Introduction to Horticulture Plant: Wintercreeper Euonymus Term: Sole Proprietorship
Wintercreeper Euonymus <ul><li>EE OH NA MUS </li></ul><ul><li>Plant type:  Evergreen Groundcover or shrub </li></ul><ul><l...
Sole Proprietorship <ul><li>A business owned by one person (the proprietor).  The most simple type of business organizatio...
Taxes <ul><li>Business income is reported to the IRS on a schedule C under the owners social security number. </li></ul><u...
Sole Proprietor <ul><li>There is no liability protection – if the business is sued – the owner is personally sued. </li></ul>
Other Types of Businesses <ul><li>Partnership – Just like a Sole Proprietorship with more than one owner. </li></ul><ul><u...
What is Liability <ul><li>The state of being legally obliged and responsible  </li></ul><ul><li>If your business is sued a...
Other Types of Businesses <ul><li>LLC (Limited Liability Corporation) </li></ul><ul><ul><li>Taxes either as a individual o...
Legal Requirements <ul><li>File for a business license with the city/county government </li></ul><ul><ul><li>Business  Lic...
Employees? <ul><li>You need a Federal Employer Identification Number </li></ul><ul><ul><li>Go on-line & apply for one </li...
Steps for New Business <ul><li>Complete a business plan </li></ul><ul><li>Apply for a business license </li></ul><ul><li>R...
Today <ul><li>Plant watermelons & squash </li></ul>
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5 19 business organization

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5 19 business organization

  1. 1. Introduction to Horticulture Plant: Wintercreeper Euonymus Term: Sole Proprietorship
  2. 2. Wintercreeper Euonymus <ul><li>EE OH NA MUS </li></ul><ul><li>Plant type: Evergreen Groundcover or shrub </li></ul><ul><li>USDA Hardiness Zones: 4b to 8b </li></ul><ul><li>Height: 12&quot; to 24&quot; </li></ul><ul><li>Exposure: shade to full sun </li></ul><ul><li>Leaf Color: Green, White, Variegated </li></ul><ul><li>Uses: Container, Erosion control, Ground cover , </li></ul>
  3. 3. Sole Proprietorship <ul><li>A business owned by one person (the proprietor). The most simple type of business organization. </li></ul><ul><li>Many use the d.b.a. (doing business as) designation. </li></ul><ul><ul><li>Example: </li></ul></ul><ul><ul><li>John Smith, dba Smitty’s Mower Repair </li></ul></ul><ul><li>Fictitious Name Declaration </li></ul>
  4. 4. Taxes <ul><li>Business income is reported to the IRS on a schedule C under the owners social security number. </li></ul><ul><li>You must pay estimated taxes quarterly </li></ul><ul><ul><li>Fed Gov’t: </li></ul></ul><ul><ul><ul><li>Social Security & Medicare: 15.5% of your income </li></ul></ul></ul><ul><ul><ul><li>Estimate federal income tax: ~10-20% of your income </li></ul></ul></ul><ul><ul><li>State Gov’t: </li></ul></ul><ul><ul><ul><li>~5% of your income </li></ul></ul></ul>
  5. 5. Sole Proprietor <ul><li>There is no liability protection – if the business is sued – the owner is personally sued. </li></ul>
  6. 6. Other Types of Businesses <ul><li>Partnership – Just like a Sole Proprietorship with more than one owner. </li></ul><ul><ul><li>Income reported on personal income tax – divided according to partner interest. </li></ul></ul><ul><ul><li>No liability protection </li></ul></ul>
  7. 7. What is Liability <ul><li>The state of being legally obliged and responsible </li></ul><ul><li>If your business is sued and does not have enough assets to cover the amount, your personal assets are sold to cover the difference. </li></ul><ul><li>Results in Bankruptcy </li></ul><ul><li>We live in a litigious society </li></ul>
  8. 8. Other Types of Businesses <ul><li>LLC (Limited Liability Corporation) </li></ul><ul><ul><li>Taxes either as a individual or corporation </li></ul></ul><ul><ul><li>Personal assets are safe </li></ul></ul><ul><ul><li>Apply with the State Corporation Commission </li></ul></ul><ul><ul><li>Need to have Corporate By-laws </li></ul></ul><ul><li>Corporation </li></ul><ul><ul><li>Taxed as a corporation and as individual </li></ul></ul><ul><ul><li>Personal assets are safe </li></ul></ul>
  9. 9. Legal Requirements <ul><li>File for a business license with the city/county government </li></ul><ul><ul><li>Business License Application </li></ul></ul><ul><ul><li>Make sure no other business has the same name </li></ul></ul><ul><li>You also need to register with the state government </li></ul><ul><ul><li>Virginia Department of Taxation </li></ul></ul><ul><ul><li>If you are selling something, you also need to pay sales tax </li></ul></ul>
  10. 10. Employees? <ul><li>You need a Federal Employer Identification Number </li></ul><ul><ul><li>Go on-line & apply for one </li></ul></ul>
  11. 11. Steps for New Business <ul><li>Complete a business plan </li></ul><ul><li>Apply for a business license </li></ul><ul><li>Register with the State </li></ul><ul><li>Register with the Federal Government (if you have employees) </li></ul>
  12. 12. Today <ul><li>Plant watermelons & squash </li></ul>

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