2. Seller of a business may train a new owner- experienced employees may be available to help the new owner learn about the company.
|
|
- Malcolm Page
- 6 years ago
- Views:
Transcription
1 CHAPTER 4, SELECT A TYPE OF OWNERSHIP Run and Existing Business- Most people consider going into business for themselves, they think about starting a new business. Two other ways of becoming an entrepreneur: purchase an existing business or entering a family business. Purchase an Existing Business- Owners sell their businesses for a variety of regions. Insufficient sales or profits, worry about new competition, fear of new economic conditions, retirement, a dispute between partners, death or illness of a partner and the desire to do something different. How to find Existing Businesses- through advertisement, newspaper, business broker,(sells businesses for a living) landlords, leasing agents, lawyers and bankers. Advantages of Buying an Existing Business l. Already has customers, suppliers, and procedures. Fine-turning systems that are already in place is likely to be much easier than creating systems from scratch. 2. Seller of a business may train a new owner- experienced employees may be available to help the new owner learn about the company. 3. Prior records of revenues, expenses and profits. Financial planning is easier and more reliable than a new business. 4. Financial arrangements can be easier.- seller may accept an initial partial payment and allow the rest to be paid off in monthly installments. This can eliminate bank financing or getting it may be easier since banks are more likely to lend to an established business. Disadvantages of Buying an Existing Business l. For sale because they are not making a profit. Owners try to sell when a business is not financially viable. 2. Problems may be inherited- May have a poor reputation with customers, trouble with suppliers or poorly located. 3. Capital is required- not all entrepreneurs have the money to purchase a business. Starting small may be their only option. Steps to Purchase a Business l. Write objectives about the kind of business you want to buy and identify businesses for sale that meet your objectives.
2 2. Meet with business sellers or brokers to investigate specific opportunities.. History of the business, reason for its sale, financial performance and price the owner is asking for the business. 3. Visit during business hours to observe the company in action. Inspect the facility closely to make sure that it meets your needs. 4. Ask the owner to provide you with a complete financial accounting of operations for at least the past three years. Analyze these reports will help you see how much profit you can make. 5. Ask for important information in written form. Get a list of all assets to be transferred to the new owner. Any legal actions or pending against the business, copy of lease or mortgage and a list of all suppliers. Accountant or lawyer should help you review material. Be suspicious if the owner refuses to provide all information. 6. Determine how you would finance the business. 7. Get expert help to determine a price to offer for the business. An accountant or a valuator- determine the value of a business. Present an offer in writing to seller. Once an agreement is reached, have a lawyer draw up a sales contract. Enter a Family Business- Advantages l. Pride and sense of mission also enjoy that the businesses remain in the family. 2. Enjoy working with relatives. Efforts are benefiting the family. Disadvantages- l. Senior management positions are often held by family members, regardless of ability. 2. Poor business decisions may be made. Family politics often enter into business decisions. 3. Difficult to retain good employees who are not members of the family. 4. Distinction between business life and private life is blurred. Business problems end up affecting family lives. Own a Franchise or Start a Business Jiffy Lube, McDonald s are a franchise owned by private entrepreneurs who operate them as their own businesses.
3 Franchise- legal agreement that gives an individual the right to market a company s products or services in a particular area. Franchisee person who purchases a franchise agreement. Franchisor- person or company who offers a franchise for purchase. More than 500,000 people in US own franchises. Opportunities are available in virtually every field, motels to pet stores to video outlets. The Franchise Opportunities Handbook, A Consumer Guide to Buying a Franchise, The Wall Street Journal, Forbes, Barron s Business Start-Ups and Entrepreneur Operating Costs of a Franchise: Initial Franchise fee- Owner pays in return for the right to run the franchise. Pay start-up costs, royalty fees, and advertising fees. May also have a nationwide advertising fee. Can be a few thousand to few hundred thousand. Start Up costs associated with beginning a business. Costs of renting a facility, equipping the outlet, and a purchasing inventory. Royalty fees- weekly or monthly payments made by the owner of the franchise to the seller of the franchise. Advertising fees paid to support television, magazine, or other advertising of the franchise as a whole. Advantages of Owning a Franchise l. An entrepreneur is provided with an established product or service. 2. Franchisors offer management, technical and other assistance. 3. Equipment and supplies can be less expensive. 4. A guarantee of consistency attracts customers. Disadvantages l. Franchises can cost a lot of money and cut down on profits. 2. Owners have less freedom to make decisions than other entrepreneurs. 3. Franchisees are dependent on the performance of other franchises in the chain. 4. Franchisor can terminate the franchise agreement.
