[diamondcharms90]

Reminder: Initial Discussion Board posts due by Wednesday, responses due by Sunday )Need Help)

Students will be expected to post their first initial discussion board posting by Wednesday of each week. Discussion posts will be graded and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time.

Students are expected to post their responses to peers by Sunday. NOTE: All submission posting times are based on midnight Central Time.

Primary Task Response: Within the Discussion Board area, write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.

In this assignment you will do the following:

Choose the type of service business that you will use for the key assignment. (Review the key assignment in Phase 4 and Phase 5.)
Discuss if you will want a sole proprietorship or a partnership.
Discuss your choice on the Discussion Board.
Develop a chart of accounts that is appropriate for your type of business.
The chart should contain a minimum of 5 assets and 2 liabilities.
Remember that this is a service business.
Revise your chart of accounts, if necessary, based on what your learn from the discussion.
Discuss the reasons for your choice of business type and your chart of accounts. Your discussion should include the pros and cons of both business types: sole proprietorship and partnerships.