The And Of The Business - 2089 Words

Alex, Bill, Carl, Devon, and Xavier are all Christians and want their business to be organized and operated in accordance with the Christian worldview. Alex, Bill, Carl, and Devon father ran the business as a sole proprietorship, but they want to form a business entity to own the farm. I am going to be their accountant to help run their business the proper way and right way as Christians should. They are trying to avoid a lot of paperwork, but they also wants to allow their cousin Xavier to handle the day-to-day operations of the farm. Additionally, they want to know ways to minimize their taxes on the entity. They want to keep this a family business; they do not want a stranger owning any part of the business. I think this can be a great thing if their family is on one accord and want to expand the business. When you start having outsiders, they could come in a try to turn things around within the business and make a lot of unnecessary changes. With Xavier being their cousin, I thi nk they have a plan that will make the business successful. As stated above, in this case the form of business organization used by the deceased father is a sole proprietorship. A sole proprietor is someone who owns an unincorporated business by himself or herself (Sole Proprietorship, 2015). This form of business organization is a business in which one person is in control of the management and profits. A sole proprietorship has its disadvantages and advantages. With sole proprietorship, youShow MoreRelatedBusiness Impact Of Business On Business854 Words   |  4 PagesBusiness impacts each part of individuals lives. Acquiring goods or services that are obliged day by day to keep up and fulfill lives are the reasons why organizations succeed. Creating a business can be a troublesome assignment, when a person starts a business so many risks can develop. 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