Forms of Business Organization
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This is a reissuing of my original Forms of business organization presentation. BF10 - Principals of Business and Finance Forms of Business Organization Thanks to Sebastiaan ter Burg for making these images open for creative commons use. https://www.flickr.com/photos/ter-burg/sets/72157631863223440/
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Forms of Business Organization
- 3. https://flic.kr/p/dob26Q A business owned and managed by one person.
- 4. https://flic.kr/p/dobfnr Easiest type of business to form, the owner has almost complete control of business, the owner get to keep all the profit, & is only taxed once.
- 5. https://flic.kr/p/doaTZ1 No legal separation of the owner from the business, limited capital, unlimited liability, & limited business lifetime.
- 6. https://flic.kr/p/doaRgM End at the decision or death of the owner, & are funded by the owner’s personal money, gifts, loans, and/or other sources of capital.
- 8. https://flic.kr/p/dobsXS A Business owned by two or more people, & managed according to the partnership agreement. https://flic.kr/p/dobtaw
- 9. https://flic.kr/p/dobnG3 Easy to form, more capital and credit available, work load more evenly shared, & losses are also shared https://flic.kr/p/dobioc
- 10. https://flic.kr/p/doaZut Unlimited liability, limited lifetime (if partner leaves or dies), profits are shared, decisions are made jointly, & hard to add other partners https://flic.kr/p/dob1oT
- 11. https://flic.kr/p/dob2VN Are terminated by actions of the partners, bankruptcy, death, and/or court order, & are funded by the personal account of the partners, gifts, loans, and other capital resources. https://flic.kr/p/dob3WG
- 13. https://flic.kr/p/dobkGa A business with the authority to act as a single person. (legally a person)
- 14. https://flic.kr/p/dobruq Ownership is determined by stocks (a shareholder/stockholders owns a piece of the company). Corporations are managed by a board of directors who were voted/appointed by shareholders.
- 15. https://flic.kr/p/dobfTZ An article of incorporation with the state government must be filed. The business must create corporate bylaws, name a board of directors, and issue shares of stock.
- 16. https://flic.kr/p/doboUq Capital easy to obtain, limited liability for shareholders, ownership without having to manage, possibility of unlimited lifetime, & decision-making is shared.
- 17. https://flic.kr/p/dobs8W Double taxation: profits and earnings Subject to more laws than other types of ownership, more difficult to form, operations controlled by shareholders and board of directors instead of original owner(s)
- 18. https://flic.kr/p/dobeLF Corporation may have unlimited life. Determined by charter or articles of dissolution, and must be approved by the majority of the board of directors and/or stockholders (shareholders), & capital is raised through the issuing of stocks.