Because of this, an accountant must understand the different forms of business so they are able to provide the best information for the particular business. There are many different types of business structures. These include sole proprietorships, partnerships, and limited liability companies. In order for an accountant to do well with business, he or she needs to understand how each of these business structures work. Relationship of the Topic to Future Career Goals I have chosen this topic because accountants are needed all over the world. Many organizations provide many services for profit. Of course, accountants are also needed in the non-profit sector so the prospects for careers are endless. Many companies have gone bankrupt because they did not do well with their money. For example, companies like Enron, Qwest, and others had problems because they did not handle their financial affairs well. Because of this, an accountant can specialize in many different areas. An individual could decide to become a financial accountant, a managerial accountant or a cost accountant (Peavler, 2013). The field of accounting seems very open and it seems more dependent on an individual’s decision as to which aspect of the field they choose as a career. I wanted to investigate the different business structures and focus on the advantages and disadvantages of each one. Accounting is a basic principle of economics and can be viewed on different levels. For example, a company will use accounting, but an individual may also use an accountant to take care of everyday needs. Many people use accounting for calculating their taxes, making decisions, and understanding their stocks and bonds. This literature review will continue to develop the differences between the business structures and provide an understanding of the main characteristics and the advantages and disadvantages of each of these structures. Sole Proprietorship A sole proprietorship is generally the organizational structure that someone takes who is just beginning a start-up company. This allows the individual to have a business name and use their own social security number or register with a business number. A sole proprietorship allows an individual to operate as a business and to take all the profits. One person runs the business and therefore is responsible for any losses or debts that the business incurs. Advantages of a Sole Proprietorship The literature review provides a variety of ways that a sole proprietorship has its advantages and relates to accounting. Amato (2013) states that sole proprietorships need to do succession planning although they are the only ones running the business. Amato states that sole proprietors must understand that there is a need for them to name someone who will take over the business when they want to leave it, if they are not selling it. Hendrix (2012) states that a sole proprietorship is the easiest form of business to start because the owner and the business are the same entity. LaMance (2012) states several advantages of a sole proprietorship. The owner does not have to do separate business tax forms, sole proprietors can hire employees and they can receive tax breaks for hiring people. Also, the owner of the business is the only one responsible for making decisions in the business. Disadvantages of Sole Proprietorship LaMance (2012) states that there several disadvantages of sole proprietorsh
Literature Review Forms of Business Name of of University Literature Review: Forms of Business Accounting and its Relationship to Business Accounting is the study of numbers and financial matters that have to do with business. Accounting deals with the financial information flow and how it moves in and out of a business (Peavler, 2013)…
The most important aspect of investment hovers around finding a suitable economy, the most appropriate industry type, and a specific company to invest in. After completing this, in order to make the right decision, valuation models must be used to come up with a correct recommendation of buying, selling, or holding the shares of the chosen companies.
Section 1: Business Plan (in Report Format: approx. 1.000 words); Introduction: The organization selected to make the business plan is the merger of Wal-Mart and Massmart. Wal-Mart, which is one of the largest retailers on earth, is spreading its authority throughout the world, by opening its outlets in nine countries in Europe, Asia and South America.
Conclusion 08 Bibliography 10 1. Introduction This paper presents a brief literature review pertaining to business coaching and examines different attributes, skills, competencies, and responsibilities of executive coaching in business perspective. The review highlights that the application of coaching competencies are so vital and cost effective in terms of on-the-job coaching.
Organizational culture has an influence on how the members of an organization conduct themselves in almost every aspect of their lives, especially when related to their work, to create a good image. This behaviour affect how employees interact with their fellow employees, all their clients, and those people who have an interest in the organization like the shareholders and stakeholders.
Different forms of negotiation are recommended for different disputes. Therefore, negotiation skills can be learnt and applied to help resolve these differences. Indeed, disagreement and misunderstandings are inevitable in our society due to the presence of individuals and their interrelationships.
In work, motivation is the concept of reason for involvement in action. It is the explanation of overt behaviour in action, and it can explain nonovert behaviour such as practical reasoning and decision making and the states of mind that cause such nonovert behaviour, desires, intentions, and beliefs (Ntoumanis and Blaymires, 5-21).
However, without good manage it can also lead to major problems, ranging from conflicts over payments to poor communication. (Rosenblatt, 1995)
This study report seeks to examine the shortcomings of family members being directly involved in the business; the report will define what family business is outline Business management of family business, The character of Family Ownership and examine the core part which is family ownership theory; pyramidal theory will be reviewed and finalize with highlighting management difference
The literature review focuses essentially on the aspects that are necessary for high quality field servicing which would in turn lead to higher levels of customer satisfaction having a direct spin-off on improved sales and marked improvement and referral sales within the organization.