In each case below, I have given a goal that a business might have. What you need to do is to indicate for each whether the goal can better be achieved if the business is organized as a sole proprietorship or as a corporation and why. goal: to organize and start up the business easily and quickly goal: to protect owner's personal assets from lawsuits against the business goal: to raise large amount of capital for expansion
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In each case below, I have given a goal that a business might have. What you need to do is to indicate for each whether the goal can better be achieved if the business is organized as a sole proprietorship or as a corporation and why.
- goal: to organize and start up the business easily and quickly
- goal: to protect owner's personal assets from lawsuits against the business
- goal: to raise large amount of capital for expansion
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- In each case below, I have given a goal that a business might have. What you need to do is to indicate for each whether the goal can better be achieved if the business is organized as a sole proprietorship or as a corporation. goal: to minimize taxes on profits of the business goal: the ability to freely transfer ownership interests in the businessHudson Signs, Inc., needs funds, and Alley Hudson, the president, has asked you to considerinvesting in the business. Answer the following questions about the different ways that Hudsonmight organize the business. Explain each answer.a. What forms of organization will enable the owners of Hudson Signs, Inc., to limit theirrisk of loss to the amounts they have invested in the business?b. What form of business organization will give Alley Hudson the most freedom to manage the business as she wishes?c. What form of organization will give creditors the maximum protection in the event thatHudson Signs, Inc., fails and cannot pay its debts?Assume that you are a financial manager and significant owner of a successful medium-sized business. You want to grow your business and use your financial assets effectively. What should you do?
- In order to run a business, operations must be funded from day to day. In order to fund their ventures, many business owners turn to investors to help financially. What is the resulting investment called? a) Capital b) Corporate dividends c) Expenses d) RevenueKelly Fernandez and Michael Webster have decided to create a business. They have financing available and have a well-developed business plan. However, they have not yet decided which type of legal business structure would be best for them. Required. Write a report for these two individuals outlining the types of situations in which the corporate form of legal structure would be the best choice.What advice will you give to someone who has limited capital but possesses all the necessary skills to start a planned business? A)Build a sole proprietorship business and source funding from a bank or other personal connections. B)Set up a partnership business and teach them the necessary skills to make the business work C)Organize a corporation since it is the easiest form of business since it requires less paperwork D)Make an LLC and inviting only your closest friends to invest in your business
- Chris, an ambitious person, wanted to expand his business and arrange his administration more efficiently. The following are a couple of the questions he asked. Provide brief but clear explanations that satisfy International Financial Reporting Standards and other applicable regulations: 1. What are source documents and how important is it to keep them? 2. What is the purpose of preparing financial statements and who, besidesthe owner, is going to use them? Your explanation must include twousers, other than owners, and briefly describe their needs.I. Direction: Identify what describes the following statement. Write your answer on the blank before the number. ____________________1. It pertains to the state of one’s personal monetary affairs.____________________2. It measures the ability to generate earnings from its resources or investments. ____________________3. It measures the ability to generate profit that ensures to pay business expenses and maintain a long-term financial success of the business. ____________________4. It measures the ability of the company to settle its short term debts. ____________________ 5. It measures how the business manage its assets or resources to produce output without wastage. ____________________6. It presents the financial statement amounts as a percentage of a base number. ____________________7. It is used to evaluate a number of issues with an entity, such as its liquidity, efficiency of operations, and profitability. ____________________8. These users of financial information are interested…Direction: Identify what describes the following statement. Write your answer on the blank before the number. ____________________1. It pertains to the state of one’s personal monetary affairs. ____________________2. It measures the ability to generate earnings from its resources or investments. ____________________3. It measures the ability to generate profit that ensures to pay business expenses and maintain a long-term financial success of the business. ____________________4. It measures the ability of the company to settle its short term debts. ____________________ 5. It measures how the business manage its assets or resources to produce output without wastage. ____________________6. It presents the financial statement amounts as a percentage of a base number. ____________________7. It is used to evaluate a number of issues with an entity, such as its liquidity, efficiency of operations, and profitability. ____________________8. These users of financial information are…
- You are required to prepare a reflection paper that incorporates your answers to the following questions: 1. Besides earning a profit, what other objectives might a business have? How can Accounting play an important role in these objectives? 2. A new manager of a retail company suggests that the company should prepare its Statement of Profit or Loss on the basis of cash receipts and cash expenditures (except for the acquisition of fixed assets, such as plant and equipment). He argues that managers, investors, creditors, and others are more interested in cash receipts and disbursements than in accrual-based accounting. Do you think he is correct? Explain. 3. The manager of your company told you to go out to the warehouse and count merchandise inventory. He said that owner is coming for a meeting next week and the manager wanted to put on a good show. He asked you to make the inventory higher by counting the first and last row twice. The higher ending inventory will result in higher…Which of the following statements is true regarding business plans: A. A corporation is the only legal form of business ownership that should develop a business plan. B. The operating plan details information regarding the business's services. C. Owners often use business plans as a tool to help them achieve their objectives. D. Lending institutions do not usually require loan applicants to submit a business plan.Based on your understanding on different forms of business organizations, which form of business would you organize once you want to start a business? Explain why did you choose it among others.
