Advantages No/little org. change Flexibility in use of staff In-Depth Expertise Easy Post-Project Transition 1. 2. 3. 4. Disadvantages Lack of Focus for project Poor Integration across org. Typically slower to complete Lack of Ownership Dedicated Project Teams • Teams operate as separate units under the leadership of a full-time project manager. • In a projectised organization where projects are the dominant form of business, functional departments are ...
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...1 is called the “Star Model.” In the Star Model, design policies fall into five categories. The first is strategy, which determines direction. The second is structure, which determines the location of decision-making power. The third is processes, which have to do with the flow of information; they are the means of responding to information technologies. The fourth is rewards and reward systems, which influence the motivation of people to perform and address organizational goals. The fifth category of the model is made up of policies relating to people (human resource policies), which influence and frequently define the employees’ mind-sets and skills. Figure 1—The Star Model JAY R. GALBRAITH THE STAR MODEL 2 Strategy Strategy is the company’s formula for winning. The company’s strategy specifies the goals and objectives to be achieved as well as the values and missions to be pursued; it sets out the basic direction of the company. The strategy specifically delineates the products or services to be provided, the markets to be served, and the value to be offered to the customer. It also specifies sources of competitive advantage. Traditionally, strategy is the first component of the Star Model to be addressed. It is important in the organization design process because it establishes the criteria for choosing among alternative organizational forms. (See the...
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...Corporate Law How to establish the right business organization for a startup company The Legal & Ethical Environment of Business BUS 252-003 Winston Spencer Waters Submitted 11/21/2013 By Maria Andersen The intention with this paper is to examine and explore the three main types of business structures; sole proprietor, corporation, and partnership. During this paper, we will take a deeper look into each of these structures, discuss the advantages and disadvantages, and finally determine which is more beneficial to use for a startup company. The process of starting up a new company may be very exciting, but it is also crucial to know all your options and think through your actions before implementing them. One of the first steps in the complex process of starting up a company, and maybe the most important step, is to decide on a business structure. This decision will also determine what kind of income tax return the company will have to file, a tax that is imposed on entities and that will change along with the income or profits of the entity. However, there are also some other important factors the business structure will determine such as level of risk, range of control, and external interest. All the three business structures mentioned; sole proprietor, corporation, and partnership, have different dominating characteristics, which in some cases may be beneficial for the company while they may cause some disadvantages in other situations. The definition...
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...The Business Environment Lenina Davis AIU Online Abstract Stocks and bonds are investments that give you choices to invest your money into different businesses with the hopes of profiting. Stocks are shares in a business, if you decide to invest in a business; you’re buying a part of ownership into that business. When investing in bonds, you’re lending out money to the business with the hopes of that business paying back the bonds amount. The Business Environment The different legal forms of business are sole proprietorship, partnership, and corporation in which all forms have to function in the legal, social and economic backgrounds in the form of business. As business entrepreneur, one has to decide which legal form would best fit the company to guarantee success. All Businesses have their advantages and disadvantages, there will be risk and management will have to determine which legal form that they want to take and hope that their decisions will turn out to be the right choice to meet their goals. There are three different legal forms that a business can choose from: corporations; partnerships; and sole proprietorships. Corporations are one legal form of business organizations that a company can choose from. According to (morebusiness.com, 2009) some benefits of choosing a corporation include the following… Corporations have unlimited life extending beyond the illness or death of the owners, owners personal assets are protected from business debt and liability...
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...There are many steps involved in order to establish and maintain a lucrative small business. Initially, the individual or group must decide what the business will be and prepare a business plan outlining where the company intends to go and how they will create revenues over the next few years. Once the business plan is prepared the type of business must be established, this is done by choosing whether it will be a sole proprietorship, limited liability company, partnership, etc. and registering it with the appropriate entities. Obtaining a federal tax identification number is also necessary in order to file the appropriate tax returns, open bank accounts, and eventually pay employees. Finally, a location can be found to house the business and employees can be hired. After completing all of the above steps the new focus would be on the structure of the company. The structure is comprised of many factors such as effectively leading the employees towards the goals of the company, managing the funds of the company, and establishing additional ways of maximizing the overall wealth of the company. Creating and maintaining an accounting system is of vital importance for a growing company. The first step to creating an accounting system is choosing which accounting method to use. The Cash Method (or Cash Basis) is when income is counted when it is received (either as cash, credit card charges or check) and the expenses are counted when they are actually paid. This is the...
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