acc220 plan test - 1 Business Concept Planning Business...

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1 Business Concept Planning Business Concept Planning Gregory Mann Axia College of University of Phoenix ACC 220
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2 Business Concept Planning In the day and age of the up and coming small business, many owners do not have large funds to hire an auditor from a large firm. For that purpose, I present to you Third Eye: A New Concept in Small Business Auditing. For my brand new business venture, the sole proprietorship business structure has been chosen. Sole Proprietorship has been chosen for a number of reasons. First of all, my personal debt is minimal and in the sole proprietorship business structure, the debts of the business in the same as the debts of the owner. Simply put, I will have sole responsibility for the debts of my company but at the same time, this business structure will benefit me as well as my investors. I will reap benefits from this business structure because I will have the ability to report any losses and profits on my personal income taxes. With this, accounting will be made relatively simple because I will only need a part time book-keeper to handle my affairs and tracking my profits and losses. A second benefit is that I will have the flexibility of implementing new plans and methods without the input of a second or third party. Lastly, profits will have to be split with fewer people (and no partners) so this means a quicker return on the investor’s money. Third Eye: A New Concept in Small Business Auditing will be an independent audit company tailored to small businesses with 15 or less employees. I have an accounting background and I am attending college full time, furthering my education and after extensive industry research, I have ACC 220
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acc220 plan test - 1 Business Concept Planning Business...

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