Sole Proprietorships
A sole proprietorship is also called simply a proprietorship
What is sole proprietorship also called?
Partnership:A business where 2 or more people own and operate together?
Whats a partnership?
A corporation is a business that is owned by a group of people and operates under a license.
Whats a corporation?
A labor union is an organization of workers that seeks to improve the wages and working conditions of its members.
Whats a labor union?
Collective bargaining is where officials from the union and the company meet to discuss the worker's contract.
Whats collective bargaining?
A sole proprietorship is a business owned by one person
what's sole proprietorship's definition?
The main drawback of general partnership is the same as that of a sole proprietorship, each partner has unlimited liability.
What's the main drawback of a general partnership?
A corporation is legally recongnized by the state as a body that's separate from the people that own it.
What does the state view the corporation as?
There are 2 types of Union, a trade union, and an industrial union.
What are the 2 types of Union?
Striking workers usually stand in public view carrying signs stating that they are on strike, this tactic is called picketing.
What is picketing?
The 3 disadvantages for sole proprietor ship is Financial capitol, liability, and trouble hiring skilled workers.
What are 3 disadvantages of sole proprietorship?
Clarifies-or explains
Clarifies definition
Stockholders elect a board of directors at a meeting.
Where do stockholders elect a board of directors?
Unions play an important role in the U.S
Where do Unions play an important role?
Employers also have ways to try to pressure unions, their strongest tool is the lockout.
Whats employers strongest tool?
Sole proprietors are their own bosses, which means having to make divisions without having a CONSULT, or check with, other owners.
A CONSULT is?
The initials LLP after a business's name show that it is a limited liability partnership?
What is the limited liability partnership initials?
The state where the corporation is formed the states grants the company a charter.
When a corporation is formed what does the state grant the company?
About 1.6 million of these workers belong to the American Federation of state, county, and Municipal employees.
1.6 Million workers belong to what?
In a strike all union members refuse to work.
What happens in a strike?
Workers might prefer to take a job with a large company that has better benefits.
Why is there trouble hiring skilled workers?
Businesses use money to grow and to hire more employees.
What is money used for in businesses?
The corporations biggest advantage is the ease of raising financial captial.
Finanical capital is what?
Labor Union:association of workers organized to improve wages and working conditions.
Whats a labor union organized to do?
With most contracts, the 2 sides reach agreement during bargaining.
What happens to contracts during bargaining?