Sole proprietorship
A business owned and managed by a single individual
Sole proprietorship
What are the 3 types of partnerships?
General partnership, limited partnership and limited liability partnership
What are the types of corporations ?
Closely held corporations , publicly held corporations, corporate structure
What are the 3 corporate mergers ?
Horizontal, vertical mergers and conglomerates
A business license from a local government.
Authorization
Partners share equally in both responsibility and liability
General partnership
Makes major decisions & appoints corporate officers
Board of directors
What is a multinational corporation ?
Produce and sell goods and services around the world
What are some Disadvantages?
Liability , you’re responsible for paying everything off
Every partner is limited partner; no general partners
Limited liability partnership
What are the advantages of incorporation?
Transferable ownership Ability to contract capital Long life
A merger of 2 or more firms competing in the same market with the same food or service
Horizontal merger
What is the uniform partnership act ?
Has many shareholders who buy and sell stock on the open financial market
Publicly held corporations
A merger of 2 or more firms involved in different stages of producing the same good or service
Vertical mergers
What can affect these small businesses ?
Zoning laws
What is the main rule ?
What are the disadvantages of incorporation?
Difficulty and expense start up , double taxation, potential loss of control by founders and more legal requirements
Disadvantages of multinational corporations
They can influence the culture and politics of the countries in which they operate