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Ch 8 Business

Spalding Academy 10th Econ

QuestionAnswer
A written application to the state seeking permission to form a corporation Articles of incorporation
An organization consisting of people who pool their resources to buy and sell more efficiently than they could independently Cooperative
A legal entity with an existence that is distinct from the real people who organize, own, and run it Corporation
Money needed to start or expand a business Financial capital
Partners share both in the responsibility for running the business and in any liability from its operation General partnership
The process of turning an invention into a marketable product Innovation
The legal obligation to pay any debts the businesses encounters Liability
Business with limited liability for some owners, single taxation of business income, and no ownership restrictions Limited liability company (LLC)
Easily converted from an existing partnership Limited liability partnership (LLP)
At least one general partner runs the business and bears unlimited personal liability; other partners provide financial capital but have limited liability Limited partnership
Groups that do not pursue profit as a goal Not-for-profit organizations
Two or more people agree to contribute resources to the businesses in return for a share of the profit Partnership
Ownership limited to just a few people, sometimes only family members; shares are not publicly traded Private corporation
Owned by many shareholders; shares can be bought or sold Publicly traded corporation
Limited liability combined with the single taxation of business income; must have no more than 75 stockholders with no foreign stockholders S corporation
The simplest form of business organization; a firm is owned and run by one person Sole proprietorship
Provide a business example for each of the 4 types of creative changes made by entrepreneurs. 1) Intro new product: Segway, 2) Improve quality of existing products: Starbucks, 3) Intro new production methods: Ford, 3) Intro new ways of doing business: Mary Kay
What are some of the reasons that sole proprietorships are the most common type of business organization? easy to start, few gov’t regulations, complete control, keep all profit, pride of ownership
How can cooperatives reduce costs for consumers and producers? Producers are exempt from some taxes and get discounts on supplies. Consumers receive a cheaper good faster
Suppose you and your friend decide to open a candy shop. Would it be best for you to form a general partnership or a limited partnership? Why? What advantages would there be in forming this partnership? Disadvantages? Explain. General partnership: Partners share responsibility and liability equally OR Limited partnership: 1 person runs business and is liable, 1 person supplies money and has limited liability
Created by: rejoyce431
 

 



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