Why We Love College (and You Should Too!)

I know that I have put a lot of time and effort into graduating college with a MBA and I know that one day I will get the job that I went to college for.

beers boys and books

At times you can feel stuck, like you’re paying all this money and putting in all this effort and time for a piece of paper. A piece of paper that means what you will be doing for the rest of your life. That can be a little intimidating. Okay, it can be down right scary. Because how do you know that you’re in the right major? How do you know that you’re even at the right school? When we were kids, we believed we could be anything we wanted. An astronaut, a princess, maybe even a singer (not me LOL). But then we graduated high school and landed in college and the reality of life set in and we soon realized we couldn’t be everything we always wanted. Sometimes we have to settle for a variation of that. But this is life, and you never know what’s coming next, and…

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Choosing An Entity

Choosing a type of entity on how this business endeavor will operate will involve deep consideration with how the business is taxed along with the liability that comes with operating a business. During this research project will consist of control, management, authority, the number of owners, length of existence, owners, and profits. To make a decision on which entity this business endeavor will fall in the business owner must look at all pros and cons associated with each of these entities: sole proprietorship, Limited Liability Corporation, subchapter S corporation, and C Corporation.
A sole proprietor owns the business assets in his or her own name and is personally liable for the business debts (Jonas, 2011). Sole Proprietorship consists of one owner this type of entity has some good advantages and some bad advantages when it concerns business. The owner themselves is responsible for all liabilities and taxes that the owner will incur during the length of their business. One of the first things that the business owner would need to accomplish would be to file a fictitious name for the business. Sole proprietorships are the most common form of business entity in the United States (Jonas, 2011). One of the advantages of a business owner is that it will entitle the business owner to invest in capital, to limit the personal liability, and will limit the risk to investors within the business. Another advantage that a sole proprietor has over a corporation is that the sole proprietor is the owner accountant cashier controls the inventory and runs the business their selves. Unlike the corporations, these types of businesses have to pay for these types of services just to make it through the day.
One of the disadvantages of a sole proprietorship would include the unlimited liability that comes with owning businesses. Whereas, many business owners will take out loans to obtain things as a sole proprietors use their own money to make things happen within their business. Another downfall for a sole proprietor is that if the funding is not available to them the business owner will have to pay-out-of pocket for the tools necessary to make the business grow. Using the money made from the business, and putting it back into the business allows a little more freedom for the business owner to expand the business further. When a business factors in the gear insurance, and vehicle maintenance for the business will add up over time. However, if the business owner factors in taking out loans there would be quite a bit of things at stake for the business owner because then the creditors will be able to take the business any cash and anything else, that was put up for collateral for the business loan. Therefore, would leave the business owner at the mercy of the creditor until the loan is paid off.
The Limited Liability Corporation has some disadvantages when it concerns business. One of these factors would include double taxation because the business is liable for taxes as well as the owners within the business. Developing, a limited liability company the owner is requires sharing their information with the internal revenue service. When the second tax hits the pockets of the LLC members but on the other hand, the LLC can elect taxation as a sole proprietor, which would make the business pass-through entities. Instead of having to file on the business level with the internal revenue service, the owner of the business would be liable for the taxes on their personal income tax. The major disadvantage of the partnership form is the unlimited personal liability of the general partners for business debt (Jonas, 2011). Another disadvantage of the Limited Liability Company is that if a member passes away or decides to sell his or her portion of the company. The LLC will have to terminate the member’s affairs within the company, and file the dissolution documents required with the LLC state of formation. One major unresolved issue is the extent to which members are subject to self-employment tax on their LLC income (Jonas, 2011).
One of the advantages of having a limited liability corporation is that the members of the company are those that decide which member wants to control all aspects of the business or just a few on a day-to-day basis. Furthermore, the members may decide to appoint non-members outside of the company to the positions to maintain the daily affairs of the company. Another advantage of operating an LLC is that it provides personal asset protection without the formalities of a corporation (Jonas, 2011). LLCs are a newly developed organization form that raises various tax questions concerning the operations of the LLCs and have not been resolved. Business owners must consider this and consult with the other members of the company to make sure that all boundaries are in place to organize the LLC.
A subchapter S corporation is a corporation organized under state law, which becomes a subchapter S by the unanimous election of its shareholders. One of the pre-dominant characteristics of this type of corporation is the limited liability of the shareholders within the corporation. Furthermore, taxes are based on the earnings of the stockholder, and his or her ownership of the corporation. If the corporation were to have financial problems and could not pay the debts, the corporate creditors would not have any claim to the personal assets of the shareholders within the corporation. The shareholder’s risk within the corporation would be the investment that they have made for the corporation. The income that the S corporation has accrued will be listed on the form 1120S (U.S. Income Tax Return for a S Corporation) by the shareholders. The corporations’ income or loss allocated among the shareholders within the corporation and based on the percentage of ownership within this corporations outstanding stock. Another advantage to an S corporation is that there are no statutory limits on the invested capital, number of employees, or the volume of sales. One of the disadvantages of having an S corporation is that the corporation itself cannot have more than 100 stockholders and can have one class of stock within the corporation. A family may elect for all family members to be treated as one shareholder (Jonas, 2011). S Corporations have to follow the same guidelines as regular corporations and some fringe benefits are not available. Another disadvantage to an S corporation would include that the shareholders have to contribute property, money, or loan the money to the corporation, and is not a guaranteed debt.
All C corporations have the power to attract the top-notch employees. Limited liability is an advantage to having a C corporation many businesses prefer to incorporate because of the limited liability for such an entity. Raising capital can be easier for a corporation than for a partner or sole proprietorship because the corporation will sell the stocks that they have invested. This means that more investors can be lured in with the right amount of sales. Investors want to be sure that they will be making a profit off the investments that they make with corporations. Corporations have fringe benefits like group term life insurance, health, and disability insurance, death payments up to $5, 000, and medical expenses not paid by the insurance, which can be deducted as a business expense.
Some of the disadvantages of C corporations consist of double taxation, which means that after the corporation has to pay taxes on the profits earned at the corporate level. All corporations have to abide by the intricate corporate laws, which are put in place by the state and federal government. Some of the costs that is generated by this disadvantage is the lawyers, and tax preparers will need to be hired. Meeting with the board of director’s will have to be held which will be documented and timed. All members of the corporation must approve all actions within the corporation.
In conclusion, as a business owner the entity that would be chosen for this endeavor would have to be the LLC for the simple fact that the business would be a family business and would allow the members to pay the taxes based on the earnings within that fiscal year. With any type of business endeavor there will be advantages and disadvantages to any one of the entities. It depends on what type of risk the business owner is willing to take to achieve the goals set forth by the business owner.

