Sole proprietorships
What is a sole proprietorship?
A business owned and managed by a single individual
What are the three types of Partnerships?
General, Limited, and Limited Liability
Who do closely held corporations usually issue their stocks to?
Family Members and other close individuals.
What are the types of corporate mergers?
Horizontal, vertical, and conglomerates
What are the three advantages of Sole Proprietorships?
Ease of start up, regulations, and one person in charge
What are the two roles of a Limited Partnership?
At least one General Partner and at least one Limited Partner.
What kind of taxation do corporations get?
Double Taxation.
What are multinationals?
Corporations that produce good/service throughout the world.
What are the MINIMUM requirements for start up?
Authorization, site permit, and a name
What are some examples of LLP’s?
Attorneys, Doctors, and Accountants.
What is the main entrepreneurs form a corporation?
To gain limited liability.
What are some ways multinationals influence the world?
They spread new technologies and production methods. They also provide new jobs and production methods.
What are the disadvantages of Sole Proprietorships?
Unlimited liability, limited access to resources, and lack of permanence
If partners don’t establish their own agreements, what default set of agreements do they automatically fall under?
The Uniform Partnership Act
What happens to the original owner after incorporating?
They lose control.
How can a multinational negatively influence the world?
The jobs offered can pay low wages and/or have poor working conditions.
They also influence culture and politics in the countries in which the operate.