mcgee
CHAPTER 1
THE McGee CAKE COMPANY
1. The advantages to a LLC are: 1) Reduction of personal liability. A sole proprietor has unlimited liability, which can include the potential loss of all personal assets. 2) Taxes. Forming an LLC may mean that more expenses can be considered business expenses and be deducted from the company’s income. 3) Improved credibility. The business may have increased credibility in the business world compared to a sole proprietorship. 4) Ability to attract investment. Corporations, even LLCs, can raise capital through the sale of equity. 5) Continuous life. Sole proprietorships have a limited life, while corporations have a potentially perpetual life. 6) Transfer of ownership. It is easier to transfer ownership in a corporation through the sale of stock. The biggest disadvantage is the potential cost, although the cost of forming a LLC can be relatively small. There are also other potential costs, including more expansive record-keeping.
2.
Forming a corporation has the same advantages as forming a LLC, but the costs are likely to be higher.
3.
As a small company, changing to a LLC is probably the most advantageous decision at the current time. If the company grows, and Doc and Lyn are willing to sell more equity ownership, the company can reorganize as a corporation at a later date. Additionally, forming a LLC is likely to be less expensive than forming a corporation.
Using the concepts from my textbook, I am going to talk about and give two examples in which I will be describing and evaluating the effectiveness of at least two times in which I feel my manager/s at my current job at Academy fostered ethical conduct among the organization’s employees.
Well to begin I will talk about our store manager, Mike, he has been with Academy for over 20 years and he moved from store manager to district manager and then back to being a store manager. The reason he made the decision to return to a store manager after being a
THE McGee CAKE COMPANY
1. The advantages to a LLC are: 1) Reduction of personal liability. A sole proprietor has unlimited liability, which can include the potential loss of all personal assets. 2) Taxes. Forming an LLC may mean that more expenses can be considered business expenses and be deducted from the company’s income. 3) Improved credibility. The business may have increased credibility in the business world compared to a sole proprietorship. 4) Ability to attract investment. Corporations, even LLCs, can raise capital through the sale of equity. 5) Continuous life. Sole proprietorships have a limited life, while corporations have a potentially perpetual life. 6) Transfer of ownership. It is easier to transfer ownership in a corporation through the sale of stock. The biggest disadvantage is the potential cost, although the cost of forming a LLC can be relatively small. There are also other potential costs, including more expansive record-keeping.
2.
Forming a corporation has the same advantages as forming a LLC, but the costs are likely to be higher.
3.
As a small company, changing to a LLC is probably the most advantageous decision at the current time. If the company grows, and Doc and Lyn are willing to sell more equity ownership, the company can reorganize as a corporation at a later date. Additionally, forming a LLC is likely to be less expensive than forming a corporation.
Using the concepts from my textbook, I am going to talk about and give two examples in which I will be describing and evaluating the effectiveness of at least two times in which I feel my manager/s at my current job at Academy fostered ethical conduct among the organization’s employees.
Well to begin I will talk about our store manager, Mike, he has been with Academy for over 20 years and he moved from store manager to district manager and then back to being a store manager. The reason he made the decision to return to a store manager after being a
References: Robert Kreitner &Angelo Kinicki (2013) Organizational Behavior (10th edition) Published by McGraw Hill college , 2013.ISBN 13: 978-0-07-802936-3 Unacceptable Minimally Responsive Satisfactory Accomplished Exemplary Weight