Tutor profile: Kristin M.
Subject: Culinary Arts
List and describe the 5 Mother Sauces in classical French cooking.
Bechamel- Bechamel is a white, milk or cream-based sauce thickened with a blonde roux and usually flavored with a light stock. Veloute- Veloute means “velvety” in French, and is a light sauce made from a stock such as veal, chicken, or fish. The sauce takes on the flavor of the added liquid, and it is thickened with a light roux. Espagnole- Espagnole is a brown sauce usually made from beef or veal stock, tomato paste, and browned mirepoix. The tomato product used in this sauce can usually produce a thick sauce through reduction without the need of a roux. If a roux is needed, a dark roux is used. This sauce is often used as the base for demi-glace sauces. Tomato Sauce- Is a sauce composed of tomatoes where the sauce is thickened by reduction instead of using a roux as a thickener. In traditional French cooking, the sauce is often flavored with meat or vegetables. Hollandaise- Hollandaise is another sauce not thickened by a roux. It is composed of egg yolk and clarified butter and thickens from the emulsion of the two. Traditional preparations included only heating by friction while creating the emulsion whether mechanically or using a blender. Modern preparations usually require actually cooking the sauce and heating to over 135 degrees to make it safer for human consumption.
List and describe the 4 major business structures and advantages and disadvantages of each.
Sole proprietorship- Sole proprietorships are owned by a single person and are the most common of business structures. The benefits are that a sole proprietorship can be easy to start, and the owner has total control. The negatives are that the business does not operate as a sperate entity as with a corporation. Personal income is not is not separate from business expenses and both are reported on personal tax returns. Partnership- A partnership is owned and operated by two or more people, and there are two types of partnerships; general and limited. An advantage is that the structure is easy to form because it does not require the filing of any document with the state. General partnership- In a general partnership, the owners themselves run the business and are responsible for general operations. General partners are also responsible for the debts of the business, and profits are split equally. A benefit of this business structure is that profits are usually taxed on a personal income level. Limited partnership- Limited partnerships are composed of both general and limited partners and must include at least one general and one limited partner. The limited partner or partners are just investors in the organization and do not participate in the operations of the business. Advantages to the limited partners are that the general partners are responsible for the operations and ownership of the organization. The negatives are that the general partners are also responsible for the liabilities. Advantages for limited partners are that they have ownership in the organization without the responsibility of running the business or being responsible for liabilities. Corporation- A corporation, or C Corp by law is an independent legal entity that is legally separate from its owners. This structure is more complicated that others because it requires the filing of Articles of Incorporation. Advantages of the corporate business structure are that it offers liability protection of personal assets, and operations have the potential of eventually being funded by shareholders. Negatives are that corporate business structures are more complicated than others, requiring detailed accounting and reporting. There are also extensive regulations and tax requirements to comply with, and corporations are double-taxed. In double taxation, the corporation is taxed on its operating income, then shareholders are taxed again when they pay income tax on dividends and earnings. S corporation- An S corporation, or S Corp, is a special type of corporation where the profits and losses of a company are not taxed at the corporate level and are passed through to be taxed with owner’s income. Drawbacks to an S corporation are that all shareholders must be US citizens and a single S corporation cannot have more than 100 separate shareholders. A benefit is that there is no double taxation and owners, or shareholders, are only taxed once; which is on their personal income. Limited liability company- A limited liability company, or LLC, business structure combines the benefits of the sole proprietorship, partnership, and corporate business structure. The advantages are that business liabilities and debts are separate from personal finances, and all owners share in tax liabilities. The business can also elect to be taxed as either a partnership or a corporation. Another advantage is that if the company elects to be taxed as a partnership, there is no double taxation because income is taxed to owners on a personal level. Negatives are that LLCs are slightly more difficult to start because they require filing a Certificate of Formation or Articles of Organization in the respective state of ownership.
Describe what the balance sheet is used for in business management and list the major components.
The balance sheet is a financial statement summarizing the standings of a company over a specific period of time. The three major components of the balance sheet are assets, liabilities, and owner’s equity. The balance sheet can show the net worth or equity of an organization by subtracting the liabilities from the assets. It can also show financing sources by setting up the calculation as total assets equals liabilities plus owner’s equity. The balance is sheet is organized with assets in one section and liabilities and net worth in a separate section and the two must balance.
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