©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Managing the Form of Business Ownership 10.1 10.1 Entrepreneurs and Proprietorships.

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©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Managing the Form of Business Ownership Entrepreneurs and Proprietorships Partnerships Corporate Forms of Business Ownership Specialized Types of Organizations CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Entrepreneurs and Proprietorships DLTs ● Describe the characteristics of successful entrepreneurs. ● Evaluate the role of planning in managing your own business. ● Explain the management issues of proprietorships. 2 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Characteristics of Entrepreneurs ● Entrepreneurs ● Intrapreneurs 3 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Planning a Business ● Business plan ● Forms of ownership ● Proprietorships ● Partnerships ● Corporations 4 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e The Nature of Proprietorships ● Management issues of proprietorships ● Self management ● Relationship management ● Speed of decision making ● Freedom from red tape ● Liability ● Businesses suited to proprietorship ● Part-time proprietorships 5 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e ©2013 Cengage Learning. All Rights Reserved. Balance Sheet for Proprietorship 6 CHAPTER 10 © Cengage Learning 2013.

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Partnerships DLTs ● Discuss the impact of partnerships on managing a business. ● Explain the management issues of partnerships. 7 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e The Nature of Partnerships ● Partnership—a business owned by two or more people. ● Partnership agreement—a written agreement between two or more people identifying how the partners will add capital, labor, or other assets and divide any profits 8 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Management Issues of Partnerships ● Expanded management input ● Capital ● Efficiency ● Tax advantages ● Liability ● Agreement between partners ● Uncertain life ● Division of profits 9 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Limited Partnerships ● Limited partnership—partnership with at least one general partner who has unlimited liability and at least one limited partner whose liability is limited to his or her investment. 10 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Businesses Suited to Partnership ● More than one kind of product or service ● More than one location ● Extended operating hours ● Professional services 11 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e ©2013 Cengage Learning. All Rights Reserved. Balance Sheets for Proprietorships 12 CHAPTER 10 © Cengage Learning 2013.

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e ©2013 Cengage Learning. All Rights Reserved. Balance Sheet for a Partnership 13 CHAPTER 10 © Cengage Learning 2013.

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Corporate Forms of Business Ownership DLTs ● Explain the basic structure of a corporation. ● Describe how a corporation is formed and organized. ● Explain the management issues of corporations. 14 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e The Structure of Corporations ● Basic features ● Stockholders ● Directors ● Officers ● Close and open corporations 15 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Formation of Corporations ● Preparing the certificate of incorporation ● Stating the purpose of the business ● Investing in the business ● Paying incorporation costs ● Operating the new corporation ● Getting organized ● Handling voting rights 16 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e ©2013 Cengage Learning. All Rights Reserved. Organization Chart for a Corporation 17 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Management Issues for Corporations ● Sources of capital ● Limited liability ● Permanency of existence ● Ease in transferring ownership ● Taxation ● Government regulations and reports ● Stockholders’ records ● Charter restrictions ● Agency dilemma 18 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e ©2013 Cengage Learning. All Rights Reserved. Balance Sheet for a Corporation 19 CHAPTER 10 © Cengage Learning 2013.

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Specialized Types of Organizations DLTs ● Describe organizations that are specialized alliances between companies or individuals. ● Describe specialized forms of corporations formed for tax or nonprofit reasons. 20 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Organizational Alliances ● Limited liability partnerships ● Joint ventures ● Cooperative 21 CHAPTER 10

©2013 Cengage Learning. All Rights Reserved. Business Management, 13e Specialized Forms of Corporations ● Limited liability company (LLC) ● Nonprofit corporations ● Quasi-public corporations 22 CHAPTER 10