Business Structure and Financial Statements

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FIN 419

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Purpose of Assignment

The purpose of this assignment is to help students gain a better understanding of the importance of the appropriate legal business categories and financial statements as a key management tool for making decisions.

Assignment Steps

Develop a 1,050-word evaluation describing business structure and financial statements, including the following:

  • Identify and describe the legal categories of a business organization contrasting tax-related advantages and disadvantages.
  • Next, using your entrepreneur skills, consider starting your own business. What business structure would you choose and why?
  • Discuss financial statements for the chosen business structure, then explain with specific examples from the University Library, how these would help you make decisions about your business.

Cite a minimum of two peer-reviewed references.

Format your paper consistent with APA guidelines.

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Business Structure and Financial Statements Grading Guide FIN/419 Version 6 Finance for Decision Making Copyright Copyright © 2017, 2016, 2015, 2010 by University of Phoenix. All rights reserved. University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Business Structure and Financial Statements Grading Guide FIN/419 Version 6 Edited in accordance with University of Phoenix® editorial standards and practices. 2 Business Structure and Financial Statements Grading Guide FIN/419 Version 6 Individual Assignment: Business Structure and Financial Statements Purpose of Assignment The purpose of this assignment is to help students gain a better understanding of the importance of the appropriate legal business categories and financial statements as a key management tool for making decisions. Resources Required Grading Guide Content Met Partially Met Not Met Total Available Total Earned 5 #/5 Partially Met Not Met Comments: The student developed a 1,050-word evaluation describing business structure and financial statements The student identified and described the legal categories of a business organization contrasting tax-related advantages and disadvantages. The student used their entrepreneur skills, consider starting your own business. Student chose a business structure and the reason. The student discussed financial statements for the chosen business structure, then explained with specific examples from the University Library, how these would help make decisions about the business. The student cited a minimum of two peerreviewed references. Writing Guidelines The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Met Comments: 3 Business Structure and Financial Statements Grading Guide FIN/419 Version 6 Writing Guidelines Met Partially Met Not Met Total Available Total Earned 3 #/3 8 #/8 Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: 4
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Running head: BUSINESS STRUCTURE AND FINANCIAL STATEMENTS

Business Structure and Financial Statements
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BUSINESS STRUCTURE AND FINANCIAL STATEMENTS
Business Structure and Financial Statements
A business structure can be defined as a category that is recognized by law to
which an organization may belong (Scarborough, 2016). For business owners and
potential business owners, business structures are a vital aspect of their daily activities
because they determine how the business is to operate and the returns to expect thereof as
per the business’ financial statements (Scarborough, 2016). Financial statements are also
important as they enable the business keep records regarding the business performance
and enable easier financial management as the areas that need attention can easily be
spotted on the financial statements of the business (Scarborough, 2016).
Legal categories of a business organization
Legally, there exist several categories of business organizations. They include
corporations; which can be regular corporations, S corporations, non-profit or
professional corporations, limited liability companies, sole proprietorships and
partnerships (Traynor, 2007).
A sole proprietorship is a business that is owned by only one individual regardless
of the size of the business. The major tax advantage of the sole proprietorship is that tax
is paid th...

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