Small Idea Business Paper
Running head: SMALL-BUSINESS IDEA PAPER
Small-Business Idea Paper
Bernard Petris
University of Phoenix
Accounting
ACC/561
November 11, 2011
Small-Business Idea Paper There are five different forms of business organizations that I can consider when planning to start a business. They are 1. Sole proprietorship 2. Partnership 3. C corporation 4. S corporation 5. LLC – Limited Liability Company It is important to understand each organization’s structural make up, to make an informed decision about which form of business organization is best suited for my consultant business. In order to select the most appropriate business structure, I will need to weigh the advantages and disadvantages of each form, identify the different types of financial statements of each form of business, and understand the consequences associated with each form of business. I am interested in starting a financial consultant business that would target community schools and small start-up businesses. The financial consulting piece would be geared toward the startup of businesses that would lack expertise in establishing an appropriate financial framework. People may be passionate about wanting to start a new business; however, they can be intimidated about the financial aspects of starting and maintaining a business. My services will provide that expertise until the business owner is knowledgeable enough to handle things on their own. The services I would provide extend to, the set-up and preparation of payroll, the timely payment of payroll and related taxes, the processing of accounts payables, the recording, and collection of accounts receivables, the preparation, presentation, and analysis of financial statements and cash flow projections. In addition, I would assist with the generation of accounting policies and procedures that address the financial aspect of businesses. Given my background
Small-Business Idea Paper
Bernard Petris
University of Phoenix
Accounting
ACC/561
November 11, 2011
Small-Business Idea Paper There are five different forms of business organizations that I can consider when planning to start a business. They are 1. Sole proprietorship 2. Partnership 3. C corporation 4. S corporation 5. LLC – Limited Liability Company It is important to understand each organization’s structural make up, to make an informed decision about which form of business organization is best suited for my consultant business. In order to select the most appropriate business structure, I will need to weigh the advantages and disadvantages of each form, identify the different types of financial statements of each form of business, and understand the consequences associated with each form of business. I am interested in starting a financial consultant business that would target community schools and small start-up businesses. The financial consulting piece would be geared toward the startup of businesses that would lack expertise in establishing an appropriate financial framework. People may be passionate about wanting to start a new business; however, they can be intimidated about the financial aspects of starting and maintaining a business. My services will provide that expertise until the business owner is knowledgeable enough to handle things on their own. The services I would provide extend to, the set-up and preparation of payroll, the timely payment of payroll and related taxes, the processing of accounts payables, the recording, and collection of accounts receivables, the preparation, presentation, and analysis of financial statements and cash flow projections. In addition, I would assist with the generation of accounting policies and procedures that address the financial aspect of businesses. Given my background
References: All Business. Your Small Business Advantage. . The pros and cons of a general partnership. Retrieved on November 12, 2012. Retrieved from: http://www.allbusiness.com/business-planning-structures/business/2513-1.html#axzz2CAQnGE95 Biz.Filings. The Small business incorporation experts. s corporation advantages and disadvantages. Retrieved on November 11, 2012. Retrieved from: http://www.bizfilings.com/learn/s-corporation-advantages-and-disadvantages.aspx Kimmel, P.D., Weygandt, J.J., & Kieso, D.E. (2009). Accounting: Tools for Business Decision Making. Chapter 13. (3rd ed.). : University of Phoenix eBook. Kimmel, P.D., Weygandt, J.J., & Kieso, D.E. (2009). Accounting: Introduction to Financial Statements. Chapter 1. (3rd ed.). : University of Phoenix eBook. The New York Times. (June 5, 2007). Advantages and disadvantages of sole proprietorships. Retrieved from website on November 12, 2012 Retrieved from: http://www.nytimes.com/allbusiness/AB4113314_primary.html