Business Mgt.: Thursday 8.15  Reminders  Turn in signed syllabus sheet  Observational Assessments start today!  On PLC schedule still today  Today’s Agenda  3 Truths & 1 Lie  DocuShare  PowerPoint: About Me Presentation  Reading Assignment  Book Check Out

Business Mgt: Friday 8.16  Reminders  Turn in signed syllabus sheet  Observational Assessments this week!  On PLC schedule still today  Today’s Agenda  3 Truths & 1 Lie  Review Observational Assessment  Vocab Check – Ch. 7  Lecture/Discussion - Ch. 7  Sharktank…Maybe

Ch. 7 Notes: Types of Business Ownership  Before we can learn how to manage a business we need to understand the different types of businesses.  What are they?  Sole Proprietorship  Partnerships  Corporation  C / S / Nonprofit / LLC

Ch. 7 Notes: Types of Business Ownership  Sole Proprietorship  Examples?  Definition: A business that is owned an operated by one person  Accounts for nearly 76% of all businesses  Easy to create  Owner receives profits but liable for debts

Ch. 7 Notes: Types of Business Ownership  Sole Proprietorship  Advantages  Easy to create  Complete Authority – One voice  No Business Taxes  Least Govt. Regulated

Ch. 7 Notes: Types of Business Ownership  Sole Proprietorship  Disadvantages  FINANCIAL  Unlimited liability for the owner  What dose that mean?  Full Responsibility – Personal Assets at Risk  Reliant on Skills of the Owner  Owner Death Dissolves the Business  Will

Ch. 7 Notes: Types of Business Ownership  Partnership  Examples?  Definition: A business that is owned an operated by two or more people - Unincorporated  General and Limited Partnerships  General – Unlimited Personal Liability - Manage  Limited – Limited Liability to Amount Invested – Not Involved in Managing

Ch. 7 Notes: Types of Business Ownership  Partnership  Advantages  Easy to create  Complete Authority Amongst Partners – Multiple Voices  Sharing of Ideas, Skills, and Knowledge

Ch. 7 Notes: Types of Business Ownership  Partnership  Disadvantages  Difficult to Dissolve Partnership w/o Ending Business  Personality Conflicts / Disagreements  Laws of Agency – Each Partner is Liable for the Other

Ch. 7 Notes: Types of Business Ownership  Corporation  Examples?  Definition: Registered by a state and operates apart from its owners.  Lives on After Ownership Leave or Die  Ownership Equity = Stocks  Purchase Goods / Sue and be Sued

Ch. 7 Notes: Types of Business Ownership  C-Corporation  Definition: Pays taxes on earnings along with share holders. Most common corporation and it protects the owner’s liability  Shareholders  Owners of Stock  Majority Stock Holders Make Decisions  Board of Directors  Required  Makes Decisions

Ch. 7 Notes: Types of Business Ownership  C-Corporation  Advantages  Limited Liability  Ability to Raise Capitol  Longevity  Tax Advantages  Status  Professionals

Ch. 7 Notes: Types of Business Ownership  C-Corporation  Disadvantages  Expensive to Create  Heavily Taxed  Double Taxation on Earnings – Business and Shareholders  Profits and Dividends

Ch. 7 Notes: Types of Business Ownership  S-Corporation  Definition: Corporation that is taxed like a partnership  Advantages  Profits Taxed Once  Disadvantages  Limited Stockholders (75 US Citizens)  One Class of Stock  If Profits Don’t Cover Taxes, Owners Must Cover Difference

Ch. 7 Notes: Types of Business Ownership  Nonprofit Corporation  Definition: Makes money for reasons other than the owner’s profit  Benefit a cause  Profits can be made but must remain within the company

Ch. 7 Notes: Types of Business Ownership  LLC  Definition: Limited liability by owners. Similar to combination of corporation and limited partnership  Easier to Establish Compared to a Corporation  Flexibility of Partnership Structure  Not Liable for Company Debts  Profits taxed Personally  Not Limited to 75 Members  Example – Law Firms

Business Mgt: Monday 8.19  Reminders  Turn in signed syllabus sheet  Ch. 7 Vocab √  Observational Assessments start today!  Back to Normal Schedule  Today’s Agenda  3 Truths & 1 Lie  Review of Friday’s Notes  Begin: The Corporation  Handout

Business Mgt: Tuesday 8.20  Reminders  Ch. 7 Vocab √  Observational Assessments This Week!  PLC Schedule Today  Today’s Agenda  3 Truths & 1 Lie  Continue: The Corporation  Handout

