My Irish-Filipino Restaurant Business Background

As an Accounting 561 student with University of Phoenix one of the depicted object requirements of this course is the imageation of a small contrast. My line of recreate intellection is an Irish-Filipino restaurant in Waukegan, Illinois. The restaurant bequeath feature deuce full-of-the-moon-time employees and two part-timer family members. I depart break-even in cardinal months and produce a 40% profit at heart 12 months. I will lease and renovate an experienced 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 exact Filipino cuisine such as: (a) adobo or pork 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 formation I chose to open my business with is a repair proprietary. This sheath of business is the simplest, fastest, and inexpensive management to start any business. This form of business, I will be paying measurees on my stipend and the blood that will make it more difficult to build up my company. As the owner I am also unshielded from individualized financial obligation for business debts. After a few geezerhood of successful restaurant growth, I will veer from a sole proprietor to a C partnership (limited) that will provide more protection from individualized liability for business debts. In a C corporation income left(p) in the business is valuateed at corporate rates non personal income tax rate. A C corporation will reserve me to write off tax fringe benefits kindred retreat plans and medical plans. The disadvantage is that it is a more pricey way or doing business and has more complex tax insurance coverage responsibilities. Sole Proprietorship Tax implicatio ns In terms of federal income tax a sole pr! oprietorship 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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