Accountant in business Essay Example | Topics and Well Written Essays - 1750 words

Accountant in business - Essay Example Identifying the organization that suits the profession or business can carry this and making a hierarchical structure that supports employee engagement and communication among the individuals (Rainey, 2009). Sole Proprietorship is the organization places all the liabilities of the business operations as well as finance on only one owner. Sole Proprietorship is not applicable for Molly, Mark and Mary as they are three individuals. In Sole Proprietorship, the risk is attached with only one person as he is tied to the business (Spadaccini, 2007). Corporation is another business organization that is equally unsuitable for the three individuals because it is chartered by the state and consists of a large enterprise where the owners are the major shareholders of the company and cannot be dissolved as in the case of Partnerships (Spadaccini, 2007). In order to recommend the right business for Molly, Mark and Mary, it is necessary to understand the concepts of the kinds of business organizations. As all three of them have an unequal amount of distribution of cash, they need to make comparisons through tax, liability and the impacts of organizational management in either a corporation or partnership to see which organization would be suitable to carry out business activities. As Sole Proprietorship and Corporation are not applicable for these three individuals, the following three are recommended for them. Partnership is the organization in which two or more than two people have the share of the ownership of the business enterprise. Unlike the Sole Proprietorship, there is a legal agreement made among the two or three owners as they will most of the decisions taking place within the organization have to be mutually shared, along with sharing profits. All partners are equally responsible to take measures in the organization regarding any discrepancy and can take effective steps to dissolve the partnerships whenever they wish to do so. At the time of