Sole Propriatorship
Sole Proprietorship

Changing a company organization from a sole proprietorship to an LLC

Advantages

By converting to a Limited Liability Company, an organization is entitled to a number of advantages in the form of benefits. The owner of a business is entitled to receive protection of the entire business unlike in the sole proprietorship. The informality of the business structure is kept under check even with this transformation. As a sole proprietor, there are limited liability to debts and obligations. There is a likelihood of losing property in case the business is sued. With LLC, the business has limited personal protection from debts and other challenges. With LLC, there is an open opportunity to raise capital unlike in a sole proprietorship. Continuity is another facet that is required of every business.

When a business or company shifts from being a sole proprietor to an LLC, it attains growth and development parameters needed for…...

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Reference

Spadaccini, M. (2007). Business structures. Irvine, CA: Entrepreneur Press.

Sole Proprietorship Before Referencing
Family business structures

In businesses that involve numerous members of the same family, the preferred business choice of conduct is the partnership. hat advantages may occur for the family members by conducting business in this form?

One of the advantages of constructing a joint proprietorship or partnership for a family business is that unlike a sole proprietorship, liability is divided equally between all family members.In other words, if the business should fail, no single individual is solely responsible for all of the financial obligations incurred by the business. Individuals in a joint proprietorship are only as liable under the law in proportion to their ownership or investment in the business. This enables certain members of the family to be more responsible for the actions of the business than other members.

For example, through the construction of a limited as opposed to a general or equal partnership, the elderly widow of…...

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Works Cited

Sherman, Andrew. (2002). "Corporation." Selecting the Best Legal Structure for Growth.

NFIB. Retrieved 17 Feb 2008 at  http://www.nfib.com/object/3140872.html 

Sherman, Andrew. (2002). "Partnership." Selecting the Best Legal Structure for Growth.

NFIB. Retrieved 17 Feb 2008 at  http://www.nfib.com/object/3132775.html

Business Types
L. Jones

Sole Proprietorships, Corporations, and Partnerships:

Just what are they?

One of the first decisions any individual or group of individuals must consider when starting or joining a business, is the legal form the entity will take. In the United States, as in many other countries around the world, the three main forms of business structures are the sole proprietorship, the corporation, and the partnership. Further, each type carries with it specific advantages as well as disadvantages.

In the first business model, the business is owned and operated by the individual. This means that, in effect, the individual in question is the "sole" owner and operator of the business. There are several advantages to this structure.

First, sole proprietorships are easy to form. In the sole proprietorship, there are few limitations on formation, and there are a small number of forms to complete, usually in the local governmental offices (city or county). Secondly,…...

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Works Cited

Business Town. Getting Started: Pros and Cons of Business Structures. Retrieved fom Web site on 15 March, 2004  http://www.businesstown.com/gettingstarted/structure-procon.asp 

Spotlight Counellor. Partnership. Retrieved fom Web site on 15 March, 2004 http://www.spotlight.co.za/counsellor/Partnership-Nature.htm

Legal Terms
Sole proprietorship- In a sole proprietorship, one person owns all of the business assets and is the sole decision maker. The sole proprietor has unlimited personal liability for business debts, and all profits and losses pass through the business to the owner (Bouchoux, 2007).

General partnership- In a general partnership two or more people co-own all business assets and share decision-making power. Each partner has unlimited personal liability for business debts, and can be subject to pass-through taxation (Bouchoux, 2007).

Limited partnership- In a limited partnership one or more general partners have unlimited personal liability for business debs and obligations, but limited partners do not manage or control the enterprise and are only liable up to the amount of their investment in the company. Limited partnerships must be created according to state laws (Bouchoux, 2007).

egistered Limited Liability Partnership- Partners in this type of partnership are not liable for the torts…...

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References

Bouchoux, D. (2007). Business organizations for paralegals. New York, NY: Aspen

Publishers.

