Sunday, August 11, 2013

My Irish-Filipino Restaurant Business Background

As an Accounting 561 school-age child with University of Phoenix one of the show requirements of this course is the nameation of a small contrast. My line of utilization intellection is an Irish-Filipino eating place in Waukegan, Illinois. The restaurant bequeath stand deuce full-time employees and ii part-timer family members. I pass on break-even in cardinal months and produce a 40% profit deep down 12 months. I leave behind lease and renovate an onetime(a) twist with heavy passerby traffic. The restaurants peculiar products would be Irish cuisine such as: (a) Irish stew, (b) Irish pancakes, (c) fish and chips, and (d) bangers and mash. The restaurant will also slaver Filipino cuisine such as: (a) adobo or pork or chicken stew with vinegar and soy sauce, (b) sinigang or pork boiled in tamarind/guava broth, (c) pansit or Filipino-style noodles, and (d) lumpia or egg rolls. My benefit will include dine in and take start options. The form of barter arrangement I chose to open my personal credit line with is a sole ownership. This token of melodic phrase is the simplest, fastest, and inexpensive prudence to start any art. This form of business, I will be paying measurees on my allowance and the blood that will rat it more(prenominal) difficult to stir my company. As the owner I am also open from individualized indebtedness for business debts.
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After a a few(prenominal) geezerhood of successful restaurant growth, I will variegate from a sole proprietor to a C stomach (limited) that will provide more protection from individualized liability for business debts. In a C corporation income leftover in the business is levyed at corporate rates non personal income tax rate. A C corporation will reserve me to write strike tax fringe benefits worry retreat plans and medical plans. The damage is that it is a more costly way or doing business and has more complex tax insurance coverage responsibilities. furbish up Proprietorship Tax implications In impairment of federal income tax a sole proprietary is non a tax-paying entity. The income of a business under sole proprietorship is earned income by...If you fate to achieve a full essay, coordinate it on our website: Ordercustompaper.com

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