use references

first student- Alvin 

1. Island Fin Poké - A franchise restaurant that serves Hawaiian style poke bowls. The success of the business is driven by great customer service and offering a healthy and tasty meal alternative.

Crescent Wine & Spirits – Upscale Wine, beer, and liquor store with a full-service bar. The success of the business is a result of advertising, word of mouth referrals, friendly staff, and a good selection of craft beer and wines. The business often hosts car shows and wine tastings on weekends to engage with customers.

Sport Fit Bowie- A health club offering a fitness center, swimming pools, tennis courts, basketball courts, personal training, and sport leagues. Success is driven by offering more fitness options beyond a typical gym membership such as amateur sport leagues and in person fitness and nutrition classes.

2. The various forms of business organizations are sole proprietorships, limited partnerships, limited liability partnerships, limited liability companies, and corporations to include C-Corp, S-Corp, B-Corp (U.S. Small Business Administration [SBA], n.d.). A sole proprietorship is the easiest to set up but offer the least amount of protection, partnerships are simple for two or more people and offer some liability protection (SBA, n.d.). A limited liability company offers liability protection and can be taxed favorably (SBA, n.d.). Finally, corporations offer the best liability protection for owners, but are the most difficult to establish (SBA, n.d.).

3. A limited liability partnership (LLP) would be a good business organization for the CPAs. A limited liability partnership (LLP) allows all members to share control of the company equally, while also offering the same limited liability protection of a limited liability company (Beattie, 2021). The LLP also offers the ability to have taxes pass through the entity to the owners so they can receive untaxed revenue to pay individually (Beattie, 2021).

References

Beattie, A. (2021). Limited Liability Partnership (LLP): The Basics. Investopedia. https://www.investopedia.com/articles/investing/090214/limited-liability-partnership-llp-basics.asp

U.S. Small Business Administration. (n.d.). Choose a Business Structure. https://www.sba.gov/business-guide/launch-your-business/choose-business-structure

Second student - Catherine

1. Three small businesses in my local economy would be:

• Myers Mini Barns, which sells storage sheds, outdoor furniture, play sets, garages, gazebos, and animal sheds. While the owner and his family is from our town the main drive for success in the monopoly on the market, besides Home Depot or Lowes there is no other company around offering these types of products and especially not the variety of products available.
• RL Bowman is a construction company that does a little bit of everything, such as clearing land for foundations, remodeling homes, installing drain systems, paving driveways, snow removal and more. While there are numerous businesses like this their success comes from the high quality of work at a fair price and reputation of the owner/company.
• DWM Roofing is a roofing contractor company who specializes in installing and repairing roofs, installing skylights and gutters and inspections. There are a few similar businesses in our area however, their success comes from their great customer service, top quality of work, and their generous support of local community events.

1. Business organizations include:

• Sole Proprietorship- owned by one person who takes all legal and financial responsibility for the company, not required to register and owner claims all income/ expenses on their personal taxes
• Limited Liability Company (LLC)- can have multiple members who are not personally liable for business decisions or actions, requires a EIN and registration
• Corporation- has multiple shareholders who provide stock in the business, specific documents needs to be filed with the state, additional licenses and permits may be needed, company is taxed as an individual and a corporation, very common type of business with multiple employees
• Partnership- business relationship between two people who share all knowledge, responsibilities and liabilities with each other, business must be registered and named with the state and IRS and obtain licenses as needed
• Limited Partnership- similar to a partnership but a limited partner is simply a silent partner who is an investor in the business and general partner takes care of day to day decisions and takes personal liability for the business
• Nonprofit Organization – business that is considered a charity or education system, income is used to pay for expenses and programs, most are considered tax exempt which requires an application to be submitted to the government

1. The best organizational form for an accounting firm would be a corporation because while it is a group of people that want to go into business together a corporation would make all lability on the company instead of on the partners and allow them to simply invest in the company. Additionally, for tax purposes everything would be filed under the company instead of each member having to account for a certain percentage.

Catherine

Reference:

Kinnison, A. (2020, February 24). The Seven Most Popular Types of Businesses | Volusion. Volusion Ecommerce Blog | SMB Marketing, Design, & Strategy. https://www.volusion.com/blog/business-types/