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POB 2.01
Types of Ownerships
| Question | Answer |
|---|---|
| Sole proprietorship | Owned and controlled by 1 All Profits goes to owner managed by owner |
| Advantages of S.P. | easy to start complete control Owner recieves all profits limited taxe |
| Disadvantages of S.P. | limited capital Unlimited liability Biz is limited to life time of owner. |
| Partnership | owned and controlled by 2 or mote people but written agreement |
| Advantages of partnerships | more capital and credit available combininfg resources shared management & decisions shared risk |
| Disadvantages of partnerships | Profits shared Potential for disagreement Unlimited Liability (depending on type) |
| LLP | partners cannot loose more than initial investment |
| Dormant Partner | no role not known to public |
| Sole proprietorship | Owned and controlled by 1 All Profits goes to owner managed by owner |
| Limited Participant | investors who have limited liability |
| Advantages of S.P. | easy to start complete control Owner recieves all profits limited taxe |
| Disadvantages of S.P. | limited capital Unlimited liability Biz is limited to life time of owner. |
| Silent Partner | no active role know to public |
| Partnership | owned and controlled by 2 or mote people but written agreement |
| Corporation | purchase of stock |
| Advantages of partnerships | more capital and credit available combininfg resources shared management & decisions shared risk |
| Disadvantages of partnerships | Profits shared Potential for disagreement Unlimited Liability (depending on type) |
| Disadvantages of corporation | double tax gov regulation decision making decision making divided |
| LLP | partners cannot loose more than initial investment |
| Domestic corp. | charted in a state |
| Dormant Partner | no role not known to public |
| foreign corp. | charted in 1 sate & doing biz in another |
| General Partner | Plays active role has unlimited liabilities |
| Alien corp. | in another nation |
| Limited Participant | investors who have limited liability |
| Secret partner | play an active roll but secret from society |
| Silent Partner | no active role know to public |
| cooperation | owned by members serves needs and managed in interest purchase goods & services cheaper as a group that an individual greater bargaining power |
| Franchise | permission to operate biz functions |
| Corporation | purchase of stock |
| advantages of corporation | more capital limited liability for shareholders life of corporation is unlimited |
| Disadvantages of corporation | double tax gov regulation decision making decision making divided |
| Domestic corp. | charted in a state |
| foreign corp. | charted in 1 sate & doing biz in another |
| Alien corp. | in another nation |
| Public corp. | purposes of gov. |
| private corp. | ? |
| cooperation | owned by members serves needs and managed in interest purchase goods & services cheaper as a group that an individual greater bargaining power |
| Franchise | permission to operate biz functions |
| Biz format franchise | Sell products in a specific way |
| Product trade name | able to sell products in a specific way |
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