Sole proprietorship

Sole proprietorship

Frank plans to open a sporting goods store and to hire Gogi and Hap. Frank will invest only his own funds. He expects that he will not make a profit for at least eighteen months and will make only a small profit in the three years after that. He hopes to expand eventually. Would a sole proprietorship be an appropriate form for Frank’s business? Why or why not? 1.The question here is is if Frank is going to open his own sporting goods store would sole proprietorship be an appropriate form for the business. The definition of sole proprietorship is that it is the simplest for of business organization, in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business. I would say that sole proprietorship is the right option for Frank. Because Frank does plan on using his own funds he will not have to consult with any other owners or partners in any decision making. He would have complete control. It also is noted that Frank does not plan on generating a profit for 18 months. He would fall in line with 90% of sole proprietorship in the United States. Another reason this is the right option for Frank is that he will be investing his own money and no financing is needed. 2.Because Frank’s business is being created using only his money, only make a small profit and is starting out with a small staff, Frank would be best to start his business as a sole proprietorship. The sole proprietorship is considered the simplest form of business. In this type of business, the owner is the business and the owner would report the business income on his/her own personal tax reports and is legally responsible for all the debts and obligations that are incurred by the business. (Miller, 2017) As Frank expands, he might want to look at taking on a partner or getting backing from another source. In this case he would probably want to change his business to a partnership.

Ford pinto case

Ford pinto case

Write a paper on the Ford pinto case for a  white collar crime class