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Essay / Research Paper Abstract
This 15 page paper discusses two primary topics: setting up one's own business and buying into an existing business. The first part of the paper explains and discusses the essential steps in establishing one's own business. This includes a description of the types of business one may establish, e.g., sole proprietor, corporation, and the components of a business plan, including raising capital for the firm and the items to be included in the start-up budget and the operating budget. This first section also discusses the average number of hours a beginning financial advisor will spend on different activities. The next section presents other options, such as buying into a partnership and how this may be accomplished and working as an independent contractor with major financial planning firms. Average national salaries for financial advisors is also included in this second section. The conclusion recaps the major points. Data are included. 2 Tables are included. Bibliography lists 11 sources.
Page Count:
15 pages (~225 words per page)
File: MM12_PGfnadv.rtf
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Unformatted sample text from the term paper:
owned by one single person. This does not have to be formed as a legal entity, which saves expense and paperwork. This is the easiest. The owner gets all the
profits but the owner is also fully liable for any and all debts and liabilities the business or any employee incur (Strench, nd). * Corporation: A legal entity, duly filed
with all the legal requirements of same. There are two types of corporations: "C" and "S." They are identical except for their tax status, the C and S are internal
revenue categories. The financial professional will a C corporation will have income taxed at corporate level and then taxed again when distribute to shareholders. The S corporation is taxed
as a partnership where income flows through to shareholders with no tax at the corporation level. Any company with more than 75 shareholders must file as a C corporation (Strench,
nd). * Limited liability company (LLC) is a type of business entity form with some of the same characteristics as a corporation and others that are like a
partnership. This company has "members" instead of shareholders. Members are not liable for the debts and obligations of the LLC (Strench, nd). * Partnership: General and Limited. General is when
two or more people decided to go into business together. Some states require legal documents, others do not. Each partner has the same privileges for hiring, borrowing, spending, and so
on. Each partner is responsible for liabilities. Limited is when two or more people go into business as a legal entity and partners are not legally responsible personally for
partnership debts. Authority and privilege is limited to certain partners. There must be at least one general partner who has the authority to bind the partnership to obligations. Both are
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