All by myself
A business owned by one person.
What is a sole proprietorship?
A business owned by two or more people who share its risks and rewards.
What is a partnership?
A company that is registered by a state and operates apart from its owners.
What is a corporation?
An organization that is owned and operated by its members.
What is a cooperative?
A business that gathers raw goods.
The process of creating, expanding, manufacturing or improving goods and services.
What is production?
What is finance?
Easy to do, being in charge and making all the decisions, keeping all the profits, lower taxes, and only taxed once.
What are the advantages of owning a sole porprietorship?
The documentation necessary to start a partnership.
What is a partnership agreement?
Limited liability, ability to raise money when people buy stock, does not end when owner dies or leave.
What are advantages of a corporation?
An organization that focuses on providing a service but do not make a profit.
What is a non-profit organization?
A business that changes raw materials into more finished products.
What is a processor?
What is procurement?
Maintaining and checking records, handling bills, and preparing financial reports for a business.
What is accounting?
The percentage of businesses that are Sole Proprietorships.
What is 72%?
Easy to start, easier to obtain capital (start up cash), not all on your own, taxed only once.
What are the advantages to a partnership?
Double taxation, government regulations, difficult and costly to start.
What are disadvantages of a corporation?
A contractual agreement to use the name and sell the products or services of a company in a designated geographic area.
What is a franchise?
A business that makes finished products our of processed goods.
What are manufacturers?
The process of planning, pricing, promoting, selling and distribing ideas, goods, and services.
What is marketing?
A business that purchases goods from a wholesaler and sells them to consumers, the final buyers of the goods.
What is a retailer?
Unlimited liability, limited access to credit, ends when the owner dies.
What are the disadvantages to having a sole proprietorship?
Problems due to partners not getting along, responsible for decisions of other partners, leaving means the partnership ends, unlimited legal and financial liability.
Governing body of a corporation.
What is a board of directors?
Needed to obtain and run a franchise. In return, the franchiser offers a well-known name and a business plan.
What is invest money and pay franchise fees?
What is an intermediary?
The process of achieving company goals by planning, organizing, leading, controlling and evaluating the effective use of resources.
What is management?
A business that buys in large quantities from manufacturers, divides the large quantities into smaller ones and sells them to retailers.