Assignment Task:
You are a semi senior member of staff at the Accounting firm called Grant Thornton You have been appointed to deal with a couple Mr and Mrs Hosey, new prospective clients who have just retired from their employment after a long service. The have retired with a tidy sum of money and are planning to start a business they can call their own or control.
This couple who want to set up a business have no idea as to what type of business they want to get into let alone the form of business entity available to them
As a Semi-Senior member of the accounting staff, you are required to write a report to be delivered by your firm to this couple explaining the issues below:
• Explain the different forms of business units(sole proprietorship, partnership, limited company) available, highlighting the benefits and limitations of each.
• Explain financial accounting and management accounting, highlighting the differences between the two strands of accounting.
• Assuming that you have not been given any information about the funds the couple have available. Explain the sources of finance available to a business owner, looking at Short-term sources, Medium-term sources and Long-term sources of finance giving examples of each.
• Style, layout, format (Report writing format expected) and relevance.
• Introduction, conclusion and Recommendation.
• Referencing - Harvard Style.