Please answer the following questions and use the links attached below to cite. Due tomorrow by 2pm EST.
Many people dream about opening their own business. Some people want to own a catering business, others want to be contractors, computer repair specialists, or CPAs. Consider opening your own business. What would you do? Please share this dream with us. Be sure to address the following items in your Main thread post:
- Identify the business, and briefly describe its activities. Explain the product or service and the location of the business.
- Discuss 2 Assets that your company would have. In a financial context, Assets are resources that the business owns and uses to generate sales. People cannot be financial assets, even though they may have specialized skills.
- Discuss 2 Liabilities that your company would have. Liabilities aremonetary obligations that your business has to others, such as vendors or creditors. In a financial context, liabilities are not legal issues, such as lawsuits, unless the outcome is likely to be against your favor AND you can reasonably estimate the monetary cost to the firm. Both outcome and estimable cost are requirements for entering this type of liability, called a contingent liability, into the financial records.
- Discuss the form of business organization that would be most appropriate. Be sure to explain WHY you have chosen this form. You should consider ease of formation, liability, taxes, etc. in your response.
Sources to use: