The document provides information on types of business ownership and factors to consider when setting up a business. It discusses sole proprietorships, partnerships, corporations, and not-for-profit corporations. For each type of ownership, it outlines advantages and disadvantages as well as legal structures and considerations. The document also covers business ethics and the internal and external factors that make up a business's environment.
1Business Structure and Financial Statem.docxdrennanmicah
ย
1
Business Structure and Financial Statements
Business Structure and Financial Statements
If you want to be your own boss and grow in the business world, then opening a business would be the best option. Anyone can choose to do this, but everyone involved must know there options and the essential documentation needed. The person selecting to pursue opening a business would want to go through some of the disadvantages and advantages of each type of structure they could choose. The options include sole proprietorship, partnership, LLC, and corporations. Once a person has selected the right structure for there business then it is essential to know how to operate it legally through proper documentation. Financial statements are needed for record keeping for the company to track their assets, financial ability, income and more.
Advantages and Disadvantages of Legal Categories
Business structure is a general word that is used to describe groups of organizations which are legally registered under law following a given jurisdiction and characterized legally under certain category to conduct commercial activities (Rogers, 2012). There are several business structures which operate under law to carry our business activities to satisfy the demand and supply of goods and services for consumers. The most common business types are sole proprietorship, partnerships, corporations and limited liability companies (Garzon, 2014).
Every type of business structures has their advantages and disadvantages. The two simplest are Sole Proprietorship and Partnerships. Sole Proprietorship is when you plan to operate the business alone. Advantages to this are that it is low cost and has little legal requirement to start it up. There are also simple taxes at the end of the year. The disadvantages of this are that you are reliable for everything and work alone. There are no protections to personal assets, so if there is significant debt that will not be able to be paid back, lenders can come back and take everything. A Partnership is an arrangement between two parties that states they are co owners of the business. Some advantages to this that there are no legal formalities and no business taxes. Also, it can be less stressful as you have a partner to collaborate with ideas and business plans. There is also combined capital when starting up which can be very helpful. Some disadvantages can include the share of profits, more liabilities, the risk of joint responsibilities and delay in decision making. There also is the possibility of disagreement to different elements like person work ethic, personality, and how they would run the business.
The more advanced business structures are Partnerships and Limited Liability Corporations(LLC). Corporations has more advantages than disadvantages because it is a fully functioned business organization that has many workers. There is no liability to the employee except everyone must comply to all policies and guidelines.
This presentation is about various Forms of Business Organisations and their features, merits and demerits. It also guides an entrepreuner on how to make a choice among various forms of Business Organisations.
Forms of business organizations _sole trader,partnership,joint ventures,advantages and Disadvantages of various forms of business,momorendom of certificate, partnership Deed ,public corporation and government company.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
ย
Discover the innovative and creative projects that highlight my journey throughย Full Sail University. Below, youโll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
1Business Structure and Financial Statem.docxdrennanmicah
ย
1
Business Structure and Financial Statements
Business Structure and Financial Statements
If you want to be your own boss and grow in the business world, then opening a business would be the best option. Anyone can choose to do this, but everyone involved must know there options and the essential documentation needed. The person selecting to pursue opening a business would want to go through some of the disadvantages and advantages of each type of structure they could choose. The options include sole proprietorship, partnership, LLC, and corporations. Once a person has selected the right structure for there business then it is essential to know how to operate it legally through proper documentation. Financial statements are needed for record keeping for the company to track their assets, financial ability, income and more.
Advantages and Disadvantages of Legal Categories
Business structure is a general word that is used to describe groups of organizations which are legally registered under law following a given jurisdiction and characterized legally under certain category to conduct commercial activities (Rogers, 2012). There are several business structures which operate under law to carry our business activities to satisfy the demand and supply of goods and services for consumers. The most common business types are sole proprietorship, partnerships, corporations and limited liability companies (Garzon, 2014).