Jones, S. M., & Rhoades-Catanach, S. C. (2011). Principles of taxation for business and investment planning: 2011 edition (14th ed.). New York, NY: McGraw-Hill/Irwin.

The will and Desire to work towards goals

All I can say to that is WOW! It is quite amazing that only 3% of the class had the desire, dedication, and vision to make it through this world. I would have to agree that many people that I work around are not all that worried about how they are going to spend their future. Right now I am working on my dreams of becoming financially stable and working for myself. I know that it will take time but these are goals that I have set out for not only myself but for my family as well. Many of the people that I talk to are just worried about the current day and not worried about what the future holds. Many of them are not thinking about their future and what they would like to do. Now that I am older I see that there are certain things that you have to set out in order for them to happen you have to work at it. What we are doing is working on what we can with the money that we have available and if we have things for other parts of the plans that we have and do not have the money we work on the things that we have the items for. Right now we are working on 10 acres of land and working on getting our trailer fixed up so that we can pay rent to ourselves and reinvest that money that we would be spending on rent on the property. One day I know that we will finally have our own business and the first one will hopefully be campsites on the property. Because from our property you can see all four mountains. I think that the same percent of people that I work with does not have set goals or visions for their future.

Mission, Vision, Values, and Environmental Scanning

By describing, the three critical components of environmental scanning that would apply to the business that I have chosen which would be an organic aqua-phonics greenhouse. Within this paper, I will discuss the purpose of the business clearly and succinctly. I will discuss three of the critical components that would apply to Ponder Hill Enterprise’s. The only stakeholder’s are the owner’s Tammy and David where Tammy takes care of the paperwork, and other business related items. David takes care of the daily maintenance of the Enterprise. Therefore, by making sure that everything is in running order for the business. The external components of the business would include the vendors, consumer’s, suppliers, or anyone else that the business has within their company.
In defining environmental scanning this is the acquisition and use of information about the current events, trends, and relationships within the business’s external environment. A company mission statement is what separates them from other company’s like them and helps to identify the scope of the business operations. The mission statement clearly states the business’s product, market, and technological areas that will emphasis the way the company reflects on values, and priorities of the strategic decision makers within the business. There are implications to everything that is done within the business therefore, there would be needs to attend to if the company or business is not profiting or standing up to their mission statement. This would indicate that the mission statement of the company would need to be looked at. In this day and time the sustainability, that defines your business and goals within the market place. As a business owner, she will have to make the decisions about the business and everyday operations. Creating the mission statement for your business needs to be looked at or memorized and the owner should always stick to the promises they make to consumers. By looking at the long-term objectives, of Ponder Hill Enterprises that I would like to build within the next few years. The owner would need to consider the following: return on investment, competitive positioning of the product, technological leadership within the business, profitability, and other objectives as well. According to Pearce & Robinson (2004), the thorniest issues faced in defining a company mission are those that pertain to responsibility.

Mission Statement
The mission of Ponder Hill Enterprises is to provide eco-friendly ways to cut back on pollution and save money in the process. To provide fresh produce all organic with no chemicals of any kind.

Vision Statement
Our company’s vision statement is to become the America’s leading consumer company for organically fresh foods.

Values Statement
Ponder Hill Enterprise’s values statement is to be driven by the creativity, resourcefulness, focus, and entrepreneurial spirit to have the support of the consumer’s. To have an inspired and diverse team that respects the contribution from everyone within the company. To ensure the health and safety of our people surrounding are paramount. Ponder Hill Enterprise’s will prove to be a leader in their responsibility for the environment. That the integrity of the company is never compromised and that they make a positive contribution to the society.

Pearce, J. A., II, & Robinson, R. B., Jr. (2005). Strategic management: Formulation, implementation, and control (9th ed.). Boston, MA: McGraw-Hill Irwin

The Desire to be Financially Free

Donate Button with Credit Cards

I have been doing some research the past couple of years on the income figures for people that have degree’s versus the people that do not have an education. That being said! There are people that do not have an education but make big bucks for the work that they do. I believe in the education that I am getting and with the goals and visions that I have right now.

I believe that I will put my education to work, and it may take a little time to get the things that I would like accomplished but it will be well worth it in the end. I believe that the sky is the limit and all my life I have been told that I would not amount to anything growing up and right now I have proved them wrong because I have accomplished a lot. I know that having an education is not a guarantee to success but if I put my mind to it I will make it happen. You have to have the desire, and will to do anything that you want.

Furthermore, life is what you make it and where you end up in life is your decision.