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Shtirlitz [24]
3 years ago
14

"I am 27 years old and have just finished law school and passed the state bar examination. Now I am ready to begin my new career

as a lawyer. I am not interested in a job with a big firm. I’d like to be more on my own. I have two friends who are in similar situations. But it takes money to start a law practice. A modern law firm needs a lot of business machines—computers, copiers, fax machines, and so on. Even in a small firm the lawyers might need to hire some helpers—a receptionist, maybe a paralegal worker. I want this firm to be a success, but I am not sure I have all the legal and business skills I need to pull it off." What are the advantages and disadvantages of starting own business?
Business
1 answer:
Eduardwww [97]3 years ago
8 0

Answer:

The advantages of starting own business:

  • Flexibility: a person who starts his own business does not necessarily have to work 9/5 monday-friday, he can  set his own schedule. Needless to say, many business owners work longer hours than regular employees, but the do so because of the hope to earn more money from profits than from a regular wage.
  • The possibility of profit: an employee in a legal firm will not be able to obtain any dividends (unless he owns stock), while the very definition of a business owner is someone who obtains profits.
  • Fulfillment: it is probably more fulfilling to see your own business develop and grow than go to work everyday for someone else's company.

Some disdavantages are:

  • Risk: starting a business is risky. The business might result in losses instead of profits, in other words, the business may fail.
  • Capital needs: to start a business, you need some capital, and it is not always easy to obtain. Most business owners either get debts, or liquidate some of their own assets (house, car, etc) to finance the company.
  • Longer work hours: as stated above, it's very likely that a business owner will have to work night and day, especially during the first stages.

You might be interested in
Question Mode Multiple Choice Question A corporation is created by obtaining a charter from: Multiple choice question. an attorn
Klio2033 [76]

In general, when a corporation is to be created, it gets its charter from <u>the state government. </u>

<u />

Corporations:

  • Get their charter from a state government
  • Are bound by the laws of the state in which they are registered

The powers that state governments have in the United States include being able to license corporations and when they do this, that corporation is bound by their laws.

Corporations would therefore usually look for states with more lenient laws.

In conclusion, corporate charters come from the state government.

<em>Find out more at brainly.com/question/7500912.</em>

8 0
2 years ago
Crane Enterprises reported cost of goods sold for 2020 of $1,290,700 and retained earnings of $4,708,100 at December 31, 2020. C
Grace [21]

Answer:

  • Adjusted Cost of Goods sold = $1,206,860
  • Adjusted Retained Earnings = $4,675,190

Explanation:

An overstated opening inventory would overstate Cost of Goods sold. The overstatement should therefore be removed from the Cost of goods sold.

An overstated closing inventory would understate Cost of Goods sold. The overstatement should therefore be added to the Cost of Goods sold.

Adjusted Cost of Goods sold 2020 = Cost of Goods sold + 2020 ending inventory - 2019 opening inventory

= 1,290,700 + 32,910 - 116,750

= $1,206,860

Adjusted Retained earnings

The retained earnings would have to be adjusted for the overstatement of the current inventory by $32,910 because this understated Cost of Goods sold.

= Retained earnings - Overstatement of inventory

= 4,708,100 - 32,910

= $4,675,190

8 0
2 years ago
The search for and utilization of the best methods used by competitors and non-competitors that lead to superior performance is
eimsori [14]

Answer:

Bench-marking

Explanation:

Benchmarking is the process that works for comparing the products, services, etc by the other companies who are dealing with the same type of business that refers to the best in the industry or performing superior performance.

It could be done either by the cost, quality, time, quantity, etc

The aim of doing this process is to gain the competitive advantage so that they get to know their strength, weakness, opportunities, and threats

7 0
3 years ago
Which statement is true according to the article?Choose one:A. Chilean companies aim to improve their wine distribution in China
Rufina [12.5K]

Answer:

The answer is "Option A".

Explanation:

In this question, the first choice is correct because the Chilean organizations continue to improve the existing wine business in the country of China, with Chile aiming to the advantage of the military conflict as well as expand its position in the Chinese beverage (wine) market though the wider optimization.

4 0
3 years ago
Mission Foods produces two flavors of tacos, chicken and fish, with the following characteristics:
Alex17521 [72]

Answer:

$1,059,050

Explanation:

The computation of the anticipated level of profits for the expected sales volumes is shown below:

Expected sales             209,000                      305,000

Particulars                     Chicken                          Fish

Sales                              $815,100                       $1,525,000

Less:

Variable cost                -$407,550                     -$762,500

Contribution margin      $407,550                      $762,500

Now the profit would be

= Total contribution margin - total fixed cost

= $407,550 + $762,500 - $111,000

= $1,059,050

The sales are variable cost are come by multiplying the units with its price per taco.

4 0
3 years ago
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