4 Evaluating a Franchise l. What is the projected demand for the franchised product or service. Will I be guaranteed an exclusive territory for the duration of the franchise. 2. What are the costs and royalty fees associated with the franchise. 3. How profitable have other franchises in the area been. 4. How long has the franchisor been in business? How profitable is the franchisor? 5. What services does the franchisor. Will the franchisor help with with marketing, merchandising and site selection. 6. Are the benefits provided by the franchisor worth the loss of independence and the cost of purchasing the franchise? 7. What happens If I want to cancel the franchise agreement. Never sign legal documents without consulting an attorney. Let your attorney know what promises were made to you orally. Advantages of Starting Your Own Business Staring your own business you get to make decisions about everything for where to locate the business to how many employees to hire and what prices to charge. Many are attracted to challenge of creating something entirely new. Disadvantages Many risks: Consider demand for your product or service, location, what employees to hire and other decisions. Decisions are not always positive. Choose the Legal Form of Your Business Sole Proprietorship-enables one person to be in control of all business aspects. Small business or very large. Government exercises very little control over sole prop. Can be established and run very simply. Tax records and certain employment laws must be met. The most common form of ownership in US. Disadvantages- difficult to raise money. Only person contributing money, Private assets can be taken to pay what is owed, if the business fails. Partnership- share decision-making and management responsibilities. Not all the capital alone. Losses are shared by all partners. Face very little government regualations.
5 Disadvantages- Do not like partnerships, they do not want to share responsibilities and profits with other people. Legally liable for the errors of partners. Partnerships can also lead to disagreements and end bitterly. Partnership agreement- set down in writing the rights and responsibilities of each of the owners. Pg. 83/84. Corporation-Treated independently of its owners. Corporation has legal rights of a person, the corporation, not owners pay taxes. Ownership of a corp. is in the form of shares of stock. Share of Stock is a unit of ownership in a corporation. People who own shares are called shareholders or stockholders. Board of Directors-group of people who meet several times a year to make decisions affecting the company. Dividends- distributions of profits to shareholders by corporations. Disadvantages- More complicated to set up. To incorporate needs the assistance of a lawyer who will help you file articles of incorporation. More paper work is involved. More government regulations. Taxed twice, corporation pays taxes on its income and shareholders pay taxes on the dividends they receive from the corporation. Liability is the amount owed to others. The shareholders liability is limited to amount of money each shareholder invested. Incorporation allows businesses to raise money through selling more stock. Lenders are more willing to lend money to corporations. Shareholders do not affect the management of a corporation. S corporation- is a corporation organized under subchapter S who income is taxed as a partnership. S corporation is not taxed as a business. Individual shareholders are taxed on the profits they earn. Many companies lose money in the early years. Any losses suffered by S corporation can be used to offset other sources of taxable income.
6
Unit 3 Microeconomics
Unit 3 Microeconomics In this unit, you will apply the economic terms you have learned to business decisions. You will study different types of business firms, the types of competition those firms face,
More informationThe Federal Trade Commission s Guide to Buying a Franchise
The Federal Trade Commission s Guide to Buying a Franchise 727-455-0056 FranchiseMegaBrand.com Consumer Guide to Buying a Franchise Federal Trade Commission s Consumer Guide to Buying a Franchise The Benefits
More informationTopic 2: Forms of Business Organization
Topic 2: Forms of Business Organization Forms of Business Organization A business can be organized in one of several ways, and the form its owners choose will affect the company's and owners' legal liability
More informationAbout Business Firms
CHAPTER 7: SECTION 1 About Business Firms Why Do Business Firms Exist? A business firm is an organization that uses resources to produce goods and services that are sold to consumers, other firms, or the
More informationTrefzger, FIL 240 & FIL 404 Assignment: Debt and Equity Financing and Form of Business Organization
Trefzger, FIL 240 & FIL 404 Assignment: Debt and Equity Financing and Form of Business Organization Please read the following story that provides insights into debt (lenders) and equity (owners) financing.
