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Submitted by tonik930 on January 21, 2008
Category: Miscellaneous
Words: 1470 | Pages: 6
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Introduction
The following presentation has been prepared to assist small business owners, with no accounting or finance knowledge, in recognizing key financial statements and managerial reports. Aside from these reports, the business men and women should also consider nonfinancial information that can severely impact a company’s decisions regarding business ethics and good business practices. A number of different types of businesses will be considered and addressed in this presentation.
In order to deliver effectively, information regarding business finances and accounting, one must first consider the audience. Information differs from business to business based on the type of organization heading the company falls under. Among these types of businesses are sole proprietorships, partnerships, and corporations. Following is an explanation of each type of organization and the primary source of funding for each.
The sole proprietorship is the most common small business and is usually comprised of 10 or less employees. “The sole proprietorship form of organization represents single-person ownership and offers the advantages of simplicity of decision making and low organizational and operating costs,” (Block & Hirt, p. 8). The benefits of single ownership, as mentioned, are the ability to make any and all decisions without needing to consult anyone else and the relatively low cost of running the business. Draw backs to sole proprietorships include unlimited liability to the owner which can also lead to lack of funding from outside sources, considering that financial institutions and other lenders are unwilling to take on the risk. Unlimited liability means that in the case of settling debts, the owner could lose all the money invested in the business as well as personal assets. Income, or lack thereof, is reported under the individual owner and taxed as such.
Partnerships are small businesses with two or more owners that share...
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