Forms of business

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Gear Classification

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Cell Phone

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Types of Business Ownership

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chapter 1

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Forms of business

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Franchise

Subways

McDonalds

examples

almost to none Independence

higher cost

You get lots of assistance

everyone already know about your brand

a method of distributing products or services with a franchisor

partnership

real estate

law firms

Examples

emotional conflict

you have to slip the money witch means less more for you

your partner got your back when you are in situation and can run your business

more people two start and run your business

two or more people start a business

co operative

utilities

retail supply

high interest

Fixed pricing

equal voting rights

lower cost

business owned by member owners

Definition

Corporation

Apple

Walmart

Amazon

examples

double Taxations

higher cost for the business

you got lower tax rates

a corporation is separate from legal entity

advantages

A corporation is a legal entity that exists independently of its shareholders in terms of the law.

Sole proprietorship

tutors

landscapers

examples

Have no one to help if you are by yourself

you need lots of money and financial support to start your own business

disadvantages

You learn a lot running your own business

Running your own business could make you more money

Advantages

one person controlling a whole business

definition