Business Plan: Bar and Grill Featuring Healthy Alternatives (e.g., Smoothies, Juices, Alcoholic Beverages) in the San Joaquin County, CaliforniaFueled by rising rates of chronic diseases, food sensitivities, and ethically minded young consumers, the health food and beverage industry has rapidly expanded in recent years as growing numbers of Americans prioritize natural, organic, sustainably sourced ingredients for their home cooking and eating out. In fact, healthy food and beverage alternatives including most especially fruit and vegetable juices are projected to continue substantial yearly growth through mid-century, reflecting this surging public demand for less processed, specialized diet alternatives, even at premium prices. To capitalize on these trends, the purpose of this paper is to finalize the selection of a sole proprietorship which is described further below.Identify a business type that is of interestWith more than 800,000 residents in its region (San Joaquin County, California demographics, 2023), the San Joaquin County in California…...
mlaReferencesBalazs, C. L., & Ray, I. (2018). The Drinking Water Disparities Framework: On the Origins and Persistence of Inequities in Exposure. American Journal of Public Health, 104(4), 603–611.Licensing. (2023). San Joaquin County Treasurer-Tax Collector. Retrieved from sjgov.org/department/ttc/tax/unsecured-taxes/licensing.San Joaquin County, California demographics. (2023). U.S. Census Bureau. Retrieved from census.gov/quickfacts/sanjoaquincountycalifornia.San Joaquin County profile. (2023). San Joaquin Employment Development Department. Retrieved from https://labormarketinfo.edd.ca.gov/geography/sanjoaquin-county.html#:~:text=San%20Joaquin%20County%20Profile,has%20cultivated%20extensive%20transportation%20facilities .Sole proprietorship. (2023). State of California Franchise Tax Board. Retrieved from ftb.ca.gov/file/business/types/sole-proprietorship.html .Appendix AMap of San Joaquin Valley, California [Source: google.com/maps/]https://www.
Knowledge Integration Project
1A) Business owners must take a number of different factors into account when determining the form of business. They have to consider the sources and types of risk that the business takes, if there will be employees, and considerations about raising capital or splitting ownership, which can be quite a complex issue depending on the business. In addition, whether there will be any employees matters. Each jurisdiction has its particular issues, so where the business is situated might be a role in the decision. Certainly, the tax implications of the decision are going to be relevant. In some cases, the cost and ease of setting the entity up might matter -- though such costs can easily be outweighed by liability risks for most businesses.
1B) A sole proprietorship is easy to start, which is its main advantage. Because of that it is mainly a suitable form for someone in…...
Legal Structure of Business
For a McDonalds franchisee, there are three options. The franchise can be operated as a sole proprietorship, a partnership, or a corporation. The real issue is not that there are options, but which option should be chosen. It is not always possible to make that determination easily, since there are many factors that have to be considered in each choice. A sole proprietorship is operated by one person. That person is solely responsible for the business, and there is no complex legal structure. That person can reap all the profits and rewards, but he or she also shoulders all the liability for any lawsuits or other issues that might go wrong. In a partnership, the profits and the liabilities are shared between two people. There can be some adjustment as to which person is "more" responsible for specific issues, or it can be a completely 50-50 split…...
, 2010). Where there is the sale of shares, there is also a great potential that the existing owners will have little control over who the shares are subsequently sold to, especially in a quoted company. The firm will also be subject to the Sarbanes-Oxley Act (SOX), which was also known as the "Company Accounting eform and Investor Protection Act," in the Senate (Libby et al., 2010).
3.
Decision for the Business
As the business is a new idea, and will initially only involve a single person, the idea of a partnership may be eliminated. This leaves sole proprietorship and corporation. If there is to be only one owner the S-corporation may be used, as this may accommodate a single shareholder. This structure may be attractive as the business will be a separate entity, especially as the owner will not carry any personal liabilities for the business debts. However this is costly to…...
mlaReferences
Clarkson, Kenneth W; Miller, Roger LeRoy; Cross, Frank B, (2010), Business Law: Text and Cases - Legal, Ethical, Global, and Corporate Environment, Cenage Learning
Libby, Robert; Libby, Patricia; Short, Daniel, (2010), Financial Accounting, McGraw-Hill
Weygandt, J, J; Kieso, DE; Kimmel, PD, (2011), Financial Accounting, Wiley
The business idea has been set up in a manner which can be easily changed by the student, without impacting on the rest of the paper.
