In January 2010, Carmen Diaz, a recent arrival from Cuba, decided to open a small ribbon shop in the Coconut Grove section of Miami, Florida. During the month, she put together a simple business plan, which she took to several relatives whom she believed would be interested in helping her finance the new venture. Two of her cousins agreed to loan the business $10,000 for one year at a 6 percent interest rate. For her part, Carmen agreed to invest $1,000 in the equity of the business.

On March 1, 2010, with the help of an uncle who practiced law, Carmen formally incorporated her business, which she named "Ribbons an' Bows." Normally, the uncle would have charged a fee of $600 for handling the legal aspects of a simple incorporation, but, since Carmen was family, he waived the fee.

As soon as the new business was incorporated, Carmen opened a bank account and deposited the cousins' $ 10,000 loan and her $1,000 equity contribution. The same day, she signed an agreement to rent store space for $600 per month, paid on the last day of the month. The agreement was for an 18-month period beginning April 1. The agreement called for a prepayment of the last two months' rent; which Carmen paid out of the company bank account at the signing.

Over the next few Weeks, Carmen was actively engaged in getting ready to open the store for business on April 1. Fortunately for Carmen, the previous tenant had left counters and display furniture that Carmen could use at no cost to her. In addition, the landlord agreed to repaint the store at no cost, using colors of Carmen's choice. For her part, Carmen ordered, received, and paid for the store's opening inventory of ribbons and 1ibbon accessories; acquired for free a simple cash register with credit-card processing capabilities from the local credit-card charge processing company after paying a refundable deposit; signed service agreements with the local phone and utility companies; ordered, received, and paid for some store and placed and paid for advertising announcing the store opening in the April 2 edition of local paper. In addition, she bought and paid for a desktop computer with basic business software already installed to keep track of her business transactions and correspondence.
This 1390 word essay (11 pages) is about Business economics, Economy, Business, Accounting systems, Carmen, Operas, Prosper Mrime , Debits and credits, Repurchase agreement
Ribbons an\' Bows, Inc. In January 2010, Carmen Diaz, a recent arrival from Cuba, decided to open a small ribbon shop in the Coconut Grove section of Miami, Florida. Dur ing the month, she put together a simple business plan, which she took to several relatives whom she believed would be interested in helping her finance the new venture. Two of her cousins agreed to loan the business $10,000 for one year at a 6 percent interest rate. For her part, Carmen agreed to invest $1,000 in the equity of...
This 1390 word essay (11 pages) is about Business economics, Economy, Business, Accounting systems, Carmen, Operas, Prosper Mrime , Debits and credits, Repurchase agreement
Ribbons an\' Bows, Inc. In January 2010, Carmen Diaz, a recent arrival from Cuba, decided to open a small ribbon shop in the Coconut Grove section of Miami, Florida. Dur ing the month, she put together a simple business plan, which she took to several relatives whom she believed would be interested in helping her finance the new venture. Two of her cousins agreed to loan the business $10,000 for one year at a 6 percent interest rate. For her part, Carmen agreed to invest $1,000 in the equity of...
This 1390 word essay (11 pages) is about Business economics, Economy, Business, Accounting systems, Carmen, Operas, Prosper Mrime , Debits and credits, Repurchase agreement
Ribbons an\' Bows, Inc. In January 2010, Carmen Diaz, a recent arrival from Cuba, decided to open a small ribbon shop in the Coconut Grove section of Miami, Florida. Dur ing the month, she put together a simple business plan, which she took to several relatives whom she believed would be interested in helping her finance the new venture. Two of her cousins agreed to loan the business $10,000 for one