Tutor profile: Brian R.
What is a quadratic equation and how do you solve for it?
The general quadratic equation is ax+bx+c=0. You solve for x using the quadratic formula which is x = (-b + or - sq root of (b squared minus 4ac)) / 2ac
What is the basic accounting equation for double-entry accounting? And why is it important?
Assets = Liabilities + Owner's Equity is the basic accounting equation. All aspects of accounting are based on this formula. This formula lets you know that any time you change one side of the equation you also have to change the other. For example, if you decrease your cash (Asset) you also have to increase an expense (part of Owner's Equity). Knowing this it always allows a double check for your work because if your formula is out of balance then your numbers are wrong.
What are the 4 main business types you have to choose from when starting a business?
The main 4 types of business models to choose from are Sole Proprietor, Partnership, Corporation, or Limited Liability Company (LLC). There are positives and negatives to each type and therefore each of the different types can be right for different types of businesses. I will briefly list a couple of details of each different type. The main benefit to the Sole Proprietor is that they are extremely simple to setup, and unless your state or local government requires it, you don't even have to register your business with the government. Another benefit to the Sole Proprietor is that just add some more forms to your own personal tax return instead of having to pay for a whole separate on to be prepared. The Partnership is the simplest way to start a business with another person and allows the terms of the partnership to be written down. There are different kinds of partnerships including the original general partnership and limited partnerships which allow one general partner to be personally liable for the business and the others limited to their investment in the partnership. The corporation is a more complex way to setup a business with different owners that all have a stake in the business called a share. The corporation could be setup as a S or C corporation and again it depends on the business as to which makes more sense. A corporation is a completely separate legal entity where each owner is only liable up to the value of their investment. The corporation model requires officers and a meetings to decide how the business is going to be ran. This is the most expensive type of business to setup. The limited liability company is a fairly new design (20th century), and isn't recognized by all the states or the federal government. When you choose this type of business you also have to tell the federal government if you are going to be treated as a partnership or a corporation, but at the state level you are recognized as an LLC. The LLC limits the liability of the owners to their investment in the business.
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