More information50% 50% One myth is that the majority of small businesses fail. According to the Bureau of Labor Statistics, after two years
Do You Have What t Takes? REALTY: PROPER PLANNNG S KEY One myth is that the majority of small businesses fail. According to the Bureau of Labor Statistics, after two years 50% in business, the majority
More informationChapter 8: Business Organizations Section 2
Chapter 8: Business Organizations Section 2 Objectives 1. Compare and contrast different types of partnerships. 2. Analyze the advantages of partnerships. 3. Analyze the disadvantages of partnerships.
More informationA Place to Rent. 1/3 of people in the United States Single people, young married couples, and older adults Mobile lifestyles
Obtaining Housing A Place to Rent 1/3 of people in the United States Single people, young married couples, and older adults Mobile lifestyles Security Deposit A payment that ensures the owner against financial
More informationBusiness Ownership & Registration
Directions: Fill in the blanks. Types of Business Ownership Segment 1. Business Ownership Is the individual or groups which own a business and its legal entities Includes: determining which type of business
More informationCharles Burt s. Home Buyers Guide
Charles Burt s Home Buyers Guide Table of Contents The Home-Buying Process Quick Tips How can a Charles Burt agent help me? What is a broker? The Mortgage Process What are the advantages of pre-approval?
More informationFINDING THE RIGHT LOAN FOR YOUR BUSINESS!
The Power of a Working Capital Loan FINDING THE RIGHT LOAN FOR YOUR BUSINESS! WORKING CAPITAL LOANS - Business Lending Made Easy Have You Ever? Sweated about keeping your vendors paid and operations running
More informationHow To Sell Your House FAST - Quick Sale
How To Sell Your House FAST - Quick Sale Tips for selling your house fast Presented By: Firstname Lastname Phone: (469)-573-4965 Page 1 Page 2 In today's real estate market, more houses are sitting on
More information1. Remortgaging: The Basics
Remortgage Guide There are many reasons why you might want to remortgage your home, but have been hesitant to do it. We ve created this remortgage guide to show you that remortgaging your home can actually
More informationBMET5103 ENTREPRENEURSHIP. Topic 5 Forms of Business Ownership and Franchising
BMET5103 ENTREPRENEURSHIP Topic 5 Forms of Business Ownership and Franchising 19 February 2017 Content 5.0 Introduction 5.1 Issues to Consider When Setting up Business Ownership 5.2 Sole Proprietorship
More informationLeadership, Attitude, Performance...making learning pay! Law LAP 1 Performance Indicator: BL:003. Own It Your Way. Business Ownership
AP Business Leadership, Attitude, Performance...making learning pay! Law LAP 1 Performance Indicator: BL:003 Own It Your Way Business Ownership Mine, all mine Finding the perfect partner Get your share
More informationDEBTS AND DISPUTES. Understanding Debt. What to do?
DEBTS AND DISPUTES If you ve ever been owed money, you know it s a frustrating situation to be in. Even when it s a small sum, debts not only leave a bad taste, but they can really affect your financial
More informationFORMS OF BUSINESS OWNERSHIP. Section 2.1 (page 41)
FORMS OF BUSINESS OWNERSHIP Section 2.1 (page 41) Different forms of business ownership are: Sole Proprietorships Partnerships Corporations co-operatives (not studied in this course) Franchises Sole Proprietorship
More informationSEVEN LIFE-DEFINING FINANCIAL DECISIONS
SEVEN LIFE-DEFINING FINANCIAL DECISIONS A Joint Project of The Actuarial Foundation and WISER, the Women's Institute for a Secure Retirement 4 HOME OWNERSHIP, DEBT, AND CREDIT Buying a home is one of the
More informationA REAL DEAL MEETUP EXCLUSIVE REPORT:
A REAL DEAL MEETUP EXCLUSIVE REPORT: Here are some questions to consider asking potential power team members when you are putting your own REI Power Team! Property Managers Do you have the time to manage
More informationSTOP RENTING AND OWN A HOME FOR LESS THAN YOU ARE PAYING IN RENT WITH VERY LITTLE MONEY DOWN
STOP RENTING AND OWN A HOME FOR LESS THAN YOU ARE PAYING IN RENT WITH VERY LITTLE MONEY DOWN 1. This free report will show you the tax benefits of owning your own home as well as: 2. How to get pre-approved
More informationFranchise Marketing Funds
Franchise Marketing Funds One of the key advantages of joining a franchise is the strength of the franchisor s brand, and the power of the marketing that supports the brand. According to the Franchising
