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Form of Business Ownership
Transcript of Form of Business Ownership
Forms of Business Ownership
Other Specialized Business Ownership Forms
A business owned and run by just one person.
It is the easiest form of business to start.
A business owned and controlled by two or more people who have entered into a written agreement.
Very similar to a sole proprietorship.
A separate legal entity formed by documents filed with your state. It is owned by one or more shareholders and managed by a board of directors.
The owner ......
has sole control over all business decisions.
receives all profits made by the business.
How profits are used are up to the owner
The owner is responsible for all debts.
If the business fails
If Someone sues the business
Any natural disasters.
The owner has no shelter from creditors. Any money and other assets owned by the proprietor can be used to pay the business debts.
It's quite easy to start
The owners are responsible for decisions.
The partners share both the investment and profits based on the terms of the agreement.
Each partner is liable for all of the debts of the business should it fail.
Corporations have several owners who invest in the business by purchasing shares of stock.
Corporations protect the liability of stockholders to only the amount invested.
However, it's more difficult to form.
They also must meet more legal requirements.
Not all owners have direct involvement.
No access to profits unless approved by the board.
Other Forms of Business Ownership
Limited Liability Partnership
Limited Liability Corporations (LLC)
Non Profit Corporation
A franchise is a written contract granting permission to operate a business to sell products and services in a set way.
The company that owns the products or services is the Franchiser.
A franchise is a way to expand a business using the investments of others while maintaining control over the business name, products, quality, and operating procedures.
1. The form of ownership that give one person sole control over all business decisions is the
2. True or False. All investors in a Corporation have full liability for the debts of the business.
The company that owns the products or services and grants the rights to another business/owner is known as the
c. board of director
4. A business owned and controlled by two or more people who have entered into a written agreement.
The form of business ownership affects many business decisions. If you could own your own business what form of business ownership would you choose. Explain in at least 3 sentences.
Forms of Business Ownership