Final_Project

2) For a business structure I have chose to make it a corporation. My reason for this choice are a corporation is a separate entity which means I am not personally liable for all debts of the business and its will be easier to transfer ownership when I’ am looking to sell. A corporation is a better structure if you are looking to raise money for the business. Another advantage of a corporation is forming a centralized management team to operate and record the income of the business. The separation of duties for the cash management will provide the investors with a sense of protection for their investment. 3) Our business will provide our customers with a wide range of fine dinning and beverages so all can be catered to. We will also provide everyone with the best entertainment (Djs, bands, and scheduled events) for kids and adults. We will have a catering department to provide for people that are having special events at their own home, business or at our facility that has a top grade hall. Will have specials for certain events like sports, holidays. The security that we will provide will ensure the safety of every customer and keep the wrong crowd out. Our establishment will be the best around and will surly succeed. 4) Accountings role in the start up of our business will be vital. Accounting functions, such as posting to general ledgers for accounts payable and accounts receivable, will allow us to keep track of our debts to others and know our profits for goods produced and services rendered. Monthly statements, such as a balance sheet and income statement will show the general health of our business with regard to sales. A cash flow statement will determine how much cash is coming in and how much is going out. All of these accounting functions help us paint a picture of our business's general profitability. The management of corporate officers, managers, and bookkeeper, will provide a check and balance in recording income. The separation of duties for the cash management will provide the investors with a sense of protection for their investment. A manager will count the receipts at the end of the day and another person, maybe the bartender, will double check that count. 5) Honest, trustworthy, and experienced are the characteristics I will look for when hiring my accounting staff. Someone who can provide proper accounting advice during every stage of our venture, from startup to succession planning. We will need someone who communicates well, helps us strategize and maximize our business's finances. We must be able to trust our accounting staff with everything that goes in and out of our books. This person or people will need to have experience in this type of trade and understand every piece of our business. All applicants should have references from prior employers, to be checked. Also a combination of education credentials, work related experience in the accounting field to verify the candidates qualifications. 6) Our accountants should have at least an associates degree but would prefer a bachelors degree and have a fond knowledge of the following ( budgeting, internal control, and cash management) before going into business.