("Definition of a Corporation")
A fourth advantage of a corporation is that it is easy to raise various forms of financing. The structure of corporation allows it to be owned by large numbers of individual (shareholders). This is significant, because it means that a corporation can use the public markets to be able to raise investment capital. As a result, some corporations have the potential to raise billions of dollars through the public markets using such financing methods. ("Definition of a Corporation")

Drawbacks

There are number of different drawbacks of corporations the most notable would include: there are more costs for establishing such entities, there are formalities and there is unemployment insurance. In general, the costs for establishing a corporation can range from a few hundred dollars to thousands of dollars in legal fees. As there will be time spent filing all of the appropriate paperwork with the courts and the state.…...

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Bibliography

"Definition of a Corporation." Legal Zoom. 2010. Web. 26 Apr. 2010.

"General Partnership." Iowa Secretary of State. 2010. Web. 26 Apr. 2010.

"Incorporation." Legal Zoom. 2010. Web. 26 Apr. 2010.

"Sole Proprietorship." Iowa Secretary of State. 2010. Web. 26 Apr. 2010

Business Organization
When determining which form of business organization to adopt for one's business, it is important to consider a number of variables before making a decision. These factors can include: the level of control the owner wishes to have, the structure of the company, the company's level of vulnerability to lawsuit, expectations of profit/loss, and whether there is a need for re-investment of capital back into the company. These considerations can greatly impact the form of organization one chooses. For the case of West Casing, these factors when addressed point to an S Corporation being the best option for Steve West and his 6-man crew. This paper will explain why and S Corp would work for West.

The chief characteristics of the S Corporation are that the business is set up as a separate entity (so in the unfortunate event that there is a casing leak and the company is sued,…...

Bar and Grill Plan: The Groovy SmoothySection B: Industry AnalysisSize of the industry in units and dollars.At the global level, the size of the natural food and drinks market was estimated at about $123 billion in 2022 (Natural Food and Drinks Market, 2024).Growth rate of the industry.Unlike other competitors in the food service industry such as full-service restaurants, the natural food and drinks market is projected to increase to approximately $363 billion by 2032, representing an impressive $240 billion increase over 2022 (Natural Food and Drinks Market, 2024). These trends suggest that the prospects for this industry are rosy are present as discussed further below.Prospects for the industry.The prospects for the natural food and drinks market in general and the market for healthy alternative beverages and foods in particular such as The Groovy Smoothy are projected to experience a sustained increase for the foreseeable future (Winters, 2017). Moreover, the North…...

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References

Black, A. (2009). A winning blend. In the Black, 79(7), 26–29.

Kumar, G. S., Kulkarni, M., & Rathi, N. (2022). Evolving Food Choices Among the Urban Indian Middle-Class: A Qualitative Study. Frontiers in Nutrition, 9, 844413.

Michalski, E. (2015). Foreign Market Entry Strategy. Acta Scientiarum Polonorum. Oeconomia, 14(2), 107–117.

EdTech Business IdeaIntroductionThis paper discusses the concept of a sole proprietorship in the online educational technology, or edtech, sector. This type of business would present numerous opportunities for growth and innovation, particularly given the increasing demand for remote and personalized learning experiences. However, there are many areas to consider, from regulations and requirements to competitive advantage.Regulations and RequirementsStarting a sole proprietorship in the field of edtech entails navigating several legal and administrative procedures. First, the business owner can operate under their own name or register a Doing Business As (DBA) name, which varies state by state. Second, obtaining a business license from the local city or county is required, and depending on the state, a state business license might be necessary (Edge et al., 2023).Although it is not mandatory for sole proprietorships without employees, securing an Employer Identification Number (EIN) from the IRS is often advised, as it can help…...

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References

Alam, A. (2022). Employing Adaptive Learning and Intelligent Tutoring Robots for Virtual

Classrooms and Smart Campuses: Reforming Education in the Age of Artificial Intelligence. In Advanced Computing and Intelligent Technologies: Proceedings of ICACIT 2022 (pp. 395-406). Singapore: Springer Nature Singapore.

