For the purpose of investment money the business plan in mind is an Electrical Contracting Company. The commercial construction in the central Florida area is booming and this type of business with good management will be very successful. The name if the business will be Massy Electric, Inc. In the construction business there are many liabilities, not only for the company, but also for the employees. Some of these liabilities include damage of property to others and employee safety. Incorporating the business would protect personal property and personal finances. Meaning, no one can go after homes, cars, credit, or any personal money saved or earned. It is very important to have a clear separation from personal and business. This is why incorporating a business is the smartest way to go. There will be many services provided that pertains to electrical issues. The two main services will be service calls and commercial build outs. Service calls will consist of everything from installing ceiling fans to trouble shooting any electrical problems a home owner or business may have. Commercial build outs, which are currently booming in central Florida, will be everything from schools to shopping centers and churches. When there is a large migration of people which move into one particular area the need for these things are of most importance and creates an abundance of work. Before starting the business, accounting will have to play a very important role in decision-making. Knowing how much to spend on tools, materials, vehicles, trailers, advertising, and payroll are all part of starting an organized successful business. There needs to be enough capital for these things, as well as, approximately 6 months worth of capital in savings for future expenses that often times cannot be covered at the beginning of a business. This can only be done with a good accounting plan in place. Hiring the write accounting firm will be the...
References: AICPA (2009). Internal Control: A Tool for the Audit Committee.
Business Week (2008). Managing Your Company.
Management and financial Consulting (2009). Professional Auditors.
Paul Graham (2009). How to start up a business?
Please join StudyMode to read the full document