Every type of business structures has their advantages and disadvantages. The two simplest are Sole Proprietorship and Partnerships. Sole Proprietorship is when you plan to operate the business alone. Advantages to this are that it is low cost and has little legal requirement to start it up. There are also simple taxes at the end of the year. The disadvantages of this are that you are reliable for everything and work alone. There are no protections to personal assets, so if there is significant debt that will not be able to be paid back, lenders can come back and take everything. A Partnership is an arrangement between two parties that states they are co owners of the business. Some advantages to this that there are no legal formalities and no business taxes. Also, it can be less stressful as you have a partner to collaborate with ideas and business plans. There is also combined capital when starting up which can be very helpful. Some disadvantages can include the share of profits, more liabilities, the risk of joint responsibilities and delay in decision making. There also is the possibility of disagreement to different elements like person work ethic, personality, and how they would run the business.
The more advanced business structures are Partnerships and Limited Liability Corporations(LLC). Corporations has more advantages than disadvantages because it is a fully functioned business organization that has many workers. There is no liability to the employee except everyone must comply to all policies and guidelines.
This presentation is about various Forms of Business Organisations and their features, merits and demerits. It also guides an entrepreuner on how to make a choice among various forms of Business Organisations.
Forms of business organizations _sole trader,partnership,joint ventures,advantages and Disadvantages of various forms of business,momorendom of certificate, partnership Deed ,public corporation and government company.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
ย
Discover the innovative and creative projects that highlight my journey throughย Full Sail University. Below, youโll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
ย
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
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Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website โ www.pmday.org
Youtube โ https://www.youtube.com/startuplviv
FB โ https://www.facebook.com/pmdayconference
"๐ฉ๐ฌ๐ฎ๐ผ๐ต ๐พ๐ฐ๐ป๐ฏ ๐ป๐ฑ ๐ฐ๐บ ๐ฏ๐จ๐ณ๐ญ ๐ซ๐ถ๐ต๐ฌ"
๐๐ ๐๐จ๐ฆ๐ฌ (๐๐ ๐๐จ๐ฆ๐ฆ๐ฎ๐ง๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
๐๐ ๐๐จ๐ฆ๐ฌ provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
โญ ๐ ๐๐๐ญ๐ฎ๐ซ๐๐ ๐ฉ๐ซ๐จ๐ฃ๐๐๐ญ๐ฌ:
โข 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
โข SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
โขFreenBecky 1st Fan Meeting in Vietnam
โขCHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
โข WOW K-Music Festival 2023
โข Winner [CROSS] Tour in HCM
โข Super Show 9 in HCM with Super Junior
โข HCMC - Gyeongsangbuk-do Culture and Tourism Festival
โข Korean Vietnam Partnership - Fair with LG
โข Korean President visits Samsung Electronics R&D Center
โข Vietnam Food Expo with Lotte Wellfood
"๐๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ง๐ญ ๐ข๐ฌ ๐ ๐ฌ๐ญ๐จ๐ซ๐ฒ, ๐ ๐ฌ๐ฉ๐๐๐ข๐๐ฅ ๐ฃ๐จ๐ฎ๐ซ๐ง๐๐ฒ. ๐๐ ๐๐ฅ๐ฐ๐๐ฒ๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐ ๐ญ๐ก๐๐ญ ๐ฌ๐ก๐จ๐ซ๐ญ๐ฅ๐ฒ ๐ฒ๐จ๐ฎ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ ๐ฉ๐๐ซ๐ญ ๐จ๐ ๐จ๐ฎ๐ซ ๐ฌ๐ญ๐จ๐ซ๐ข๐๐ฌ."
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
ย
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
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Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.๐คฏ
We will dig deeper into:
1. How to capture video testimonials that convert from your audience ๐ฅ
2. How to leverage your testimonials to boost your sales ๐ฒ
3. How you can capture more CRM data to understand your audience better through video testimonials. ๐
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
ย
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
2. WHAT IS BUSINESS?
Traditionally, It meant that it is an exchange or trade for things people wanted or needed.
As of today, it has more technical definition.
Is the production, distribution and sale of goods and services for a profit.
It is an entity that offers goods and/or services to customers. Business do not produce
primarily on their own needs or work exclusively for their families and friends needs, but for
someone else: for their customers.
Business usually charge a price for their goods and services so that they get something in
return.
