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The business I have created is called My Cash Express. This is a business that provides check cashing, bill pay, and short term loan services. This business will be classified as a Limited Liability Company (LLC). The limited liability company is a distinct business entity that combines the corporate advantage of limited liability protection with “pass-through” taxation, the method of taxation afforded to both general partnerships and S corporations. I chose this simply because of the nature of the business. Companies that are considered LLC allow the owner to be free of all responsibility relating to debt. If the business was to fail the owner would not be held personally responsible for any loss. Although I would be required to send annual reports to the government on my business, this is perfect because with this being a fairly brand new business there is room for failure and my personal finances should be protected.
My business would simply cash checks, pay bills and lend short term loans. These services would mostly be used in urban neighborhoods, so that is where my locations will be. This will be a perfect place for individuals without bank accounts that need to cash checks. It also implements convenience because customers can save time and pay major utility bills as well as select others. The short term loans are given on the individual’s gross pay and as an added plus the loans have low interest rates, which will be great for individuals who need money in between paychecks. As the owner I will mainly be responsible for understanding auditing procedures, how the business should be run, and hiring managers that will execute the rules and expectations I have in place.
Internally, My Cash Express will be operationally sound. Starting with the management, everyone will be properly trained on how to operate and maintain each aspect of the business. Accounting training is required for all management employees and it is mandatory that policy...