Yet, financial statements and managerial accounting reports can be highly effective nonetheless. Sometimes they will merely confirm what the proprietor already knows, but there are inevitably going to be times when they will reveal that the proprietor's assumptions about the nature of the business are false. Moreover, accounting can act as essentially a second opinion. The proprietor may feel one thing is true, but the numbers can reveal something different.
Overall, accounting is an essential component of any business. Sole proprietorships often make less use of accounting, in part because the law does not obligate them to engage in any more than the most rudimentary accounting. However, proprietors should not overlook the value of accounting. Accounting helps to reveal the business' past performance, but can also be used to enact organizational controls today and to help plant for more effective operations in the future. By understanding the firm's cost structure…...
mlaWorks Cited
Marshall, David H.; McManus, Wayne W & Viele, Daniel F. (2008). Accounting - What the Numbers Mean. McGraw-Hill/Irwin, New York, 2008.
Strategic Plan B&B
Strategic Plan for a New Bed and Breakfast
The long-term mission of the Charmed Bed and Breakfast is to become the best bed and breakfast choice in the Santa Cruz County area directly south of the San Francisco Bay area for temporary lodgings by developing a different experience that capitalizes upon personal service, the historical nature of the Charmed building, and its unique location in one of the most attractive parts of the Central California wine country near historic San Francisco.
Vision
It is extremely important for any organization to have a perfect understanding of the marketing mix regarding price. This determining factor is so seemingly obvious, yet so basic to the operation of the bed and breakfast. hat is the highest price that a customer will pay for a room? Setting the incorrect price is often the beginning of the end. It must not be too high or too low.…...
mlaWorks Cited
Cassingham, K. (2005, July 20). Changing times: Your exit strategy. Retrieved from .http://www.thebandblady.com/changing-times-your-exit-strategy.html
Hirschfeld, P. (2011, June 11). Vermont tourism officials say gay-wedding market is secure. Retrieved from http://timesargus.com/article/20110627/THISJUSTIN/706289924.
Military-hotels.us. (2011). California military bases - hotels motels lodging inns. Retrieved from http://military-hotels.us/california/ca-bases.html .
Weblocator. (2011). California organizing a business: sole proprietorship. Retrieved from http://www.weblocator.com/attorney/ca/law/c07.html.
Chapter 21: Case Problem #5
Holmes' role as president of After-School Care Corp. might seem to be in conflict with his decision to purchase Pro-Provider. This is because it is typical in such instances that high-ranking personal will be party to non-compete agreements which are intended to prevent them from exploiting their role within the framework of an organization as a way of ultimately undermining said organization.
However, a Supreme Court of Missouri decision reveals that non-compete agreements are not a cut-and-dry statement of prohibition against providing competition for a former employer. As Corrigan & Kass (2006) report, "protection of the employer, not punishment of the employee, is the essence of the law."An employer cannot extract a restrictive covenant from an employee merely to protect himself from competition.' The Supreme Court of Missouri has stated that '[a]greements of this kind restrain commerce and limit the employee's freedom to pursue his or her…...
mlaWorks Cited:
Corrigan, W.M. & Kass, M.B. (2006). Non-Compete Agreements and Unfair Competition - an Updated Overview. The Missouri Bar.
Miehe, S. (2010). When You Can't Pay Your Business Debts: Personal Liability and Bankruptcy Options. NOLO.
Business Structures
Corporation business structures
Preference of Corporation Business Structure Over Other Known Structures
In this paper, we will choose the corporation business structure as an ideal choice for the firm McDonalds in order to carry out its operations. We will define the merits which a multinational firm like McDonalds can take advantage of if because of this structure, also we will have an in-depth look on other structures such as sole proprietorship and partnership and focus on their strengths and weaknesses.
eview of Sole Proprietorship and Partnership
Let's review the structure of sole proprietorship first, it is regarded as one of the least expensive and easiest way to start any business as compared to corporative and partnership structure. Here the overall business as well as the business owner is viewed legally as a same entity. This however has its own disadvantages which in our chosen case of McDonalds could result in many risks for…...
mlaReferences
Swann, P. (1993). Corporate Vision and Rapid Technological Change. New York: Routledge.
