In the future, I plan to open my own business. This business will be a Limited Liability Company. The reason I chose this type of format is because my personal assets will be protected if I am sued. I will be charged more in taxes than other formats, but I will not be double taxed. The business I plan on opening will be a health food store. This store will cater to people who are athletic and health conscious. In order for me to start this company, I will have to seek capital. This means applying for a business loan to get the company going. All business must have enough money in order to sustain itself for at least five years (Morgan, 2006). My vision is to create a company that will start small and grow as time goes on in a variety of locations. …show more content…
My objective is to make sure I do not go over budget and have to cut costs down the road. I will also use my personal assets as collateral to keep the company going. This collateral is my savings of 100,000. I know opening my own business will not be easy, but I am willing to take the chance. Opening a business is a big risk. There are many factors that it will take make the business a success. This is marketing, promotion, advertising, using social media, and making sure all aspects of the company is protected from liability if it is sued in the future. The limited liability is a good format to use to start up a company. Members of the LLC business get to determine how they would like their business to be taxed. The profit and losses from an LLC are not taxed directly, but instead could be taxed through the personal business tax of the business owner. An LLC company is very easy to create due to less paper work and can keep a good legal …show more content…
I feel that a Limited liability company will be a perfect format for the company I plan on creating. I know I will have a lot of work to do to create this company. It will take a lot to not only open the company, but maintain it. All businesses must attain insurance, have good record keeping and have a staff that will be willing to put in the time and effort to attain success for the company, and a business format that will fit the company that a potential owner is trying to create (Judge, 1998). All business owners must make sure they have all the proper paperwork done in order to open a new business. The permits attained for a company must be done through the county and state in which the business will be located. All businesses must be approved by the planning and zoning committee of the county the business will be located in as well as make sure the business is insured. These are important factors for any potential business owner (Mahajan.
LLCs must typically pay more fees to file as LLCs compared to some other business entities or sole proprietorships. Additionally, many states require yearly renewal fees. However, these fees are usually less than what some other corporations have to pay. Because of the protections afforded to LLCs, some types of businesses are ineligible to file as LLCs. Banks, insurance companies, and medical service companies are examples of businesses that can not be a LLC. Another big disadvantage is taxes. Although LLC’s allow owners to avoid federal taxes, you may actually end up paying more than it would with a different corporation, depending upon the nature of the business. Working with an accountant and/or tax lawyer is a really good idea when planning your business and forming your LLC but can also be quite expensive. The LLC business form is a relatively new concept. As a result, not a lot of cases have been decided surrounding LLCs. Case law is important because of predictability. If you know a court has ruled a certain way, you can act in a specific way to protect yourself. But if not many laws have been established yet, there is a certain vulnerability with your corporations that could expose you to greater
People all around the world have dreams of opening a business by creating a service, or product that is consumed by customers. Opening a new business requires a lot of hard work, patience, and extensive planning in order to operate a successful and legal business. However, before a person attempts to open a business, they must be sure they are up for the challenge, and they must be guaranteed that they have the right tools, personality, and experience to be a successful entrepreneur. Pick a mentor that owns a business who can give you advice. They can advise you of things you never knew, or things you should be aware of. Having this kind of person can save you a lot of trouble, and encourage you on the way. When opening a business you must have motivated, strong-minded, and goal oriented people that will provide the proper effort, planning, organization, funding, and structure of the entire business. To begin, creating a business plan for your company is essential for the future of your company, and how it intends to create revenue 3-5 years down the line. It is the most important step, and the first step of beginning your business. A business plan is an essential roadmap for business success; it is a formal statement of a set of goals for your business, the reasons they should be completed, and how you plan on reaching those goals for further success. Your business plan should contain an executive summary. An executive summary includes what you want out of your business, where you plan on taking it, and why it will be successful. Also, if you are seeking financing to get a loan, an executive summary is a great way to grab the investor’s interest. It shows the investor your intensions with your business, the structured guidelines...
Opening a restaurant can be expensive with the current average start costs coming in around half a million dollars. We can expect to reach or exceed those start-up costs due to the higher-than-average cost of living in the Northern Virginia area. The causal environment we seek to portray will mitigate some of these costs, but top notch talent is expensive. We already have some funding, and a few investors, but we will need to get a large amount of financing from other sources. Being a Military veteran, and my wife being a female minority, we are optimistic about getting the small business loans
We’re a pretty small company, we’ve bought some equipment to get started such as microphones, cameras, website, and programs. We we’re once registered with the state of Florida as business under Melvin’s Photography but we haven’t yet chanced. At this point, we’re saving up to re-invest to purchase more equipment since we’re being requested for bigger projects.
