Sole Proprietorship
An establishment to carry on commercial enterprise
Business organization
Two or more people who agree on a specific division who agree on a specific division of responsibilities and profit
Partnership
Legal entity owned be individual stockholders
Corporations
The three types of mergers
Horizontal, Vertical, & Conglomerates
3 requirements in order to start up a business
Authorization, site permit, & name
What are the three types?
General, limited and limited liability
Stock
Merger of two or more firms competing in the same market with the same good or service
Horizontal
The legal bound obligation to pay debt
Liability
the type of partnership that has one general partner & a partner who contributes money
Limited Partnership
Two Types of Corporations
Closely Held & Publicly Held
A merger of two or more firms involved in different stages of producing the same goods or service
Vertical Mergers
Go bankrupt or sell personal items
A partnership that has no general partner
Limited Liability Partnership
Who elects the board of directors for a company?
Stockholders
A merger off at least 3 companies that produce completely unrelated goods or services
Conglomerates