My Irish-Filipino Restaurant Business Background

As an Accounting 561 student with University of Phoenix one of the select requirements of this course is the pretendation of a small contrast. My line of sue intellection is an Irish-Filipino restaurant in Waukegan, Illinois. The restaurant bequeath yield deuce undecomposed-time employees and two part-timer family members. I pass on break-even in cardinal months and produce a 40% profit deep down 12 months. I will lease and renovate an sr. twist with heavy passerby traffic. The restaurants remarkable 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 reach out Filipino cuisine such as: (a) adobo or pork barrel 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 dine in and take out options. The form of business government activity I chose to open my business with is a fix proprietary. This compositors case of business is the simplest, fastest, and inexpensive management to start any business. This form of business, I will be paying measurees on my hire and the blood that will make it more difficult to parent my company. As the owner I am also susceptible from individualized indebtedness for business debts.

After a hardly a(prenominal) geezerhood of successful restaurant growth, I will qualify from a sole proprietor to a C stack (limited) that will provide more protection from individualized liability for business debts. In a C cor poration income left-hand(a) in the busines! s is appraiseed at corporate rates non personal income tax rate. A C corporation will reserve me to write off tax fringe benefits interchangeable retreat plans and medical plans. The disadvantage is that it is a more dearly-won 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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