CheckPoint Business Organization

CheckPoint Business Organization - Soon the partnership...

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CheckPoint: Business Organization Bus210 – Foundation Of Business October 26, 2010 Linda Lockhart
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Shiwanda Coleman founded the Rose Restaurant Company in 1945. In 1945 the company was a sole proprietorship that was run out of her mother’s house. Shiwanda did all the work from making sure all the food was cooked and making sure inventory was fully stocked and taking all orders. It was 1950 when Shiwanda gained help from her sister Malinda Coleman. Malinda saw how successful the business was, so she asked could they do a partnership . Shiwanda gave it some thought and decided it would be a good idea. Both sisters agreed that they would have a general partnership instead of a limited partnership. This would mean that both sisters would have to be liable for everything in the business. The Rose Restaurant Company continued to be very successful and was able to hire some employees to help with cooking and serving.
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Unformatted text preview: Soon the partnership included 11 employees and became a limited liability company . Which means the company provides limited liability for the members, but for tax purposed the company is still treated as a partnership. The Rose Restaurant Company grew tremendously in volume and numbers. They finally had to move from Shiwandas mother home and brought a restaurant in town. In 1965 Shiwanda finally got tired of the business, she decided she no longer wanted to be a partner in the business, so she left her half of the business to her sister. Malinda really did not like that her sister wanted to get out of the business, so they both decided to sell the business to someone who wanted to start a restaurant. In 1968 Michelle Blango bought Rose Restaurant Company and changed the name to Fat Tuesdays. Now today the restaurant is a joint-stock company and has grown tremendously....
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This note was uploaded on 11/09/2010 for the course BUS 210 taught by Professor Scottrought during the Spring '08 term at University of Phoenix.

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CheckPoint Business Organization - Soon the partnership...

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