3. TYPES OF BUSINESS OWNERSHIP
FACTORS TO CONSIDER
1.) In setting up your business, do you want to minimize the
costs of getting started? Do you hope to
avoid complex government regulations and reporting
requirements?
2) How much control would you like? How much responsibility
for running the business are you
willing to share? What about sharing the profits?
3) Do you want to avoid special taxes?
4) Do you have all the skills needed to run the business?
4. 6
Types of business owners
2 PARTNERSHIP
1 SOLE
PROPRIETORSHIP
3 Unlimited
Liability and the
Part
4 Limited
Partnership
6 NOT-FOR-PROFIT
CORPORATION
5 Corporation
5. TYPES OF BUSINESS OWNERSHIP
FACTORS TO CONSIDER
5) Are you likely to get along with your co-owners over an extended period of time?
6) Is it important to you that the business survive you?
7) What are your financing needs and how do you plan to finance your company?
8) How much personal exposure to liability are you willing to accept? Do you feel uneasy about
accepting personal liability for the actions of fellow owners?
6. SOLE PROPRIETORSHIP
In a sole proprietorship, as the owner, you have complete control over your
business. You make all important decisions and are generally responsible for all day-to-
day activities.
In exchange for assuming all this responsibility, you get all the income earned by the
business.
Profits earned are taxed as personal income, so you donโt have to pay any special
federal and state income taxes
7. Disadvantages of Sole Proprietorship
โข When youโre gone, business dissolves
โข You also have to rely on your own resources for financing: in effect, you are the
business and any money borrowed by the business is loaned to you personally
โข Unlimited liability
โข You can lessen your risk with insurance, yet your liability exposure can be substantial
8. PARTNERSHIP
Is a business owned jointly by two or more people.
About 10 percent of U.S. businesses are partnerships2 and though the vast
majority are small, some are quite large. For example, the big four public
accounting firms are partnerships.
The Partnership Agreement : The impact of disputes can be lessened if the
partners have executed a well-planned partnership agreement that specifies
everyoneโs rights and responsibilities. The agreement might provide such details
as the following:
9. 6
Types of business owners
2
Division of
partnership
income (or loss
1
Amount of cash
and other
contributions to
be made by each
part
3 Division of
partnership
income (or loss
4
Conditions under
which a partner
can sell an interest
in the com
6
Conditions for
settling disputes
5 Conditions for
dissolving the
partnership
10. UNLIMITED LIABILITY
A major problem with partnerships, as with sole proprietorships. In
this case, each partner is personally liable not only for his or her own
actions but also for the actions of all the partners. If your partner in an
architectural firm makes a mistake that causes a structure to collapse,
the loss your business incurs impacts you just as much as it would him
or her.
11. LIMITED LIABILITY
The law permits business owners to form a limited partnership which
has two types of partners: a single general partner who runs the
business and is responsible for its liabilities, and any number of limited
partners who have limited involvement in the business and whose losses
are limited to the amount of their investment
12. 6
Types of business owners
2
Division of
partnership
income (or loss
1
Amount of cash
and other
contributions to
be made by each
part
3 Division of
partnership
income (or loss
4
Conditions under
which a partner
can sell an interest
in the com
6
Conditions for
settling disputes
5 Conditions for
dissolving the
partnership
13. Advantages and Disadvantages of Partnerships
โข it brings together a diverse group of talented individuals
โข it makes financing easier:
โข continuity neednโt be an issue because partners can agree legally to
allow the partnership to survive if one or more partners die.
14. CORPORATION
differs from a sole proprietorship and a partnership because itโs a
legal entity that is entirely separate from the parties who own it. It can
enter into binding contracts, buy and sell property, sue and be sued, be
held responsible for its actions, and be taxed.
15. 6
COMPOSITION OF CORPORATION
2 Benefits of
Incorporation
1
Ownership and
Stock
3
Limited Liability
4
Financial
Resources 6
Continuity and
Transferability
5 Specialized
Management
7
Drawbacks to
Incorporation
16. โ Not-for-profit corporation (sometimes called a
nonprofit) is an organization formed to serve some
public purpose rather than for financial gain. As long as
the organizationโs activity is for charitable, religious,
educational, scientific, or literary purposes, it can be
exempt from paying income taxes.
