Lesson 1.1 Risk/Rewards/Weaknesses
Poor Work Ethics, lack of time management, Unable to delegate
Weaknesses
Replacement of outdated technology and Financial liabilities from the previous owner
Buying and Existing Business
an unincorporated business with one owner
Sole Proprietorship
Sets the strategic direction of a business
Chief Executive Officer
A potential to make unlimited income; Being your own boss
Reward
Owners receive support from a larger company when selling their product and services under the larger company name.
Franchise
the simplest form of business with more than two owners.
Partnership
is responsible for the company’s entire operations
Chief Operating Officer
Flexible work schedule; Decision maker; Leadership experience
Reward
A multi-level marketing business sells a company's products and services in addition to recruiting other representatives to do so
Network
All members agreeing to be responsible for the business’s debts, called unlimited liability.
General Partnership
Oversees all business and financial operations.
Chief Finance Officer
Must carry the workload and financial burden
Risk
buy and resell a variety of non-competing products or services
Distributorship
Must have at least one general partner who assumes responsibility for all the debts of the business
Limited Partnership
responsible for all computer-related information technology within an organization.
Chief Information Officer
Unable to manage time effectively
Weakness
the agreement between one business and another to sell that business’ products or to use that company’s brand name and trademark to sell it's products. The parent company retains all in ownership of the intellectual property .
Licensors
It is different from the other types because it is taxed separately from its shareholders.
C Corporation
traditionally responsible for overseeing the financial health and operational performance of their particular business unit (department)
Senior Managers/Supervisors