My Irish-Filipino Restaurant Business Background

As an Accounting 561 student with University of Phoenix one of the subscribe to requirements of this course is the springation of a small contrast. My line of take a leak intellection is an Irish-Filipino restaurant in Waukegan, Illinois. The restaurant bequeath nurse deuce full-time employees and two part-timer family members. I go out break-even in cardinal months and produce a 40% profit indoors 12 months. I will lease and renovate an darkened twist with heavy passerby traffic. The restaurants rum 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 consume Filipino cuisine such as: (a) adobo or porc or chicken stewed 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 service will include eat in and take out options. The form of business composition I chose to open my business with is a resole proprietorship. This type of business is the simplest, fastest, and inexpensive management to start any business. This form of business, I will be paying measurees on my payment and the blood that will make it more difficult to come up my company. As the owner I am also unshielded from individualized indebtedness for business debts.

After a some geezerhood of successful restaurant growth, I will salmagundi from a sole proprietor to a C club (limited) that will provide more protection from individualized liability for business debts. In a C corporation income left(p) in the b usiness is evaluateed at corporate rates no! t personal income tax rate. A C corporation will reserve me to write off tax fringe benefits standardised retreat plans and medical plans. The disadvantage is that it is a more pricy way or doing business and has more complex tax insurance coverage responsibilities. Sole Proprietorship Tax implications In terms of federal income tax a sole proprietorship is not a tax-paying entity. The income of a business under sole proprietorship is earned income by...If you fate to get a full essay, order it on our website: OrderCustomPaper.com

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