G20 fx 8 D E G H M N 0 P 5 Nick's goal is to build a prestigious business and can income from selling a number of goods and services to customers in Edmonton Annual equipment repair services with unlimited tune ups to equipment throughout the year. Pay-Per-Repair" (where a fee would be charged for each repair required purchased by dental clinic who do not hold an annual memberships Sales of Goods (such as cleaning supplies, dental equipment, dental chairs, and other dental accessories) Nick anticipates the need to raise approximately $500,000 in money to start his company, Nick is willing to invest $100,000 of his own personal money which means the remaining funds mus come from outside" sources 2 Nick's Personal Life Nick has not approached any of his friends to see if they would be interested in participating in this exciting business venture. As a result, Nick is unaware of how much money each friend could contribute (if interested) or how much participation they would want in managing his dental sales and repair company. His best friend did graduate from NAIT at the same 13 time as him and might be interested in pursuing the venture collaboratively Nick currently lives in a high-rise condo. The condo was purchased four years ago for $500,000 asing the cash proceeds Nick received from an inheritance. As such, Nick's personal residence has been paid in full and no money is owing on it, Nick has a very good credit score and always pays his bilks on time (including his credit cards). Nick loves his personal 24 residence and under no circumstances would Nick consider selling his property as a means of raising money 15 16 Required: 17 Nick has the following questions as .What legal forms are available to me in order to establish & nin the dental equipment sales and repair company? Discuss the advantages & disadvantages of each alternative Business Organization Advantages Disadvantages 20 21 22 23 2. All organizations need to prepare financial statements. Who would be the main users of my financial statements in the first year of operations? What types of decisions 24 would the financial statement users be making? Users Decisions 25 26 27 28