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Chapter 5

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  • 1. Chapter 5 Business Organization
  • 2. Forms of Business Ownership • Proprietorship • Partnership – Limited Liability Partnership – Joint Venture • Franchise • Corporation – S-corporation – Limited Liability Company – Non-profit Corporation
  • 3. Proprietorship • A business owned and run by just one person. • Easiest to start • Few legal requirements
  • 4. Partnership • A business owned and controlled by two or more people who have entered into a written agreement. • Easy to start • Share investments and profits • Share debt and business failure
  • 5. Limited Liability Partnership • A partnership where an investor cannot lose more than they have invested • No allowed to participate in day-to-day management • Difficult and costly
  • 6. Joint Venture • A unique business organized by two or more other businesses to operate for a limited time for a specific project
  • 7. Corporation • A separate entity formed by documents filed with the state. • Owned by one or more share holders • Managed by a board of directors • Owners invest in the business by purchasing shares of stock • Most legal requirements
  • 8. Corporation
  • 9. S-corporation • Offers limited liability of a corporation • All investment is passed through owners based on their investment
  • 10. Limited Liability Company • Liability protection for owners • Simpler set of organizing and operating requirements than a corporation
  • 11. Non-Profit Corporation • A group of people that join to do some activity that benefits the public. • Raising funds, take donations, etc. • Government approval
  • 12. Franchise • A written contract granting permission to operate a business to sell products and services in a set way. • Company grants rights to a franchisee
  • 13. Examples
  • 14. Jimmy John’s
  • 15. Tippitoesdance.com