More informationYOUR GUIDE TO PRE- SETTLEMENT ADVANCES
YOUR GUIDE TO PRE- SETTLEMENT ADVANCES What is a pre-settlement advance? If you have hired an attorney to bring a lawsuit, and if you need cash now, you may be able to obtain a pre-settlement advance on
More informationUSING THE SCHRADER-MALCOM-WILLINGHAM MODEL TO EXPLAIN JOURNAL ENTRIES
USING THE SCHRADER-MALCOM-WILLINGHAM MODEL TO EXPLAIN JOURNAL ENTRIES Carl Brewer Associate Professor Department of Accounting College of Business Administration Sam Houston State University Box 2056 Huntsville,
More informationThe Massachusetts Homeownership Collaborative
The Massachusetts Homeownership Collaborative HOMEBUYER COUNSELING CORE CURRICULUM Section Objectives: To encourage participants to secure legal representation during the home purchase process To provide
More informationTHINGS TO CONSIDER WHEN BUYING A HOME FALL 2014 EDITION
THINGS TO CONSIDER WHEN BUYING A HOME FALL 2014 EDITION TABLE OF CONTENTS 1 3 4 6 7 8 9 11 4 REASONS TO BUY YOUR HOME NOW YOU NEED A PROFESSIONAL WHEN BUYING A HOME 4 DEMANDS TO MAKE ON YOUR REAL ESTATE
More informationProfit Growth Strategies By Brian Tracy
Profit Growth Strategies By Brian Tracy Getting the Money You Need Introduction Thought is the original source of all wealth, all success, all material gain, all great discoveries and inventions, and of
More informationSection 12-1-Researching Investments and Markets
Section 12-1-Researching Investments and Markets Sources of Investing Information Magazines Business Week, Fortune and Forbes Contain information that can be helpful to investors Read business articles
More informationAn old stock market saying is, "Bulls can make money, bears can make money, but pigs end up getting slaughtered.
In this lesson, you will learn about buying on margin and selling short. You will learn how buying on margin and selling short can increase potential gains on stock purchases, but at the risk of greater
More informationTypes of Business Organizations What is an entrepreneur?
Types of Business Organizations What is an entrepreneur? People who start businesses are called entrepreneurs. They strike out on their own They are risk takers They give up a steady job working for someone
More informationInvesting 101. Jaspreet Singh Minority Mindset.
Investing 101 Jaspreet Singh Minority Mindset www.theminoritymindset.com Table of Contents i WHO AM I & WHAT IS THE MINORITY MINDSET? ii FOLLOW US iii DISCLAIMER 01 HOW DO YOU MAKE MONEY WITHOUT WORKING?
More informationChapter Objectives. Chapter 8. Housing. How much housing can you afford? What are the rental prices in your area?
Chapter Objectives Chapter 8. Housing To determine how much you can afford to spend on housing To compare whether it is financially more attractive to buy or rent To explain the real estate transaction
More informationThe FOS Approach to Mortgagee sales
The FOS Approach to Mortgagee sales 1 At a glance 2 1.1 Scope 2 1.2 Summary 2 2 In detail 3 2.1 Taking reasonable care 3 2.2 Valuing the property 4 2.3 Marketing the property 5 2.4 Maintaining or improving
More informationYou re listening to rebuilding after a financial crisis. Hi, I m Niki, your host for today s Podcast.
Rebuilding After a Financial Crisis Podcast [Music plays] Nikki: You re listening to rebuilding after a financial crisis. Hi, I m Niki, your host for today s Podcast. There are many things in life that
More informationBeing a Guarantor. This booklet will help you understand all that is involved in being a Guarantor.
is a big responsibility and can have serious consequences. It is important to understand exactly what you are getting yourself into and what the impact of signing the agreement may be. can be a helpful
More informationBullet Point: Be cautious of anyone offering to save your home from foreclosure
TITLE CARD: MORTGAGE FORECLOSURE SCAMS TITLE CARD: BEWARE OF SCAMS TITLE CARD: INTRODUCTION The faces the camera. Hello. This video will teach you about different scams to watch out for when you are facing
More informationLEARN ABOUT YOUR RIGHTS AND OPTIONS IN A FORECLOSURE
FORECLOSURE GUIDE LEARN ABOUT YOUR RIGHTS AND OPTIONS IN A FORECLOSURE The Nineteenth Judicial Circuit Center for Self-Representation 18 North County Street Waukegan, Illinois 60085 With Thanks to. Legal
More informationChp 9: How Are Businesses Organized?
