Chapter 8-1 Forms of Business.

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Presentation transcript:

Chapter 8-1 Forms of Business

Legal forms of business Sole Proprietorship: business owned by one person 72% of business = 5% of sales Partnership: two or more people that own & operate the business w/an agreement General and limited 8% of business = 11% of sales Corporation: a legal entity distinct from its owners 20% of business = 84% of sales

Stocks and Bonds STOCK = a share in the ownership of a corporation --common stock = anyone & voting rights --preferred or private stock = selected & non-voting BOND = an IOU You get your money back + interest

Sole Proprietorship Advantages Disadvantages Easy to set up **Own boss** Profit = income Incentive to operate efficiently Do not have to pay separate income tax Easy to get out Disadvantages Financial resources are limited Profit = income Responsible for all management **Subject to unlimited liability** Limited life