The business created is an automated restaurant. Autodine Restaurant is a business venture that is expected to flourish and prosper in the forthcoming periods. This is an advanced business idea purposed to appeal to consumers within the market. The restaurant will provide meals and services similar to any 4-star hotel within the nation, and providing exclusive meals every Friday night. The general staffing plan is that human beings will cook the meals served within the restaurant. The rest of the work such as washing dishes, cleaning floors and serving of meals to the customers will be automated. The robots undertaking these services will be fully functional, being able to hear and understand different languages conveyed by consumers and being able to communicate in return (Cumming, 2012). In addition, the robots will be programmed to welcome the clients at the reception. This is meant to add to the appeal of the restaurant. The rationale for this idea is that the restaurant business is packed and therefore in order to sway consumers to dine at the restaurant, it is imperative to be appealing. Having an automated business adds flair to the restaurant as more and more consumers will be interested to see how it operates and how it looks like (Butler, 2000). In this sense, the restaurant will be able to enter the market and attract a considerable consumer base. In addition, with the increase in the minimum wages resulting in a rise in labor costs, this idea is intended to diminish the general costs incurred by the business in the long-run for labor (Filloon, 2016).
At the conception phase, a business can take several forms. In this case, the business structure or form that is deemed suitable for the automated restaurant is a limited liability corporation (LLC). In delineation, an LLC is a distinctive form of private limited company that incorporates and assimilates the tax structure of a sole proprietorship or partnership business forms with the limited liability of a company (Warda, 2007). This form of business does provide a number of benefits. To begin with, in the event of legal suits, the owner of the business is protected and shielded from any sort of personal liabilities in different situations. With a limited liability corporation, if a client or consumer files a legal suit against Autodine Restaurant owing to financial issues and goes through, the personal assets and possessions of the owners cannot be claimed due to the financial or economic losses of the business (Spadaccini, 2007). The distinctive advantage and benefit for Autodine Restaurant is that the business, in essence, becomes its own entity and is solely and solely liable for its own existence.
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This will suit the business, particularly because the venture plans to set up numerous locations across the nation. Therefore, every location that is established is able to exist and operate as its own independent limited liability corporation. Therefore, in the case that one Autodine Restaurant branch becomes bankrupt and ends up in dissolution, this does not have a negative effect on the restaurant chain (Spadaccini, 2007).
There is the distinct benefit regarding the ease in which an LLC is established and set up. Different from other structures, this business form does not demand a Board of Directors, shareholder meetings or the official procedures that go along with them. What is more, being an LLC, Autodine Restaurant will have the advantage of more freedom, in respect to taxation and distribution of profits (Mancuso, 2013). The taxation of this form is done separately and individually as a company. Lastly, in the event that Autodine Restaurant as a business venture aspires to become a public company, then this can be done through the alteration of the business form into a C-Corporation to become a publicly traded firm and listed in the stock market (Spadaccini, 2007).
A chart of accounts is defined as a record of the names of the accounts that a firm has ascertained and made accessible for recording business and financial transactions. A chart of accounts specific to Autodine Restaurant, including a rationale as to the selection of each account is detailed below.
A CHART OF ACCOUNTS
With Autodine Restaurant being based in the United States, the business will make use of generally accepted accounting principles (GAAP). GAAP can be delineated as the rules and standards that are obligated for the generation of consistent and uniform financial reports by companies. However, it is imperative to note that being a private company, the business will not be mandated to adhere to the standards (Epstein et al., 2009). In the most recent strategic plan of the SEC, the body points out that it is prepared to take into consideration the notion of a single set of international accounting standards. This is through the convergence of the generally accepted accounting principles (GAAP) with the Internationally Financial Reporting Standards (IFRS). This convergence will influence Autodine Restaurant as a business in different ways (Sweetman, 2016). The main impact in which this convergence will impact the business is through….....
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