Most of the established businesses are searching for commercial finance companies to get financial support for their business sustainability. Most times banks refuse to pass the loan applications of the SMEs and irritate applicants with too many regulations. These lending agencies are popular for their flexibility options. If you are wishing for starting a commercial finance company then this is the perfect time and the following tips and tricks will help you in starting your business in less time.
The biggest hurdle for most small businesses is accessing money to start or expand, and it can make the difference between success and failure. Of course, great personal credit will make funding your business easier, but there are business loans available from many different places; you just need to know where to look.
Loans are provided for most legal business activities such as, manufacturing, retailing and service oriented type businesses. Once loan is
Not too many kids decide that they want to start their own business before even making it to high school. While I was in Middle School I realized that If I wished to get the things I want, then I’d need a job. However, being too young to drive and too young to get a job at a store, I decided to begin mowing lawns. It was a simple answer that was right in front of my eyes. So I began to mow neighbors lawns. Then as I got older and had the ability to transport myself and my tools, my business began to evolve into something much bigger. Now Ethan Lord Lawncare is a business that mows lawns, does spring and fall clean-ups, cuts trees, and any other odd job within reason. Starting my own business was the biggest period of personal growth in my life
Finally I will state whether or not I agree with the given statement.cobd bdr sebdbdw orbd bdk inbd fobd bd. When a company receives a certificate of incorporation it has a 'separate legal personality'. In law the company becomes a legal person it its own right. The fundamental concept to become familiar with when starting up a business is the idea that the business has a legal personality in its own right, particularly when it assumes the form of a limited liability company. This essentially means that if one commences business as a limited liability company, then the corporation... ...
Before a partnership formation is imminent, the business needs to decide on which type of partnership to form. There are three types of partnerships: (1) general partnerships, (2) limited partnerships, and (3) joint ventures. All three partnerships contain two or more owners, but all partners assume equal division of ownership, liabilities, and profits in a general partnership. Limited partnerships offer limited liability protection based on each partner’s contribution percentage. Joint ventures are classified as general partnerships with limited existence periods. Once a type of partnership has been determined, the business fulfills a series of requirements before the partnership can be successfully formed. The first step is to register
Five advantages for owning your own business are: 1) The owner receives all profits, meaning that all earnings go to the sole proprietor, or the owner, and isn’t shared with anyone else. The profit is not split among partners, or split among a corporation. So when you own your own business, you’re the first and only one that receives all earnings and profit. So if a person has a successful firm, he/she is the first to reap the success and rewards. 2) Another advantage of owning your own business is that you’re your own boss. You can set your own hours, decide what you want to do with the company, no manager to answer to. Basically, you’re in charge of everything. The owner solely makes all decisions. Or in other words, you’re running the show. 3) An additional advantage is that a sole proprietorship can be easily organized. It’s easy to start your own business. First of all, it costs very little money to start your own business. As a sole proprietor, you have minimal legal requirements. The owner doesn’t have to establish a separate legal entity. All that is needed is to register the company with the state and apply for an occupational license and any additional licenses required for the state. ...
For some people, being the boss, and which by boss I mean business owner, would be the greatest thing ever. Most think you get to pick your own hours, make the most money, and make everyone do the things you want done. Of course there is work involved and it takes work to make it but the rewards will be better owning a business that succeeds. The ultimate goal is becoming a millionaire and retiring at the age of forty and just drawing money from business production. However they really don’t understand the work it takes to make it a million dollar company. When these people are finally able to own a business they get a rude awakening. I am in no way trying to offend the typical business owner when I say, owning a business can be a challenging task that can cause many complications in your life and if you’re not careful they can change your life entirely.
As we start our business, and even our business moves along, we will constantly need to concern ourselves with financing our business. Financing concerns begin with the start-up costs and then continue with business expansion and new product development. When we look for outside financing, one of the first things the investor will want to see is our business plan. Private investor, banks or any other lending institution will want to see how our plan on running our business, what our expense and revenue projections are whether or not our plans for the future are attainable with the business we have created. All of this can be answered by a well-written and thorough business plan.
Starting a small business is often one of the hardest things a person can do. Some people start a business out of pure fascination, or even as a hobby. Whether starting a business for personal reasons or simply the grandeur to make loads of money, everybody needs to have a plan. Starting a small business is no easy task and can take days if not months to prepare. The most important aspect to have is the tempura and heart to start a small business, as without passion, no business can succeed. One has to be his or her own boss, make dream, reality and be willing to market and sell a product. It takes a lot of discipline, long hours and hard work, something many do not have. However with the right willingness, passion and dedication a business can be the start of something big.
Business has been a large part of my family, and has started to grow on me. My dad worked in sales for many years, and is now the President of a company in Staples. My mom started her own cleaning business, and now works for herself, as well as my uncle owns a golf course, and a pump and well business. My other uncle has his own handy man business, while one of my aunts operates a redimix and construction company . So I guess it could be said, business is kind of in by blood.