acc_557_week_1_individual_assignme...

Jun 2nd, 2015
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acc_557_week_1_individual_assignme...

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Small Business Idea PaperNameACC/561DateInstructorSmall Business Idea PaperUnderstanding types of business forms and the legal, tax, and accounting functions that are involved with starting a small business is very important, a person would need to know what type of business form is most favorable to start based on their particular needs or desires and then evaluate how the particular business form will effect what he or she is doing from a legal or tax perspective. In the course of our discussion we will discuss the business form that I chose for my business as well as some of the legal, accounting, and tax issues that go along with the business form that I chose. Let's start with a brief description of the company as well as the type of business form that I chose.Company and Business FormThe company that I would like to start is a consulting firm that focuses on financial services and sports marketing, the company will be operated as a sole proprietorship, I originally wanted to operate the company as a partnership with one of my friends that shares the same experience and interest as me but in hindsight felt that I would be better served operating the company myself. Having a partner would give me help with operations and experience but would also open the company up to more exposure to financial risk, and lawsuits if we as partners are not on the same page so I decided against it. On the other end of the spectrum operating the company as a sole proprieto

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