Partnerships demand that all partners (both general and limited partners) be on the same page financially and within the scope of the business operations. They require shared a goal and vision for the entity, and a mutual understanding of each owner's role and the parameters for exerting control. Perpetual lines of communication must be available for all parties in response to changing dynamics and the occurrence of unforeseen events. This is particular relevant in the restaurant industry, where consumers have many choices and often make them based on little substance
. The restaurant industry is fraught with sudden changes, which can require added attention, effort and capital in a short period of time. Therefore, a thorough understanding of the roles of each owner, be they a general or limited partner, is essential to a properly functioning partnership.
Additionally, effective partnerships require regular meetings and reviews of all business operations, and a careful…...
mlaReferences
Astrachan, J. (2003). Family Business' Contribution to the U.S. Economy: A Closer
Look. Family Business Review, vol. 17:3. p 211-219. (Retrieved from google scholar. Keywords: sole, proprietorship, owner, entrepreneurship)
Auty, S. (1992). Consumer Choice and Segmentation in the Restaurant Industry. The Service Industries Journal. vol. 12 (3). p 324-339. Retrieved from informaworld.com (Keywords: restaurant, corporation, consumer)
Baysinger, B. & Butler, H. (1985). Corporate Governance and the Board of Directors:
Tax Advise
Table of Contents (optional)
Louise is aged 50 and single. Since 1994 she has carried on a retail business as a sole trader. Her trading profits as adjusted for tax purposes and after capital allowances, for the year ended 30th April 2009 were $150,000.
The business is carried out from a number of valuable retail outlets, all of which are owned by Louise personally. These units have been acquired over a number of years since 1994 and their market values have increased considerably in recent years.
Apart from her single personal allowance tax credit, Louise is entitled to income tax relief in respect of $10,000, which she pays annually to a evenue approved pension scheme.
Louise's personal living expenses and other financial commitments total $50,000 per annum (including the contribution of $10,000 to the evenue approved pension scheme referred to above).
Louise is considering transferring her business to a limited company and has asked…...
mlaReferences
Maertin, James CPA. U.S. Tax Preparation Worldwide. [
http://www.jamesdance.com/deductions.htm %5D
"HM Revenue and Customs: About Us." Hmrc.gov.uk. Crown Copyright. 2005-04-18.http://www.hmrc.gov.uk/menus/aboutmenu.htm
Entity Selection Exercise
Idea or vision for the business:
Joe's Landscaping and Tree Trimming -- Equipment rentals, too, on request! Make your land look beautiful as nature intended, with a little help of the hands of Joe!
Identify legal and regulatory issues to be considered in creating or modifying this business
At present, Joe operates under the legal and tax status of a sole proprietorship. A sole proprietorship is an unincorporated business owned by one individual, in this case, Joe. A sole proprietorship is one of the most popular forms of business entities because legally and for tax purposes, is the simplest or least bureaucratic form of business organization to start and maintain. The business has no existence apart from the owner and is particularly popular with singular business entities, or local entities, such as Joe's business, which is limited to a fixed area, does not seem ripe for franchising, and has a steady…...
mlaWorks Cited
"How Sole Proprietorships are taxed?" (2005) Nolo. Retrieved from law search engine on 4 Aug 2005
"Sole Proprietor." (2004) Nolo. Retrieved from law search engine on 4 Aug 2005 http://www.nolo.com/article.cfm/objectID/3FD19141-DB91-4FCA-BDB93416A4D05479/111/182/147/ART/
"Sole Proprietorships Defined." (2005) IRS. Retrieved from government website on 4 Aug 2005 http://www.irs.gov/businesses/small/article/0,,id=98202,00.html
Economics
Sole Proprietorship
Partnership
Corporation
Advantages
Simplest form of business to start.
The sole proprietor can keep all of the profits, 3. Self-Employment
Tax advantages from losses
easy to start this form of business.
Allows two or more people to collaborate in a team effort.
Limited Personal Liability.
Corporations are more capable of growth and expansion than other forms of business.
Corporations have an unlimited life which allows them to continue to exist even if the ownership changes.
Disadvantages
All Liabilities fall on the owner.
The life cycle of the business ends when the sole proprietor dies.
Owner may have to use their own assets to pay off the debt of the business
Responsibility for any liabilities incurred by the business is placed on the partners.
Partners are responsible for one another's actions.
Difficult to sell the interest in a partnership.
Corporations are often subject to double taxation.
2. The process of incorporating…...
mlaBibliography
Choosing a Form of Business." http://www.legalline.ca/business/businessbody.html
Market House Books Dictionary of British History. Market House Books Ltd. 1987
Financial Statements and Business Organizations
Generally accepted accounting principles (GAAP) require four different financial statements for most forms of business organizations: the balance sheet, income statement, cash flow statement, and statement of shareholders, partners' or owner's equity. This essay examines the statements associated with the sole proprietorship, the partnership, the C corporation and S corporation.
