sole proprietorships
what is a sole proprietorship?
an indivisual that owns a business
what are partnerships?
business structure in which the owners share with each other the profits and losses
what is the meaning of corporations?
most complex form of business organization
when two or more companies combine
what are some advantages to sole proprietorships?
no boss, business control, and low start up cost
what are three types of partnerships?
sole proprietorships, limited liability and corporations
what is the diffrence between corporations and sole proprietorships?
corporations is a legal entity owned by a stockholder and sole proprietorship is a single person owned business
what are three types of mergers?
horizontal merger, vertical merger, an conglomerates
what is a disadvantage of sole proprietorships?
less capital, taxes, and work life balance
what are some examples of general partnerships?
medical, legal, or real estate
what are two types of corporations?
closely held and publicly held
what is a benifit of a horizontal merger?
combinding firms with a similar or same, good or service.
what are the basic requirements for sole proprietorships?
business name, tax identification, registration
what are the disadvantages of general partnerships?
liable for both parties, debts, or sharing profit or losses
what are two advantages of corporations?
limited liability for owners, transfeable ownership, and long life
what is a vertical merger?
two or more firms involved in diffrent stages of producing the same good or service