Introduction to Business - Week 2 Professor Walter Isley Herzing University Online - Intro to Business

Week 1 Review Quiz 1 and Week 1 Discussion grades are now available Please review the feedback. Review the Discussion Tutorial Please contact me is you have question about your grades. Week 1 Review Herzing University Online - Intro to Business

Primary Discussion Requirements Primary discussion is due Wednesday by 11:59PM CT Must address parts A & B. Minimum 250 words. Must have academic research applied to the post (textbook, Herzing library, web sources [NO WIKI]). Make sure you are using terms that you are learning from the course. Please cite your work. Primary Discussion Requirements Herzing University Online - Intro to Business

Secondary Discussion Requirements Secondary discussions are due Sunday by 11:59PM CT. Must post a minimum of 2 post on 2 separate days. Minimum 100 words. Must have academic research and/or creditable examples applied to the post (textbook, Herzing library, web sources [NO WIKI]). Make sure you are using terms that you are learning from the course. Please cite your work. Secondary Discussion Requirements Herzing University Online - Intro to Business

Responding to Secondary Discussions You agree / support the authors position on the topic. Why? You agree / support the authors position and would like to expand on the thought. You Challenge the position the author has taken on the topic. Why? You respectfully disagree with position the author has taken on the topic. Why? Responding to Secondary Discussions Herzing University Online - Intro to Business

Week 2 Assignment PowerPoint Sole Proprietorship Partnership C Corporation Limited Liability Company or S Corporation Speaker Notes Content Discussion on the difficulty of forming the business structure; Liability Legal and operational requirements Who manages the business Taxes Choose one organizational structure and discuss issues arising during the operation of business due to the way the business is legally structured Week 2 Assignment Herzing University Online - Intro to Business

Shark Tank ABC & CNBC Herzing University Online - Intro to Business

The Profit Herzing University Online - Intro to Business

A business owned and (usually) operated by one person Simplest form of business ownership The most popular form of business ownership Many large businesses began as small struggling sole proprietorships Sole Proprietorship Herzing University Online - Intro to Business

Sole Proprietorship Advantages Ease of start-up and closure Pride of ownership Retention of all profits No special taxes Flexibility of being your own boss Disadvantages Unlimited liability Lack of continuity Lack of money Limited management skills Difficulty in hiring employees Sole Proprietorship Herzing University Online - Intro to Business

A partnership is a voluntary association of two or more persons to act as co-owners of a business for profit Usually a pooling of special talents or the result of a sole proprietor taking on a partner No legal limit on the maximum number of partners; most have only two Large accounting, law, and advertising partnerships have multiple partners Less common form of ownership than sole proprietorship or corporation Partnership Herzing University Online - Intro to Business

Partnership Unlimited liability Management disagreements Advantages Ease of start-up Availability of capital and credit Personal interest Combined business skills and knowledge Retention of profits No special taxes Disadvantages Unlimited liability Management disagreements Lack of continuity Frozen investment Partnership Herzing University Online - Intro to Business

Corporations C-Corporation S-Corporation Limited Liability Corporation A corporation is an artificial person created by law with most of the legal rights of a real person, including the rights to start and operate a business, to buy or sell property, to borrow money, to sue or be sued, and to enter into binding contracts C-Corporation S-Corporation Limited Liability Corporation Corporations Herzing University Online - Intro to Business

Corporation Disadvantages Advantages Limited liability – each owner's financial liability is limited to the amount of money that he or she has paid for stock Ease of raising capital Ease of transfer of ownership Perpetual life Specialized management Disadvantages Difficulty and expense of formation Government regulation and increased paperwork Conflict within the corporation Double taxation Lack of secrecy Corporation Herzing University Online - Intro to Business

Questions Herzing University Online – Intro to Business