Business

The business environment is constantly changing as time goes by. There are several factors that affect the aspects of the business environment such as benefits, costs, and risks of conducting business. The type of business, economic, government, and legal influences are major contributors to the business environment, Riordan Manufacturing, Huffman Trucking, Kudler Fine Foods, McBride Financial Services, The Elias Group, and Smith Systems are business that are affecting by those influences. Types of business may include sole proprietorship, partnership, limited partnership, corporation, limited liability partnership, limited liability company, c-corporation, and s-corporation.

Riordan Manufacturing, Inc. is a global plastics manufacturer partnership that was founded in 1991. (Ecampus) The partnership makes it possible to raise more capital and to share ownership responsibilities. Like the sole proprietorship, the partnership arrangement carries unlimited liability for the owners.(Foundations) While the partnership offers the advantage of sharing possible losses, it presents the problem of owners with unequal wealth having to absorb losses. (Foundations)

It manufactures products such as plastic beverage containers, plastic fan parts, heart valves, and medical stents. Economic influences on the business environment are interest rates, inventory levels, consumer confidence, unemployment rate, and gross national product. All of these have a drastic effect on the business.

Government influences include regulations, export restrictions, import tariffs and quotas, and government debt. The government influences can help or cause major problems for a business. The changes in regulations will force the business to meet and stay up to date with codes and policies. The government debt will make it hard to borrow money and will like raise interest rates.

The legal influences are minimum wage, discrimination, union, local, and environmental protection laws. Minimum wage affects the company by determining the minimum amount that is allowed to pay an employee. Discrimination and union laws are laws that can have adverse affects when it comes to a lawsuit. Riordan has to make sure it’s following the environmental laws to ensure that regulation and standards are being followed.

Huffman Trucking is a sole proprietorship that was founded by K. Huffman in 1936. It has continued to grow since World War II and the increased demand for carrier services. It is a sole proprietorship that has unlimited liability to the owner. The profits or losses of a sole proprietorship are taxed as though they belong to the individual owner. (Foundations)

Its economic influences are inflation rates and unemployment rate. Unemployment plays a big part in business today. When unemployment rises, business and profits tend to drop. It’s important to stay ahead of the game and be prepared for the worse. History shows that the economy can decline at any moment.

Huffman Trucking’s government influences are export restrictions, regulation, budget deficit or surplus, and government debt. Export restrictions hurt the trucking industry when shipments are not in the U.S. Abiding by regulations will ensure that business continues and flourishes. Government debt may lead to increase in costs such as fuel. Fuel is a major asset in the trucking industry and high fuel costs will cause business to falter.

Legal influences are limited to union and incentive laws. The trucking industry has many unions for truckers. Abiding by all union laws and working closely with the unions will allow for business to continue and be hassle free.

Kudler Fine Foods is a specialty food store located in the metropolitan area of San Diego.(Ecampus) Kudler specializes in kinds of food such as produce, bakery, meat, seafood, and pastries. It is a sole proprietorship that has unlimited liability to the owner. The profits or losses of a sole proprietorship are taxed as though they belong to the individual owner. (Foundations)

Kudler’s economical influences include interest rates, gross national product, and inventory levels. Keeping up with inventory and making sure that everything is stocked and up-to-date is vital to maintaining a thriving business. These are key factors to everyday business and stability.

Government influences are government debt, regulation, and import tariffs and quotas. Government debt has a huge influence on many businesses. If government debt increases than cost increase and businesses lose money to keep up with costs. Importing goods can become costly and expensive. Weighing the cost versus profit is ideal in this case.

Legal influences are minimum and limited to minimum wages and worker safety laws. Workers are important to business and keeping them safe by following guidelines and safety laws will keep money within the business and ensure that laws and employees are happy. Minimum wages affect the business because it determines the least amount of money employees can be paid.

McBride Financial Services provides low cost mortgage services using state-of-the-art technology. It offers credit reports, appraisals, home inspection, and the lowest rate available for a mortgage. All services are offered at a fixed rate of $1500.

McBride is affected by unemployment, interest rates, monetary policies, inflation rates, and other economical