Part 1: Opening Your Own Business

You are considering starting your own restaurant. What are the types of business organizations can you choose from? Which one would you choose, and what benefits and disadvantages would that form offer you?

Part 2: Accounting for Your Own Business

Throughout the course, you will be working on your own fictitious business—a new restaurant! In Part 1 of this discussion, you chose how you would like to structure your business: a sole proprietorship, a partnership, or a corporation. Now, let’s assume you have been in business for a short time. Your staff is busy cooking, waiting tables, and making your customers happy. You’ll need to record all of the transactions in order to keep an accurate record of how well your restaurant is performing. This important task can certainly be done by hand, but there are also a lot of great software programs that can help make the task easier. Even small businesses can benefit from accounting/financial software. Research the business software QuickBooks. In your initial post, explain what QuickBooks is and how you feel it could help improve your ability to track and record transactions in your new restaurant.

Be sure to address both Part 1 and Part 2 in your initial post. In your responses to your instructor and peers, elaborate on the topics, share additional experiences, ideas, or research, and ask additional questions to keep the conversation moving.

Please make your posts by the due date assigned. Refer to the discussion rubric for grading details.