Salon Business Flashcards
Booth rental is different from salon ownership in that with salon ownership:
The initial investment is larger
a form of business in which tow or more people operate for the common goal of making a profit
partnership
an institution that is a separate legal entity and has its own privileges and liabilities distinct from those of its members
corporation
to avoid any misunderstandings between contracting parties in the purchase of a salon, the details should be written in a
purchase and sales agreement
in a booth rental agreement, the salon or building owner is not responsible for
training and education
a written agreement with a building owner that outlines the responsibilities for repairs and expenses
lease
if a building owner controls the products to be used, the time a person is required to work, the costs of services, and the marketing program, the people who work there are considered:
employees
a business arrangement that provides the limited liability features of a corporation and the tax efficiencies and operation flexibility of a partnership is a
S Corporation
when a stylist enters into a booth rental arrangement, he or she is responsible for all EXCEPT
mortgage payments
a salon that is owned and operated by an individual is referred to as a
sole proprietor
Much of the confusion surrounding how many of each product to purchase has been cleared away by the introduction of manufacturer’s ____
Prepacks
Your ____ can advise you on new products and ways to purchase merchandise that will save you money.
Supply Agent
To prevent blown fuses and electrical fires, each station should be:
Turned off at night
on its own fuse or breaker
Wired separately
(all of the above)
Fabric-covered chairs should be long wearing, fire proof and…
nonporous
An organized inventory system and supply room will help a business owner monitor ____ and ___ in a salon.
Profit and Loss