Name: Date: Period: Chp 9: How Are Businesses Organized? Notes Chp 09: How Are Businesses Organized? 1 Objectives about How Are Businesses Organized? EPF2 The student will demonstrate knowledge of the
More informationFTC FACTS for Consumers. Home Sweet Home... Improvement FEDERAL TRADE COMMISSION FOR THE CONSUMER. ftc.gov FTC-HELP
FTC FACTS for Consumers Home Sweet Home... Improvement FEDERAL TRADE COMMISSION 1-877-FTC-HELP ftc.gov FOR THE CONSUMER hether you re planning W an addition for a growing family or simply getting new storm
More informationIntroducer Presentation Pack
Introducer Presentation Pack Contents Introduction to Pure Money Welcome to the Management Team Application Process Flow Underwriting Criteria Proposal Decision Form Status Report New Business Reporting
More informationMULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which of the following stages has a positive cash flow? 1) A) later stage early stage expansion
More informationAccounting Basics, Part 1
Accounting Basics, Part 1 Accrual, Double-Entry Accounting, Debits & Credits, Chart of Accounts, Journals and, Ledger Part 1 What s Here Introduction Business Types Business Organization Professional Advice
More informationESSENTIALS OF ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT 6E Chapter 7: Buying and Existing Business
7-1 Key Questions to Consider Before Is the right type of business for sale in the market in which you want to operate? What experience do you have in this particular business and the industry in which
More informationfor Newcomers and New Canadians Module 2 How to Build Credit In Canada Student Workbook
for Newcomers and New Canadians Module 2 How to Build Credit In Canada Student Workbook Welcome! This workshop is about credit. Credit is buying something now, but paying for it later. Credit can be useful
More informationFranchises and Buyouts
Franchises and Buyouts Part 2 Starting From Scratch or Joining an Existing Business PowerPoint Presentation by Charlie Cook The University of West Alabama Copyright 2006 Thomson Business & Professional
More informationCHAPTER 6: Types of Business Organizations
CHAPTER 6: Types of Business Organizations Key Revision Points Organisations and their environment Business organisations are extremely diverse in their form and functions, even within a single business
More informationA GUIDE TO SETTING UP A SMALL BUSINESS AND PROPERLY TRACKING YOU INCOME & EXPENSES
STEP 1: A GUIDE TO SETTING UP A SMALL BUSINESS AND PROPERLY TRACKING YOU INCOME & EXPENSES Referral for Business Set Up at 25% off for Traveler s Q Independent Contractors, please contact me for the contact
More informationSecured and Unsecured (1)
LOANS The information contained in this document is for informational purposes only. The purpose of documents such as this is to promote general understanding and knowledge of various welfare topics. It
More informationWhat is Buying on Credit? What Kinds of Things Are Usually Bought on Credit? What is the Difference Between Open-End Credit and Closed-End Credit?
buying on credit What is Buying on Credit? When you buy on credit, you pay extra for the privilege of spreading your payments out over a period of time. What Kinds of Things Are Usually Bought on Credit?
More informationProject Pro$per. Credit Reports and Credit Scores
Project Pro$per Presents Credit Reports and Credit Scores Participant Guide www.projectprosper.org www.facebook.com/projectprosper Based on Wells Fargo s Hands on Banking The Hands on Banking program is
More informationEstablishing a business presence in the UK. lewissilkin.com
Establishing a business presence in the UK lewissilkin.com Contents 1. Establishing a UK branch or other place of business 1 2. Establishing a UK subsidiary 3 3. Establishing a UK limited liability partnership
More informationLand Acquisition and Development Finance Part VI
Land Acquisition and Development Finance Part VI In last month s Learn article, we discussed financing structures for development using OPM (Other People s Money). In this article we will discuss organization
More informationChoosing a Form of Business Ownership
Chapter 4 Choosing a Form of Business Ownership 1 Describe the advantages and disadvantages of sole proprietorships. 2 Explain the different types of partners and the importance of partnership agreements.
More informationPindyck and Rubinfeld, Chapter 17 Sections 17.1 and 17.2 Asymmetric information can cause a competitive equilibrium allocation to be inefficient.