Amo Filvá, D., Prinsloo, P., Alier Forment, M., Fonseca Escudero, D., Torres Kompen, R.,

Introduction
No business can get off the ground without a business plan.  Even if you are not showing it to investors, it helps provide you with peace of mind and a sense of what’s needed.  Most entrepreneurs never achieve success in pursuing their dreams because they don’t know how to arrange their business plan in a way that makes sense.  That is why we’ve put together a business plan outline template for you.  With this template, you’ll have no problem addressing the most essential elements of your business plan.  Use this outline and get your business up and running today!

Business Plan Outline Template

I. Problem

a. What is the market problem you want to solve?

b. Why hasn’t the problem been addressed by others?

II. Solution

a. How do you intend to solve it?  

b. What product or service are you offering?

III. Market

a. What is the market?  Who is the target population?  

b. Where are you setting your…...

Business: Why Do I Need Help To Build My Business?Starting a business requires help since there is a plethora of information that other concerned people can provide. For example, a financial manager or accountant can help estimate how much cost would be required for a start-up. Financial advisory, aid in making suitable cash flows, and systematic and strategic thinking needed for running a successful business are needed as a huge help from any trusted advisor. Planning and gathering information is the first step before entering into any business for which help is needed. Even moral support from a spouse is the help one needs in the entire process. Family and friends are the primary and foremost help that one can get in starting a small business and continuing to grow. Significant personal choices and having someone to back them is the key to success any business could need. Handling tough…...

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references of the tea market and business growth prospects could be discussed from the helping mentors so that before taking a risk, the costs and benefits could be weighed and balanced.

Reference

Furgison, L. (n.a.). Before starting a business. B Plans.  https://articles.bplans.com/5-people-you-should-talk-with-before-starting-a-business/ 

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…...

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…...

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ReferencesBalazs, 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.

These elements are important, because they are showing how these kinds of entities are ideal for a group of individuals that will be directly involved in the business. As, they want to maintain operational control; but they want some kind of: division of labor, responsibilities and financial contributions. ("Incorporation") (Hernandez) This is similar to a proprietorship in that it is easy to establish and there are less regulations. However, partnerships are different, because there is stated contract that defines the percentage of ownership and liabilities for these kinds of organizations.
Corporations

A corporation is considered to be a separate legal entity. As, these kinds of organizations are: responsible for their own activities, they can take on debt, enter legal agreements, own property and they are also liable for any taxes as a business. This means that the firm will pay taxes on all income that is received. At the same time,…...

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Bibliography

"Incorporation." Legal Zoom, 2011. Web. 20 Oct. 2011

Hernandez, Brian. "How to Choose." Business News Daily, 2011. Web. 20 Oct. 2011.

MLA Format.  http://owl.english.purdue.edu/owl/resource/747/01/

New Invention
Business Environment

Legal, Social, and Economic Environments of New Product Development

There are three basic forms in which of businesses can be organized: sole proprietorships, partnerships, and corporations. There are also many different versions of each form. For example, there are many different kinds of corporations. However, based on the scenario represented for the individual who has an idea for a product a sole proprietorship would most likely represent the ideal form for the individual to get started with and if the product does turn out to be a success then they could always reorganize the business later on. Although the individual has an idea for a product that he believes will be a success he does not have a lot of capital to launch a major product development campaign. Furthermore, although the economy is recovering, the external environment is still plagued with high levels of competition and many industries are…...

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References

BizFilings. (N.d.). Benefits of Create an LLC. Retrieved from BizFilings:  http://www.bizfilings.com/learn/creating-llc.aspx 

IRS. (2012, December 31). Limited Liability Company (LLC). Retrieved from IRS:  http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Limited-Liability-Company -(LLC)

The Wall Street Journal. (N.d.). How to Form an LLC. Retrieved from The Wall Street Journal:  http://guides.wsj.com/small-business/starting-a-business/how-to-start-an-llc/

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…...

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References

Swann, P. (1993). Corporate Vision and Rapid Technological Change. New York: Routledge.

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....