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Date Submitted: 09/09/2011 10:48 AM

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Developments by Skyrim


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Developments by Skyrim

The business that I would like to propose to you is Developments by Skyrim. For my new company, I have chosen the sole proprietorship business structure. There are several reasons why I chose this business structure. First, I have very little personal debt and in sole proprietorships, the debts of the business are the debts of the owner. In other words, I will have sole responsibility for the debts of my company however I will reap benefits from this business structure because I will be able to report any losses and profits on my personal income taxes. This will make accounting relatively simple because I will only have one tax return to file. Another benefit is that I will not have to hire a full time accountant.

Developments by Skyrim will be a construction company specializing in apartment complexes and urban housing development. My husband has over twenty years of experience in the construction industry and we have done extensive research. Research shows that there is a large amount of vacant housing due to foreclosures and overbuilding during the housing boom between 1995 and 2005. Since more people are being forced out of homes due to foreclosure and many are voluntarily surrendering their homes, there is a lack of apartments, duplexes, and lower to mid range priced urban housing developments.

Accounting will pay the major part of the start-up of my business because there are so many things that must be completed. I must apply for business licenses, buy tools and materials, hire employees, and have accurate records of how investor’s money is being used. There are costs associated with applying for business licenses and


accounting must keep records of all monies spent. Accounting will help me to research whether it is more economical to buy, rent, or lease tools, materials, and heavy machinery....