Pindyck and Rubinfeld, Chapter 17 Sections 17.1 and 17.2 Asymmetric information can cause a competitive equilibrium allocation to be inefficient. A market has asymmetric information when some agents know
More informationMay 2005, the U.S. Supreme Court, in Granholm v. Heald, found the three-tier distribution system to be unquestionably legitimate.
May 2005, the U.S. Supreme Court, in Granholm v. Heald, found the three-tier distribution system to be unquestionably legitimate. 2 Licensing States vs. Control States Although state statutory and regulatory
More informationChapter 1: Business Decisions and Financial Accounting
Test Bank Fundamentals Of Financial Accounting 5th Edition by Fred Phillips, Robert Libby, Patricia Libby, completed download: https://testbankarea.com/download/fundamentals-financialaccounting-5th-edition-test-bank-fred-phillips-robert-libby-patricialibby/
More informationCREDIT CARD AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974
CREDIT CARD AGREEMENT REGULATED BY THE CONSUMER CREDIT ACT 1974 The parties to this Agreement are Sainsbury's Bank plc, 33 Holborn, London, EC1N 2HT and of 1. Credit limit We will decide your credit limit
More informationLegal Clinic for Start-Ups and Entrepreneurs.
Legal Clinic for Start-Ups and Entrepreneurs. Organiser : BEDB and Law Society of Brunei Darussalam Venue : icentre, Bandar Seri Begawan, Brunei Darussalam Date : Friday, 8 July 2011 Topic : Types of Business
More informationBUYING YOUR FIRST HOME: THREE STEPS TO SUCCESSFUL MORTGAGE SHOPPING MORTGAGES
BUYING YOUR FIRST HOME: THREE STEPS TO SUCCESSFUL MORTGAGE SHOPPING MORTGAGES June 2015 Cat. No.: FC5-22/3-2015E-PDF ISBN: 978-0-660-02848-4 Her Majesty the Queen in Right of Canada (Financial Consumer
More informationSelect a Type of Ownership
Chapter 7 Select a Type of Ownership 7.2 Choose a Legal Form of Business Sole Proprietorship sole proprietorship a business that is owned exclusively by one person An individual proprietor owns and manages
More informationCreditworthiness (UXL)
Creditworthiness (UXL) Since so much debt is unsecured, it is important for companies to have information on how well their potential borrowers handle money in order to assess their creditworthiness, or
More informationBookkeepers are the accountant s eyes and ears. Few accountants actually take the time
Chapter 1 Deciphering the Basics In This Chapter Cash vs. accrual Understanding assets, liabilities, and equity Putting it all on paper Managing transactions daily Introducing the financial statements
More informationThe Limited Liability Company Guidebook
The Limited Liability Company Guidebook Copyright 2017, Breglio Law Office, LLC Breglio Law Office 234 E 2100 South Salt Lake City, UT 84115 (801) 560-2180 admin@bregliolaw.com Thanks for taking some time
More informationyears INTEREST ONLY MORTGAGES
HOMEBUYER S GUIDE Buying a new home can be a potentially daunting process so we ve prepared this step-by-step guide to help you. It outlines the buying process and gives a guide to the different types
More informationFORECLOSURES. I m behind in my mortgage payments, what should I do?
FORECLOSURES This flyer was prepared by Legal Services of Greater Miami, Inc.(LSGMI) with support from the Institute for Foreclosure Legal Assistance. LSGMI represents homeowners in foreclosure and homeowners
More informationDangers of Do-It- Yourself Wills and Living Trusts
Dangers of Do-It- Yourself Wills and Living Trusts Compliments of: Nirenstein, Horowitz & Associates (860) 548-1000 www.preserveyourestate.net American Academy of Estate Planning Attorneys AAEPA Estate
More informationKey Terms 1. Sole Proprietorship 11. Unlimited Liability 2. Limited Liability 12. Shareholders 3 Partnership
Key Terms 1. Sole Proprietorship 11. Unlimited Liability 2. Limited Liability 12. Shareholders 3 Partnership 13. Private Corporation 4 Social Responsibility A) Profit 5. Public Corporation B) Non-profit
More informationWeek 5, Chap3 Accounting 1A, Financial Accounting. Instructor: Michael Booth
Week 5, Chap3 Accounting 1A, Financial Accounting Instructor: Michael Booth Business Background How do business activities affect the income statement? How are these activities recognized and measured?