Other Types of Business
Ownership:
17. Business Ethics
Business ethics is a practice that determines
what is right, wrong, and appropriate in the
workplace. Business ethics is often guided by
laws, and these principles keep companies
and individuals from engaging in illegal activity
such as insider trading, discrimination and
bribery.
18. Doing business ethics means providing reasons for how things ought
to be in the economic world. This requires the following;
๏ Arranging values to guide decisions. There needs to be a clearly defined
and well-justified set of priorities about whatโs worth seeking and
protecting and what other things weโre willing to compromise or give up.
๏ Understanding the facts. To effectively apply a set of values to any
situation, the situation itself must be carefully defined
๏ Constructing arguments. This shows how, given the facts, one action
serves our values better than other actions. While the complexities of
real life frequently disallow absolute proofs, there remains an absolute
requirement of comprehensible reasoning
19. The Environment and Personality Type
Production Marketing
of goods
and services
Distribution Earning
profits
20. Business denotes organized activities
related to industry, commerce and
profession. It is carried on by owners and it
has some objective to be achieved. The
objectives of business can be profit,
growth, survival, leadership, efficiency and
social responsibility. Business is a system.
A system is an integrated whole. It
operates within the environment.
Business environment is the
surroundings where business firm grow
up.
21. Business is environment specific. It operates in a dynamic environment.
Environmental adaptation is the essence of business survival and growth. The
aggregate name of factors and forces that influence business and business
related activities is business environment. Business environment consists of
sum total of all factors forces, events and institutions that surround business.
23. Internal Environment
The one and only fully
controllable environment by the
business organization is internal
environments.
Internal environment
consists of condition, factors and
forces within the business
organization that affect its
performance and outcomes. It
defines the scope of business
organization, and provides
strength and weakness to the
organization
24. External Environment
Generally, business environment is
regarded as external environment.
External environment consist of conditions
and forces outside the business that
influence its performance, development
and outcomes. It cannot be controlled by
business. It provides opportunities and
threats that are lying in the outside the
business organization.
25. FIVE PERSONALITY TRAITS OF
AN ENTREPRENEUR
PASSION
For those uninitiated,
entrepreneurs are not in it
for the money. While there
have been some icons who
have made more cash than
most of us weโll dream
26. OPPORTUNITIES
What are your goals?
Are demands shifting? How can it be improved?
O
THREATS
What are the blockers you're facing?
What are factors outside of your control?
T
RESILIENCE
As an entrepreneur, youโre going to fail. Thatโs just an
unfortunate fact. While something that drastic would be too
much for most people to handle, Instead of giving up, an
entrepreneur will learn from their failures. What went
wrong?How can I succeed next time? These are the type of
questions an entrepreneur will ask themselves. An
entrepreneur doesnโt stay down when times get rough. Theyโre
resilient and thrive off of the negativity.
27. STRONG SENSE OF SELF
Any entrepreneur will tell that there are
numerous problems to overcome.
A cooperative (also known as a co-op) is
a business owned and controlled by those
who use its services. Individuals and firms
who belong to the cooperative join together
to market products, purchase supplies, and
provide services for its members.
Whether it be not securing enough
funding, proving the naysayers wrong or
facing the competition head on, itโs not easy
being an entrepreneur. And, being
passionate and resilient can only go so far.
Which is why entrepreneurs also have an
extremely strong sense of self.
28. FLEXIBILITY
Being able to adapt to changes
and challenges is crucial for any
business. In fact, most entrepreneurs
will inform you that their idea or
business plan is drastically different
than when it began. An idea may be
brilliant, but in reality it isnโt effective.
Entrepreneurs are flexible enough to
make the adjustments to make that
idea feasible. Furthermore,
entrepreneurs are prepared and
willing to modify their plan when new
information arrives and when there
are changes in circumstances.
29. VISION
Entrepreneurs see opportunity
everywhere. Theyโre innovators who
are always on the lookout to either
develop a new idea or improve an
existing product or service. And,
chances are thatโs the main reason
why they became an entrepreneur in
the first place. At some point in their
lives they noticed something that could
be better. But, instead of just saying
that something could be better wasnโt
enough.