Partnerships
Involves two or more people who agree on a specific division of responsibilities and profits
What is a partnership
the wage rate that produces neither and excess supply of workers nor excess demand of workers
What is Equilibrium Wage
A merger of two or more forms competing in the same market with the same good or service
What is a horizontal merger
certificate of ownership in a corporation
What is Stock
an establishment formed to carry on commercial enterprise
What is a Business Organization
Partners share equally both responsibility and liability
What a General Partnership
the value of output
What is productivity
An example of someone that performed vertical integration
What is Andrew Carnegie
Part owners of a corporation
What are Stockholders
Permission to use a building for a business
What is a Site Permit
Similar to sole proprietorships, partnerships don’t face many regulations. Main Rule is to follow partnership agreement
What is a Uniform Partnership Act
Mechanics, Firefighter, Chefs
What are Skilled/ Professional workers
The benefit of the corporation of having to rely on outside suppliers to finish their product
What is Vertical Merger
When stocks are only issued to a few people such as family
What are closely held corporations
Owner keeps all profits after paying income taxes
What are advantages of Sole Proprietorships
One person is the general partner and the other(s) only contribute money
What is a Limited Partnership
An unofficial, invisible barrier that prevents women and minorities from advancing in their careers
What is a Glass Ceiling
Horizontal Mergers , Vertical Mergers , and Conglomerates
What are corporate mergers
Corporate name, Statement of purpose, Founders name and addresses, method of fundraising
What are difficulty and expenses of Start Up
Business license from a local government
What is authorization
Partners that don’t establish their own agreements will automatically fall under this
What is a Uniform Partnership Act
Law that states male and female employees must be paid the same amount if they work in the same place and perform the same job
What is the Equal Pay Act 1963
must obey laws and pay hexes in each country where they operate
What is Multinationals
Those who make major decisions and appoint corporate officers
What are Board of Directors
Money, Equipment, Experience
What are resources to start and operate a business