Small Business Idea
When starting a new company, there are a number of different forms the business can take. It is important to understand the differences between the forms, including their advantages and disadvantages. The main forms for a new small business are sole proprietorship, partnership, C-corporation and S-corporation. The small business that is being considered is a gourmet food truck that will sell the finest Southern barbeque. The truck will be mobile, selling at multiple locations around town. The truck will have a variety of menu items and will generally operate as any restaurant would with respect to the local regulations.
The first form of business to be discussed is the sole proprietorship. This form of business is the easiest to set up. Many "mom and pop" businesses take this business form, which is usually used when the business is only run by one or two people. In sole proprietorships, the owner keeps the income from the business, which is then taxed at the personal income tax rate. The owner also bears all of the risk associated with the business' activities (Taylor, 2006). Financially, whether a sole proprietorship is desirable depends on the differences in the local and national tax rates for corporations and individuals -- often the individual tax rates are higher so this option may increase the tax burden. However, sole proprietorships also face significantly less regulation than do more complex forms of business organization. There are no obligations under Sarbanes-Oxley, no rules for accounting and reporting beyond those required for personal income tax and no obligation to follow any rules under FASB or GAAP. The other major cost that needs to be considered is insurance. Since the proprietor bears legal responsibility, and since food service companies will typically run the risks associated with cooking equipment and things like food poisoning, the business will need insurance to cover the owner against these risks.
The second form of business to be discussed is...
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