Res342
- The accounting functions are a vital part of all businesses. I have
recently researched and developed a sole proprietorship photography
business called “Mercedes’ Flash”. The accounting functions in my
business will be managed well and the feedback will be monitored often.
As previously discussed your investment group is willing to give the
capital needed for the first year of my business.
Res 342
- I am aware that starting a sole proprietorship business all profits
and losses accrue to me and are subject to taxation. I also understand I
have unlimited liability and all decisions are made by the sole
proprietor, which is me. I thought this business structure would be the
easiest to start and stop due to the fact this is my first business.
This business structure will also make the accounting functions simpler
because I will pay self employment taxes on the profits made.
Acc220
- Mercedes’ Flash will be located in my home town in Massachusetts.
Mercedes’ Flash will provide digital photography services for people of
all ages, animals, and special events. Inside Mercedes’ Flash there will
a variety of homemade products being sold like blankets, photography
books, and various little other things. You have the option to have your
picture taken on our lovely 1 acre land set up for great backgrounds, a
request location, or inside with a background of your choice.
Acc 220
- The capital your investment group has been willing to give to get my
business started is a necessity. Accounting will play the biggest role
in get my business started and to keep it going. The accountant
functions my business will need are account payable, accounts
receivable, banking, taxes, investing, and inventory and fixed assets
managements. Being a sole proprietor I will be a very busy person. I
need to make a flow chart and ensure I follow it on a continuous basis.
Acc 220
