What was the purpose of the loan that Tran took out from the SBA?

Tran got the loan to expand his export business.

Explanation:

Edmentum

1. part A = Tran owns a grocery store chain specializing in Vietnamese, Thai, and Chinese foods.

part B = tran owns three stores

part C = It is an import-export wholesale distribution business.

part D = Leeching plans to take over the family company.

part E = Tran got the loan to expand his export business.

question 2 = Tran,

It was wise of you to capitalize your knowledge of Asian food and specialize in familiar dishes. Viet-Wah is indeed unique because it specializes in Vietnamese, Thai, and Chinese food. It helps that these cuisines enjoy widespread popularity.

Being an established and popular store, Viet-Wah surely has plenty of loyal customers. However, the new generation of customers is quite different from the older generation. Catering to this generation of customers could pose challenges. First, customers today expect businesses to have an online presence and to provide amenities such as free delivery, online delivery, online discounts, and so on. You could face competition from businesses with smarter online strategies. However, your daughter Leeching is more in tune with the younger generation. She knows the importance of social media and is therefore a big asset for Viet-Wah. Second, the new generation of customers wants food that is healthy, delicious, and easy to cook. It may be challenging to find products that can fulfill all three criteria.

To prepare for the future, I think you would benefit by turning Viet-Wah into an LLC and adding Leeching as a partner. Viet-Wah will not be a separate tax entity, so paying taxes won’t be complicated. More important, your personal assets would be protected from liabilities. You could incorporate the business instead, but incorporating would entail high costs and a lot of recordkeeping and paperwork. Therefore, incorporating would make sense only if you intend to expand the business on a very large scale.

Explanation: edmendum

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