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Transcript of Business Organizations
How individual businesses are arranged within a certain
Firms legally owned by
legally owned by
2 or more people
General partnership: when all partners are involved in day to day operations
Limited partnership: when one partner is in charge of day to day operations
legally owned by shareholders
(people who own a piece of stock) in hopes of gaining dividends (money)
run by a hired employee (CEO)
sometimes these business organizations decide to join together to make 1 bigger business.... this is called a MERGER
2 businesses involved in making different steps of a product join together
2 businesses making the same thing join together
Can you think of a place you shop for each type of business organization?
75% of all businesses are
90% of what you buy is
from a corporation
Umps Fwat video
limited (when owner quits,
low start up costs
ability to make decisions:
limited govt regulation
owner keeps profits
as long as partners continue
easy to start up
(partners totally responsible)
shared b/w partners
less government regulation
shared with partner(s)
could cause conflict
(CEO quits, hire new)
hard to start
limited (owners may
only lose money)
Board of Directors hired by shareholders
owners have limited say in decisions
can sell ownership/shares of stock
1. If a general partnership fails, who is responsible for the debts?
a. anyone who works for the partnership
b. all of the partners
c. only the most senior general partner
d. no one
2. Which of the following is an advantage of a sole proprietorship?
a. No one is responsible if it fails.
b. It is the least-regulated form of business organization.
c. It is an easy way to make a lot of money.
d. It is easy to get financing to start one.
3. What is the major difference between a corporation and a partnership?
a. A corporation is always larger than other kinds of businesses.
b. A corporation is responsible for its debts if it fails.
c. A corporation has a separate entity apart from that of the owners and workers.
d. A partnership is the coolest form of business organization.
make all decisions
easy to start
hard to get top talent
limited access to $
easy to start
more access to $ than sole prop.
division of profits
access to large amount of $ to grow
can grow larger and give advancement opportunities
lose control of company (little say)
more govt regulation