BLU #6 Corporations.

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Presentation transcript:

BLU #6 Corporations

Incorporated “INC.” Make or lose $, be sued, pay taxes Corporation – legal entity separate from ppl who run it Make or lose $, be sued, pay taxes Major companies, insurances co, grocery stores 19% of businesses are corp, but make 87% of profit

Articles of Incorporation Application to become a corp. Granted a charter to act as a corp

Structure Owners or Shareholders (stockowners) elect …. Board of Directors: ppl from w/in and outside of company who make major decisions and hire …. Corporate Officers: Vice Presidents who hire…. Department Heads Employees

ADV. Easier to raise financial capital: sell shares of stock: ownership in company Limited Liability: Stockholders can’t lose assets, stockholders can only lose the amount they invested (no more)

Stock

More Adv Unlimited life: company goes on w/ or w/o owners Specialized management: hire ppl w/skills

Disadv. Difficult and costly to start More regulated b/c must answer to shareholders, SEC (Securities & Exchange Commission regulates) Owners have less control Double taxation: corp pays taxes AND stockholders pay personal income tax on any profit

Non Profit Organizations Org’s involved w/charity, education, cultural activities NOT trying to make a profit! Often tax exempt (free) EX: Red Cross, museums, private schools, etc

Out of the 3 types of business ownership (SP, partner, corp), which one would you prefer. Why?