Types of Business

Lisää tämän kaltaisia

Types of Business and Forms of Business Ownership By: Abid Istwani, Ayaan Mohammed

luonut AI - 10ML - Rick Hansen SS (2542)

Types of Businesses and Forms of Business Ownership

luonut Chishty Alina

Business Diagram

luonut Lillian miao

Types of Business Ownership

luonut Natascha Ong Pleyer

Types of Business

Franchise

- an authorization granted by a government or company to an individual or group enabling them to carry out specified commercial activities

- Expensive

- Most of the business steps have been laid out

Co-operative

- A group of people who get together

- Complicated - Not popular

- Limited liability

Corporation

- Loyal entity

- Very complicated to set up - Income tax - Expensive to set up and administer

Subtopic

- Shareholders don't lose when the company does - Owners keep personal assets - Board of Director to enlarge company

Partnership

- Two or more people - Partnership roles/Responsibilities outlined in contract

- Can both be sued

- Easy to set up - Debt is shared

Sole Proprietorship

- One owner - No distinction between the owner and the person

- All debts to the owner - Personal liability

- Pretty easy to set up - He/she will have unlimited liability for all debts of the business - All profits to the owner - Income taxes are low