A sole proprietorship is a business owned by one person. From an accounting standpoint the business is treated as a separate entity from its owner. A partnership consists of two or more individuals who are co-owners of an enterprise. AC corporation automatically forms when a business becomes incorporated, and shields the shareholders from being personally liable for the debts and obligations of the company (Carter, 2011). The S corporation is a C corporation which has elected pass-through taxation.
Balance Sheet
A balance sheet provides detailed information about a company's assets, liabilities and equity. It reports the financial position of…...
mlaWorks Cited
Carter, C. (2011). How does a C corporation work? Hearst Communications. Retrieved November 12, from: http://smallbusiness.chron.com/c-corporation-work-4767.html
QuickMBA. (2011). The four financial statements. Retrieved November 12, from: http://www.quickmba.com/accounting/fin/statements/
Roberts, S. (2011). Financial statements of a sole proprietorship. Retrieved November 12, from: http://smallbusiness.chron.com/financial-statements-sole-proprietorship-14717.html
U.S. Securities and Exchange Commission (SEC). (2011). Beginners guide to financial statements. Retrieved November 12, from: http://www.sec.gov/investor/pubs/begfinstmtguide.htm
Jasper County has a relatively low unemployment rate and high average wage rate, particularly for this region of the country.
evenue stream will allow for investments in further upgrades and purchase of new mobile home units, thereby making the property even more marketable as an upscale mobile home community.
Currently, mobile home parks account for 79% of "sunbirds" who winter in Texas, making ock Hill an ideal locale (Blais, 2002). In fact, although occupancy rates in Texas mobile home parks were down one percent from the 93% rate in 2000, the total number of such sites increased by more than 7,000 over those two years (Blais, 2002).
Threats:
Unforeseen downturns in local economy due to plant closures or other major layoffs.
elative low barriers to entry for competitors.
Financial Statements.
A proforma financial statement for ock Hill's first five years is provided in Table 2 and graphically illustrated in Figures 2 and 3 below.
Table 2.
Financial Proformas for…...
mlaReferences
Black's law dictionary. (1990). St. Paul, MN: West Publishing Co.
Blais, P. (2002, December). On the road again. Planning, 68(12), 4.
Hurley, a. (2001). Diners, bowling alleys, and trailer parks: Chasing the American dream in the postwar consumer culture. New York: Basic Books.
Jasper County. (2007). ePodunk Inc. [Online]. Available: http://www.epodunk.com/cgi-bin/genInfo.php?locIndex=22696 .
Businesses are the cornerstone of a capitalistic society. Businesses often drive economic growth and overall societal prosperity. In many instances, business can enhance the overall quality of life of those living in civilization. Looking back briefly at history, provides a unique perspective of business as it relates to societal development. Currently, looking at a minimum wage individual living in America today, they are able to perform tasks and activities that many of the wealthiest individuals in society during 1900 could only dream of. The minimum wage individual can watch television, listen to music on a cell phone, use the internet and even control the weather within their vehicle. This has occurred primarily due to the profit incentive embedded in a capitalistic society. The same will occur with Alex, Bill, Carl, Devon, and Xavier as there farm business developments. These same principles are present for all Christians who want their business…...
mlaReferences:
1. Barnet, Richard; Ronald E. Muller (1974). Global Reach: The Power of the Multinational Corporation. New York, NY: Simon & Schuster.
2. Blumberg, Phillip I., The Multinational Challenge to Corporation Law: The Search for a New Corporate Personality, (1993)
3. Cadman, John William. The Corporation in New Jersey: Business and Politics,, (1949)
4. Conard, Alfred F Corporations in Perspective. 1976.
1. Market Research:
Before embarking on any business venture, it's crucial to conduct thorough market research. This involves:
Identifying your target audience: Determine who your potential customers are, their demographics, interests, and needs.
Analyzing the competitive landscape: Research potential competitors, their strengths, weaknesses, and market share.
Gauging market demand: Assess the overall demand for your product or service and identify any market gaps or opportunities.
2. Business Plan:
A comprehensive business plan serves as a roadmap for your venture. It should outline:
Mission statement and goals: Clearly define your business's purpose and objectives.
Market analysis: Summarize your market research findings and identify your....
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