More informationTopic 1! The Accounting Equation and The effect of Economic Transactions!
Topic 1 The Accounting Equation and The effect of Economic Transactions Accounting in Action : Knowing the Numbers : In business, accounting and financial statement are the means for communicating the
More informationOutlining the Chapter
Chapter 6 Outlining the Chapter Look over the chapter paying attention to the main topics and concepts. As you look over each section of the chapter, fill in the missing words in the outline below. I.
More informationPresentation 1 Finance 101 BUAD 340
Presentation 1 Finance 101 BUAD 340 1. What is finance? 2. Three types of business organizations Overview 3. The goal of the financial manager 4. The eight basic principles of finance What is Finance?
More informationFull file at
TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) A journal entry is a record of an event that has a financial impact on the business that can be reliably measured. 1)
More informationHOME BUYING MADE EASY
HOME BUYING MADE EASY Know what you need to get it right. Brought to you by: PNC Mortgage Loan Officer NMLS# HOME BUYING MADE EASY PNC, PNC HomeHQ, PNC Home Insight
More informationTAX EFFECTIVE GEARED INVESTING
TAX EFFECTIVE GEARED INVESTING Peter Gianoli - General Manager Investor Assist Introducing tax-effective geared investing. It s a term that sounds complicated but it s really quite simple and can have
More informationThe Perfect Storm. Subprime crisis. How the foreclosure process works... pg. 2. FORECLOSURE SCAMS How to avoid predators... pg. 3
Subprime crisis The Perfect Storm How the foreclosure process works... pg. FORECLOSURE SCAMS How to avoid predators... pg. WHIRLWIND FORECLOSURE SALE 5 steps of buying a foreclosed property... pg. SEEKING
More informationAccounting Definition
Accounting Definition MINSK MINSK INNOVATION UNIVERSITY Oct, 2015 Learning Objectives After this lecture, you should be able to: 1. Define accounting. 2. Describe the primary forms of business organization.
More informationWeek 3, Chap 3 Accounting 1A, Financial Accounting. Instructor: Michael Booth
Week 3, Chap 3 Accounting 1A, Financial Accounting Instructor: Michael Booth The Debit-Credit Framework A = L + SE ASSETS LIABILITIES EQUITIES Debit for Increase Credit for Decrease Debit for Decrease
More informationChapter 8: Business Organizations
SCHS SOCIAL STUDIES What you need to know UNIT THREE 1. Describe the advantages and disadvantages of sole proprietors 2. Explain the different types of partnerships 3. Understand the different types of
More informationChapters 1-4 (Part One)
Profession of Accounting Chapters 1-4 (Part One) The accounting profession is varied. It includes private accounting, where accountants work for their clients (e.g., Controllers). It also includes public
More informationInterview With IRA Expert Ed Slott
Interview With IRA Expert Ed Slott By Robert Brokamp September 2, 2010 Motley Fool s Rule Your Retirement Certified public accountant Ed Slott, the author of five books, is considered one of America's
More informationStarting a Business in the US as a Foreigner
Starting a Business in the US as a Foreigner What You Need to Know! Romy B. Jurado, Esq., Attorney Jurado & Farshchian, P.L. - 12955 Biscayne Blvd., Suite 328, North Miami, FL 33181 T: (305) 921-0440 F:
More informationChapter 8: Business Organizations
8-1 Summary: Fill in the missing words. One of the first decisions entrepreneurs must make is what kind of business organization they will have. A _ is an establishment formed to carry on commercial enterprise.
More informationWeygandt, Kieso, Kimmel, Trenholm, Kinnear, Barlow, Atkins: Principles of Financial Accounting, Canadian Edition CHAPTER 1. Accounting in Action
CHAPTER 1 Accounting in Action ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises Problems Set A 1. Identify the use and users of accounting and the objective of financial
More informationSteps to Owning a Franchise
Steps to Owning a Franchise Questions to Ask Yourself Questions to Ask the Franchisor Questions to Ask the Franchisees Steps to Financing Understanding the FDD Murphy Business & Financial Corporation LLC
More informationStatement of Matthew R. Shay President & CEO International Franchise Association. Before the House Committee on Small Business
Statement of Matthew R. Shay President & CEO International Franchise Association Before the House Committee on Small Business Hearing on Increasing Access to Capital for Small Businesses October 14, 2009
More informationConsider these potential business situations: (1) Ryan wants to take advantage of the trend for custom wedding and birthday cakes, working part time
Ch.2 Consider these potential business situations: (1) Ryan wants to take advantage of the trend for custom wedding and birthday cakes, working part time to produce supplemental income for his family.
