Sole Proprietorships
This type of business is owned and managed by a single individual.
Sole Proprietorship
Scenario: (Put anyone’s name in here.) Example: Coby, Isabella, Kayleigh, and Sophia go into business together. Each person has certain responsibilities. What type of business organization is this when several friends or business partners go into business together?
This is a semi-independent business that is usually part of a major corporation. However, this semi-independent business is usually owned by a local investor who has bought the business rights to use the corporation’s logo and sell the corporation’s products. Examples are Burger King, McDonalds, Subway, and Wendy’s.
franchise
a legal entity that is owned by stockholders/shareholders. Examples are CVS, Target, and Walmart.
This is an organized group whose aim is to improve working conditions and safety, wages, and benefits for workers. Examples are United Auto Workers (UAW) based in Detroit, Michigan and United School Employees Pasco (USEP) based in Pasco County, Florida.
labor union
The ownership structure of a company or firm
business organization
The money and other valuables belonging to an individual or business. For example, Leo and a partner own a mechanic shop. The tools and equipment are the money and valuables that make the business operate. Here’s a hint: This word starts with the letter A.
assets
True or False: Franchise Businesses have to pay fees to the parent company/corporation.
true
This is a certificate of ownership in a corporation. It starts with the letter “s
stock or share
All non-military people who are employed or unemployed.
labor force (workforce)
This is the authorization to operate a business. Most shops and restaurants on Main Street in Downtown New Port Richey have authorization that is issued by the city, county, or state. What is this called?
Business License
True or False: Sole proprietorships and partnerships may be subject to government regulations.
true
_________________ has become popular because this type of business allows each owner a certain degree of control. However, at the same time the owners benefit from the support of the parent corporation/company.
This type of corporation is owned by stockholders, but there are requirements to own stock such as you have to be an employee. The general public cannot buy stock. An example is Publix Supermarkets.
closely held corporation (closed corporation)
When a company hires workers in another country
outsourcing or offshoring
These are laws in a city, town, or county that designate certain areas or zones for residential or business use.
What are some ADVANTAGES of a partnership as opposed to a sole proprietorship?
People can help you, you don't have to do all the work yourself, each partner can do what they're good at doing, if the business fails instead of one person going broke it is "cushioned" by several people sharing the brunt
What are some levels of support that corporate franchises offer to local franchisees?
management training & support, help with national advertising, standardized quality, centralized buying power, employee uniforms
This type of corporation sells stock on the open market. Anyone can purchase stock. Examples are Apple, Coca Cola, CVS, Delta Airlines, Disney, Pepsi, and Walmart.
corporation (open for public investment)
This is the “head honcho” of a company, the “big boss.”
Chief Executive Officer (CEO)
This word means the legal obligation to pay debts or handle responsibilities.
liability
What are some DISADVANTAGES of partnerships in comparison to sole proprietorships?
Might be difficult to make decisions if people disagree, you have to split the profits
What are some disadvantages of a franchise?
MUST follow strict corporate rules, expensive franchising fees & royalties, strict operating standards, limited product line
This is a portion of corporate profits that are given to stockholders.
dividend
This is the main person of a corporation who oversees money/finances.