Accounting 291 Essay

398 WordsAug 7, 20122 Pages
Week 3 Team Assignment ACC/291 The Principals of Accounting July 30, 2012 The discussions have been how corporations are built. How the corporation develop into teams of management companies that own or manage a company. The different type’s corporations have franchises for example Kentucky Fried Chicken and Long John Silver’s are different franchise restaurant owned by the same corporate owner. The name of the corporation is Yumi brands which also are co-owners of A&W and Pepsi. The Yumi Brands have branch out to different franchises to increase profit for their company. In corporations there is a silent partner that makes decision based on profit or maybe on economy, that will help a company maintain success. The corporation will make silent voting suggestions and implement them to see if company increases or decreases profit. The two main types of corporations are profit or not-for-profit. A for-profit is a corporation in the business solely for profit. A for-profit example is Burger King, McDonald, Wendy’s, or any other of the fast food chains. The not-for-profit is charitable organizations which are Salvation Army, Red Cross, and American Cancer Society. The not-for-profit organization raise money for research and educational learning tools for the organization. Another topic of discussion has been learning about the reasons why a business or individuals want to form a corporation instead of just running a business on their own. The discussion on this topic is that some companies want to form corporations to keep their assets safe and the limited liabilities that keep them safe from lawsuits. Some of the problem areas for the team this week included the assignment for week three. Learning how to round the cost per mile served as an obstacle for some of us. There was also rounding answers to 2 decimal places. The team thought that
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