More informationA Look at Franchise Royalty Fees
A Look at Franchise Royalty Fees An Examination of Average Royalty Fees from 2012-2018 Christina Niu RESEARCH ANALYST FRANDATA 2018 A Look at Franchise Royalty Fees An Examination of Average Royalty Fees
More informationACCOUNTING STATE COMPETENCY TEST REVIEW
ACCOUNTING STATE COMPETENCY TEST REVIEW Source Documents Documents that are analyzed to determine what happened in a transaction Memorandum a note written by the company when there is no other source document
More informationHow to Strategically Manage Your Debt
Debt. Funny how four little letters can feel so dirty. Most of us have it in one shape or another, but none of us like to talk about it. Debt can get us into trouble, especially if it is unplanned and
More informationEntrepreneur to CFO Guide
Entrepreneur to CFO Guide Everything you need to know about small biz financing to become the money-savvy entrepreneur your biz needs a not e from my r a Hi there! I m Myra! I am the owner of Good Biz
More informationHOME ABOUT US OUR MISSION TAKE ACTION SERVICES START HERE. Solutions for Students
My College Loan Support For Students We help graduates consolidate their debts into one monthly payment. Whether you're in good standing or in default, let us help simplify your life. 1. For Students 2.
More informationLike the federal government, individual consumers must manage their money. In this section, you will learn about budgeting and saving money.
Budgeting Section 1 Like the federal government, individual consumers must manage their money. In this section, you will learn about budgeting and saving money. Vocabulary discretionary expense: an expense
More informationThe Easy Picture Guide to Insurance for People Living Independently. Your Money Your Insurance
for People Living Independently Your Money Your Insurance 2 This guide is all about insurance. Insurance is something you buy to make sure if something goes wrong, you will get money to put things right.
More informationCompliance Illustrated: Anti Bribery
Compliance Illustrated: Anti Bribery 1. Have you ever been in a situation where you felt you must do something for someone a favor, a gift, a cash payment --in exchange for their agreeing to do business
More informationLEGAL SERVICES FOR ENTREPRENEURS , Ext. 217 BUSINESS LAW BASICS. Presented by: Ethan Stone
LEGAL SERVICES FOR ENTREPRENEURS 415-543-9444, Ext. 217 lse@lccr.com BUSINESS LAW BASICS Presented by: Ethan Stone DISCLAIMER The information contained in this presentation has been prepared by the Lawyers
More informationGuide to Buying and Financing a Vehicle
Guide to Buying and Financing a Vehicle Next to a home, a vehicle may be the most expensive purchase you make. Whether buying a new or used vehicle, it is necessary to understand the process so that you
More information(i) A company with a cash flow problem that is having difficulty collecting its debts.
Answer on question #41311 - Management - Other For each of the following situations, explain what the most suitable source of finance is: (i) A company with a cash flow problem that is having difficulty
More informationSelecting the right loan type It is personal
Personal Loan Guide Advertisements that promise to help you solve your financial troubles can be seen everywhere today but one can still not be sure if these companies are safe to be considered. Even when
More informationCHAPTER 4 Franchises and Buyouts
Part 2 Starting from Scratch or Joining an Existing Business CHAPTER 4 Franchises and Buyouts Longenecker Moore Petty Palich 2008 Cengage Learning. All rights reserved. PowerPoint Presentation by Charlie
More informationTaking Control of Your Money. Using Credit Wisely
Taking Control of Your Money Using Credit Wisely Session 4: Using Credit Wisely To help you stay financially healthy you need to understand credit. Credit is access to money that belongs to lenders (e.g.
More informationHOW YOU CAN INVEST YOUR MONEY IN TODAY S MARKET THROUGH PRIVATE MONEY LENDING
HOW YOU CAN INVEST YOUR MONEY IN TODAY S MARKET THROUGH PRIVATE MONEY LENDING Legal Notice Copyright Notice. All rights reserved. No part of this publication may be reproduced or transmitted in any form
More information