Five Functions of business
Responsible for managing the financial resources of the business.
Finance
A business that obtains and distributes goods to consumers.
Merchandising
They can be interval or external
Stakeholers.
property owned by a business or company beardless of its value.
Assets
one or more limited partners
Partnership
Determines the wants and needs of a consumer and devises a system for distributing goods and services to meet consumer demand.
Marketing
A business organized to covert raw materials into finished projects.
Manufacturing
Makes business decisions, evaluate, performance, project sales, development strategic pans.
Internal
what are owned
Assets
Individual partners are liable for their own actions.
Limited Partnership
Ensures capable employees are given opportunities to succeed in a safe work environment.
Management
A business that exists to provide service in exchange for a fee.
Service
Determine a company's credit worthiness
External
ownership pf assets that may have debts or other liabilities attached to them.
Owners equity
Limited Liability Corporation
LLC
Plans, organizes, directs and controls day to day activities of the business
Operations
Generally accepted accounting principles
GAAP
Tax companies and enact regulations
External
owners share in the
Owners Equity
A business owned by one person whose personal possessions are at risk if the business fails.
Sole proprietorship
Responsible for providing useful information internally and externally parties, Also accounting and information systems are the backbone of the business.
Accounting
A + L = OE
Assets + Liability = Owners Equity
form opinions to make investments
Both
What are owned to others
Liability
A business entity that is legally separate and distinct from its owners.
Corporation