New car dealership as sole proprietorship

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Reference no: EM131754710

After a few years of selling new cars, you managed to get the funding to start your own small new car dealership as a sole proprietorship. Your starting staff of 10 employees will be as follows:

You are the owner manager and will oversee everything. You will also be the sales manager and do some selling.

Sales staff: three salespeople report directly to you.

Service and parts manager: you will have one person supervise the mechanics and detailer.

Mechanics: three mechanics will work on the cars.

Detailer: one person will clean the cars, help out the customers, make up the bills and collect money from sales and services, and do other paperwork including bookkeeping. They will report to you.

What type of compensation will each classification of employee receive for their work? will you get them a wage, salary, or incentive pay? (commissions, pieces work or standard hour)

Will you give incentives (reorganization and other nonmonetary incentives, merit pay, bonuses, profits sharing, gainsharing, ESOPs. Stock option and /or stock purchase plans)

As the only executive, what will your compensation package include.

Reference no: EM131754710

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