Business type
They provide service to a customer.
What do service businesses do?
It is a business that is not separate from the person who owns it.
What is the legal status of a sole proprietorship?
7-Eleven, Lululemon, The Bay, and Thrifty Foods.
What are some examples of retails businesses?
The debt and financial obligations of a business.
What is a liability?
What is an asset?
It takes materials and converts them into goods.
What does a manufacturing company do?
Is not a separate legal entity from its owners.
What is the legal status of a partnership?
They buy in bulk and sell it to retailers.
What do wholesale businesses do?
It all depends on their legal structure.
How do you know who is liable for the debts of a business?
Cash, investments, inventory, office equipment, machinery, real estate and company-owned vehicles.
What are some examples of assets of a business?
It buys large quantities of goods and sells them to retailers.
What do wholesale businesses do?
It is treated as a separate legal entity from its owners.
What is the legal structure of a corporation?
They buy from wholesalers and sell directly to customers.
What do retail businesses do?
Limited liability and unlimited liability.
What are two types of liability?
The value of all the assets minus the value of all the liabilities.
What is net worth?
They buy goods and sell them directly to consumers.
What do retail companies do?
Are members of a not-for-profit personally responsible for its liabilities?
They make products that are then sold to manufactures.
What do manufactures do?
You just lose what you invested.
What happens to you when you have invested in a corporation that goes broke? i
Property owned by an individual.
What is a type of an asset?
Manufacturing, Wholesale, Retail and Service.
What are the 4 types of businesses?
Sole Proprietorship, Partnership, Corporation, Cooperative and Charity.
What are some different types of business structures in Canada?
They are a hybrid model and buy in huge quantities and sell to customers, and Costco is an example of one.
What is a wholesale distributor?
Your personal assets are at risk of being lost as well as what you have invested in the business.
What happens to you when the unincorporated business you own goes broke?
An asset that can not be quickly turned into cash.
What is a fixed asset?