Starting a Business and Business Structures

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Presentation transcript:

Starting a Business and Business Structures Chapter 8 Sections 1 thru 3

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Entrepreneur A person who starts his or her own business (A Risk Taker) New Ideas New Products New way of doing something Examples?

Starting a Business Learn the laws, regulations, tax codes Get Help Gov’t Support – SBA (Small Business Administration), State Department of Commerce, Local Universities

Cont. Have a plan… Research (Magazines, Books, Internet) Create a Business Plan Business Objectives (Reason for it) Financing your business Growth Objectives Business Structure (Executive Structure) Business Description Marketing Plan Competition Analysis Operations Plan And more…

Basics to Consider 1st Expenses and Revenue Marketing (How & Cost) Record Keeping (Accounting) Risk

Business Organization Sole Proprietor Partnerships Corporation Franchises

Sole Proprietor Proprietor = Owner Single Owner Pros? Cons? Unlimited Liability – Legal responsibility for all debts and damages. Assets – Items of value that you own Can be seized to pay off debts

Partnerships Two or more own and operate the business. Agreement – Duties of each partner, division of profits/assets. Pros Cons

Cont. Limited Partnership – One partner runs it while others are simply investors. Limited Liability Company (LLC) Joint Venture – Temporary Partnership Ex. General Motors and Battery Makers

Corporation Type of business organization owned by many but treated by law if it were a person (IE – It can own property, pays taxes, make contracts, sue and be sued). Stock – Ownership rights to a certain portion of the future profits and assets of the company. Dividend – A portion of the profits – Paid out to stockholders. Pros Cons

Franchises Firm sells the right to use its name and sell its products. Franchisor = The firm who sells the rights (Ex. Subway) Franchisee = The person who buys the rights (Ex. Yourself) Pros Cons