Copy of Forms of Business Ownerships

Mer som dette

Forms of business ownership mindmap Brandon F

Ved Brandon Fialkow

Forms of business ownership mindmap Brandon F

Ved Brandon Fialkow

Types of Business

Ved Anosha Shabbir

Buisness

Ved Jad Alousi

Floating topic

Forms of Business Ownerships

Co-operative

Fixed prices

Less operational control

Equal voting rights regardless of investments

Advantages

Different responsibilities

Equal voting for all members

Franchise

Very less individual control even if your boss

Investments and cost will be expensive

Lack of control

Higher profits

Expertise

Reduced risk of failure

Partnership

Disadvantages

Slower decision making

Liable for all debts

Opinion differences

Have to split the profits

Additional knowledge

More capital

Lower costs

Easier to establish

Corporation

Higher costs

Governed by board of directors

Time consuming

Financing is easier

Ownership is easier to transfer

Limited Liability

Sole Proprietorship

Disadvantages

Limited access to resources

Lack of skills and expertise

Can result in loss of personal assets

Unlimited Liability

Advantages

Low costs and expenses

Keeps all the profits

Quick decision making

Easier to start and end