1. There re four different types of business organization that exists. They include the following:
Sole proprietorship- Sole proprietorships are own and operated by a single person. Advantages to a sole proprietorship is that it does not have to file corporate taxes, On the other hand, sole proprietorships have to file all earnings on the personal tax return. The liability for sole proprietorship lies solely on the owner.
Corporation
There are S corporations and C corporations. S corporations can only have 100 shareholders and are single taxed. An advantage is that shareholders also play into the corporate taxed which reduces the amount the company has to pay on their own. Example is an organization of over 200 employees.
LLC
LLC’s are more cost efficient than managing and forming a corporation. According to Imani (2016) “As an LLC, your personal assets are protected from lawsuits and business debt, and only assets of your company can be touched by lawsuits and creditors”.
Partnership
Two or more investor equally divides a partnership. The advantage is having others contribute to finances and cost related to business. On the other hand, if one party does not fulfill his or her financial responsibilities than the other parties have to pick up the financial obligations.
Example is a mother and daughter hair salon.
2. What are greige goods? Why are converters important in creating the end-use products that can best meet the needs of the consumer?
Greige goods are good that have not been bleached or dyed. Converters aide in the dying process of goods.
3. What is the role of the merchandiser in the designing of a line? Why is this role critical to the success of the business overall? Give examples.
“Merchandiser is required to give presentations to the sales force to familiarize them with the concepts of the line to help them pitch to retailers. In a large company a merchandiser or design director will head up this area with the help of one or more assistants. In a small company, the owner or designer will see to these responsibilities”(Mazumder, 2012). The role of the merchandiser is so critical to the overall business of an organization because this position drives sales while creating and providing sales projections for the following seasons. In addition, merchandisers create the tools that are used to develop the line plan.
Examples of materials are swatch booklets, samples for sales persons, etc.
Bibliography
Imani, F. (2016). The Advantages of Each Type of Business Organization . CHRON .
MAZUMDER, P. S. (2012, August 27). ROLE OF A MERCHANDISER IN THE FASHION AND APPAREL INDUSTRY.
