Sole Proprietorship
What is a Sole Proprietorship?
A business owned and operated by a single person
What is a partnership?
A business equally owned by two or more people.
What is a corporation?
A type of business organization owned by many people but treated by laws as though it were a person.
What is a franchise?
A company that has permission to sell the supplier's goods or services in a particular area in exchange for a sum of money.
What is a labor union?
An association of workers organized to improve wages and working conditions.
Who decides what and where they want to sell?
Sole proprietors
What is the legal agreement to start a partnership called?
Articles of Partnership
What is a charter?
A government document granting permission to organize a corporation.
What are two examples of a franchise?
Hotels / Inns
Restaurants / Cafe
What are Right-To-Work laws?
State laws forbidding unions from forcing workers to join
What is a Financial Capital
The money used to run or expand a business
What is one advantage of a partnership?
A partnership can raise more money.
Who are the Board of Directors?
The people elected by the shareholders of a corporation to act on their behalf.
What is a Nonprofit Organization?
A business that does not intend to make profit for the goods and services it provides.
What is collective Bargaining?
Process by which unions and employers negotiate the conditions of employment
What is a liability?
The legal responsibility for something, such as an action or a debt
What is a disadvantage of a partnership?
Each partner has unlimited liability, meaning he or she is fully responsible for all the debts of the business.
What are the corporations advantages and disadvantages?
Advantages - The ease of raising financial capital
Disadvantages -
Name two types of Nonprofit Organizations
Schools
Hospitals
What is picketing
A union tactic in which striking workers walk with signs that express their grievances
Name five businesses around you.
Restaurants, clothing stores, auto repair shops, beauty shops, accessory shops, ect.
What are the two types of partnership?
General Partnership
Limited Partnership
In an organized corporation, who is at the top of the corporation and who is at the bottom?
Top - Shareholders/Stockholders
Bottom - Employees
What are the two types of Cooperative Nonprofit Organizations?
Consumer Cooperative
Producer Cooperative
What is injunction?
A court order to stop some kind of action