5 17 business organization

Post on 15-Dec-2014

184 views 0 download

Tags:

description

 

Transcript of 5 17 business organization

Finish Vegetables

Plants: Corn & Herbs

Terms: Herb & Monoecious

Herbs

• Most herbs are native to the Mediterranean area so they like:– Bright Sun– Moderate temperatures– Well drained soils

• Annual herbs: basil, dill, & parsley• Perennial herbs: lavender, oregano, rosemary, sage,

thyme• Be careful about mulch – use sparingly – don’t want too

much moisture around plant base• Few pest problems – some are even used as insect

repellants

Herb

• A small, seed-bearing, plant that is valued for its flavor, fragrance, medicinal and healthful qualities

Corn

• Warm season• Will not grow well until soil is over 75F• You can warm soil with black mulch• Germinates in about 4 days• Very heavy feeder: must supplement• Needs regular water – best w/ irrigation• Best to grow in blocks rather than rows• Usually get 2-3 ears per plant• Wheat, barely, and rice are all in the same family

Monoecious

• A plant that has both male and female flowers on the same plant.

• In corn, the tassel is the male flower and the silks are the female flower

Quiz

Introduction to Horticulture

Plant: WintercreeperEuonymus

Term: Sole Proprietorship

WintercreeperEuonymus

• EE OH NA MUS• Plant type: Evergreen Groundcover or shrub• USDA Hardiness Zones: 4b to 8b • Height: 12" to 24" • Exposure: shade to full sun • Leaf Color: Green, White, Variegated• Uses: Container, Erosion control, Ground cover,

Sole Proprietorship

• A business owned by one person (the proprietor). The most simple type of business organization.

• Many use the d.b.a. (doing business as) designation.– Example:– John Smith, dba Smitty’s Mower Repair

• Fictitious Name Declaration

Taxes

• Business income is reported to the IRS on a schedule C under the owners social security number.

• You must pay estimated taxes quarterly– Fed Gov’t:

• Social Security & Medicare: 15.5% of your income• Estimate federal income tax: ~10-20% of your income

– State Gov’t:• ~5% of your income

Sole Proprietor

• There is no liability protection – if the business is sued – the owner is personally sued.

Other Types of Businesses

• Partnership – Just like a Sole Proprietorship with more than one owner.– Income reported on personal income tax –

divided according to partner interest. – No liability protection

What is Liability

• The state of being legally obliged and responsible

• If your business is sued and does not have enough assets to cover the amount, your personal assets are sold to cover the difference.

• Results in Bankruptcy

• We live in a litigious society

Other Types of Businesses

• LLC (Limited Liability Corporation)– Taxes either as a individual or corporation– Personal assets are safe– Apply with the State Corporation

Commission– Need to have Corporate By-laws

• Corporation– Taxed as a corporation and as individual– Personal assets are safe

Legal Requirements

• File for a business license with the city/county government– Business License Application– Make sure no other business has the same name

• You also need to register with the state government– Virginia Department of Taxation – If you are selling something, you also need to pay

sales tax

Employees?

• You need a Federal Employer Identification Number– Go on-line & apply for one

Steps for New Business

• Complete a business plan

• Apply for a business license

• Register with the State

• Register with the Federal Government (if you have employees)

Today

• Plant watermelons & squash