Creating a Business Idea and Types of Business Organizations

Small-Business Idea Recently the United States government has released funds for creating small businesses. An opportunity to acquire government funding for a business venture is one to take advantage of and to put dreams into reality. The intent of this paper is to outline the three main forms of business organizations including the tax and legal implications as well as the accounting requirements for each structure. In addition, this paper proposes creating a small business of a women’s only gym while weighing in the advantages and disadvantages of the three types of business organizations which are sole proprietorship, partnership, and corporation. To start the process of forming a business there are three main forms of business†¦show more content†¦These four financial statements are considered the backbone of financial accounting and show special significance, but ultimately, each has one common goal: to show internal and external users where the money is in the company. No matter what form of business organization the small business is they all need to prepare these four financial statements. The income statement deals with the revenues and expenses a company incurs for a period of time (Kimmel, Weygandt, Kieso, 2009). This financial statement reports the success or failure of the company’s operating and non-operating activities. The retained earnings statement shows the amounts and causes of changes in retained earnings during the period (Kimmel, Weygandt, Kieso, 2009). This statement brings together the beginning and ending retained earnings for the period, using information such as net income from the company’s other financial statements. A company’s balance sheet reports assets and claims to assets at a specific point in time (Kimmel, Weygandt, Kieso, 2009). In other words, the balance sheet summarizes a company’s assets, liabilities, and stockholder’s equity. These three segments give investors, creditors, and managers an idea as to what the company owns and owes, as well as theShow MoreRelatedBusiness Practices : The Business Wo rld910 Words   |  4 PagesBusiness practices are constantly changing along with the frequent changes of technology. These changes require imagination and invention in business. managers/leaders need to realize the importance of keeping themselves up to date. Creativity and innovation are significantly imperative to being competitive in today’s business world. Our HR department to strive to be more and more creative and innovative in terms of making new ideas and implementing productive processes into practice. For exampleRead MoreThe Importance Of Networking And Its Different Forms Essay1499 Words   |  6 Pagesvery important role in the business environment. It is all about creating new and enduring relationship, mutually beneficial to both the parties. 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