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Task 1:

1) Input: Financial Reports, Sources of income, Payroll preparation, Customer's information,


Employees data, fixed overhead costs

Output: training programs for employees, personal effectiveness, managerial effectiveness,


Products

2) The companies which focus on profit would generate their income and own shares from the
organization and put the money in their own pockets. Incomes are made by sales of products and
services. Whereas, nonprofit organizations would focus on activities that benefit the society, any
income would be put back to the organization as a whole to keep it running. It is also a public
owned and people who run these organizations own no shares or property interests.

3)sole trader: a person who is the owner of a business, allowed to keep all profits after tax has
been paid but responsible for any losses

Bobby would need an accountant for personal income taxes, an accountant could also help Bob
with which restriction, regulation he must fulfill. Give Bobby an overview of his income
measurement and helps him to target his market. Helps Bobby to develop his business plans and
strategy.

A sole trader is accountable to their own business since they take their own financial risks, sole
traders must have extra funds for when there are unexpected fees needed for the business. Sole
traders are also responsible to file and pay their own taxes (whether through an accountant or
doing it on their own), to prove that they have sufficient income after taxes and contribute the
taxes to their country, Failure to comply with these regulations may result in hefty punitive
penalties or even imprisonment. Lastly, they are also responsible for their employees and their
employee's taxes.

He has to measure the cost of equipment, cost of employees, his personal incomes, his estimated
hours of work.

4)Partnership: A specific kind of legal relationship formed by the agreement between two or
more individuals to carry on a business as co-owners. A partnership is a business with multiple
owners, each of whom has invested in the business

They would need an accountant for registering a partnership agreement, shares and income splits
between both of them, filling their personal income taxes individually, filling their company's
income taxes. Developing business plans and financial agreements, measuring their costs of
production and effectiveness of business and management strategies.

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