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Businesses and the Business Type They Fall Into
Introduction:
Businesses come in all shapes and sizes, from the largest of the larges, to as small as one person working from a home computer. In order to keep up with the ever changing times and technologies businesses need to stay sharp and play true to the type of business they are and what their strengths are. In this particular paper I will discuss 6 different businesses and what type of category they fall into. These businesses are; Riordan Manufacturing, Huffman Trucking, Kudler Fine Foods, McBride Financial Services, The Elias Group, and Smith Systems Consulting. When researching these groups I found it a little difficult to classify each one, as many had similar qualities. However, I did some up with a grouping for each one and will discuss them below.
Riordan Manufacturing Inc.
Riordan was the first company I examined and right away based on the information I had read I was able to distinguish it as a corporation. The first clue was the Incorporated at the end of the name; all corporations list that as part of their legal name. Secondly Riordan was owned by a separate corporation named Riordan Industries. It is a very large company compared to the rest with large profits, and it has a lot of available information. While the ideas behind it were started by the same man that it is named for, it is not a sole proprietorship based on this description from www.alcoinc.com: This is the simplest and the most widely used structure for business. It is the least regulated type of the various business structures. For tax and legal purposes the business is the owner. The unlimited liability factor is probably the greatest disadvantage. The liabilities of the business are personal to the owner and the business ceases to exist when the owner dies. (Alco, 1995-2007)
Huffman Trucking
To me Huffman clearly is a sole proprietorship. It has the name of the owner right in it, there are no other legal entities tied in, and I could not find a listing of any other company tied in with it. It also states that it is privately held and only has one number listed as the contact information. Other than job applications there is not a lot of information on its site. This also leads me to believe it is individually owned, maybe a family company because it was founded in 1936, but still part of the same name. I really started getting confused, the course notes were extremely vague, and Huffman had a lot of other people listed as higher ups in the internal memos, but I still think it is individually owned. I could easily be wrong on this one though. It might be some form of partnership, LLP, or limited partnership though
Kudler Fine Foods
Kudler to me again was another sole proprietorship. It was small, had little information on its site, only mentioned one person other than the owner, and was named after the owner. The other person had some memos with the owner, but it was clear she was just legal advice. This one was easier because all of the main communication I saw was from the owner to one or 2 different people. This company definitely is a sole proprietorship.
McBride Financial Services
For the third one in a row I came up with a sole proprietorship here. It has the owner’s name in it, all of the direct communication and decisions seem to be made by the same person, and it is smaller. He seems to have to outsource things a lot especially on the technical side. Either way I am pretty sure that McBride is another sole proprietorship based on the information I read on it.
The Elias Group
This one was finally something again that was easy for me to figure out and decide on. I am positive the Elias Group is an S-Corporation based on the simple fact that in its description it says it is a non-profit organization. It gives out business counsel to small businesses and helps them find information they need. But all of its profits go directly to its stockholders. According to the IRS on www.irs.gov an S-Corporation follows these guidelines: An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation. Generally, an S corporation is exempt from federal income tax other than tax on certain capital gains and passive income. On their tax returns, the S corporation’s shareholders include their share of the corporation’s separately stated items of income, deduction, loss, and credit, and their share of nonseparately stated income or loss. (www.irs.gov)
Smith Systems Consulting
Smith Systems was another corporation. It has similar legal rights as a person, but has a large company with tons of information available. It says Inc. right in the name as well. This to me was the best site of them all. They offered tons of information readily accessible, and easy to find. It was a well designed site that had a lot to offer. You can tell just by going to the site that this is a larger company that has a lot of time/resources to invest into it with.
Conclusion
I found this topic to be very interesting but somewhat difficult. I hope to learn more about the different types of companies there are and how it all plays out into both the business, and IT world. Needless to say I did learn a lot and got to do a lot of research for this assignment. I have learned that there are a lot of types of companies and each type plays an intrical part in our economy.