Business Mgt: Wednesday 8.21  Reminders  Ch. 7 Vocab √  Observational Assessments This Week!  Normal Schedule  Hand in: The Corporation Worksheet & 1-2 Page Reflection  Today’s Agenda  3 Truths & 1 Lie  Discuss Reflections on The Corporation  Corporation Research Project  Reading/Assignment  Ch. 24  Vocab Pg. 567

Corporation Research Project  Working on Your Own:  Provide Your Definition of Ethics  Use the Internet to Research Corporations  5 Total Corporations Needed  Identify an Unethical Act by the Corporation  Provide Link – News paper, Web Site, etc.  Was the Act Also Illegal?  Why Do You Believe The Corporation Acted as it Did  How Would You Have Acted Differently  Would Your Actions Have Impacted Share Holders Negatively?

Business Mgt: Thursday 8.22  Reminders  Ch. 24 Vocab √  Observational Assessments This Week!  Hand in: The Corporation Worksheet & 1-2 Page Reflection  Upload Ethics Research to DocuShare  Today’s Agenda  3 Truths & 1 Lie  Discuss Reflections on The Corporation  Ch. 24 Notes and Class Discussion Reading/Assignment  Quiz Tomorrow  Shark Tank - Maybe

Ch. 24 Notes: Social Responsibility and Ethics  What does Social Responsibility mean to you?  Social Responsibility  Principle that companies should contribute to the welfare of society and not be devoted solely to profits  Contract with society  Benefits?

Ch. 24 Notes: Social Responsibility and Ethics  What is a Business’s Responsibility to:  Customers and Employees?  Environment  EPA – Environmental Protection Agency  Formed in 1970  Independent Federal Agency  Coordinate programs  Enforce regulations  Reduce Pollution and Protect the Environment

Ch. 24 Notes: Social Responsibility and Ethics  How can a Business generate higher profits by operating in an environmentally friendly manner?  Can this be a negative to consumers?

Ch. 24 Notes: Social Responsibility and Ethics  Ethics  Your Definitions?  Definition:  Guidelines for Human Behavior  Moral Code by which People Live and Conduct Business

Ch. 24 Notes: Social Responsibility and Ethics  Business Ethics  Are these different than Your Own Personal Ethics?  How So?  Study of Behavior and Morals in Business Situations  Begin at the Top  How Does a Owner or Boss’s Ethics impact the ethics and Behaviors of the Employees?  Does the Size of a Company Impact it’s Ethics?

Ch. 24 Notes: Social Responsibility and Ethics  Code of Ethics  A Group of Ethical Behavior Guidelines that Govern the Day-to-Day Activities of a Profession or Organization  Examples?  Can Protect a Business Legally  Show’s the Business Does Not Condone Illegal Actions  Long Term Benefits

Ch. 24 Notes: Social Responsibility and Ethics  Code of Ethics  Written or Unwritten  Creating a Code of Ethics  Brainstorm Ethical Dilemmas  Discuss Potential Solutions  Write General Guidelines  Improve Code

Ch. 24 Notes: Social Responsibility and Ethics  Conflict of Interest  Clash Between a Person's Private Interests and His or Her Responsibilities in a Position of Trust  Have You Heard of This?...Examples?  Cultural Differences  Important to Understand the Ethical Expectations of that Country’s Culture

Business Mgt: Friday 8.23  Reminders  Ch. 7 & 24 Vocab √  Observational Assessments This Week!  Hand in: The Corporation Worksheet & 1-2 Page Reflection  Upload Ethics Research to DocuShare  Today’s Agenda  3 Truths & 1 Lie  QUIZ!!!  Start With Video Clip  Finish - Shark Tank

Business Mgt: Monday 8.26  Reminders  Ch. 7 & 24 Vocab √  Hand in: The Corporation Worksheet & 1-2 Page Reflection  Upload Ethics Research to DocuShare  Today’s Agenda  3 Truths & 1 Lie  Read Ch. 14  Vocab  Self Check #1-3 Pg. 346  Think #4 Pg. 346  2 Pg. Reflection Paper  Pg. 350 #12

Business Mgt: Tuesday 8.27  Reminders  Ch. 14 Vocab √  After Lunch  Hand in:  Self Check #1-3 Pg. 346  Think #4 Pg. 346  2 Pg. Reflection Paper  Pg. 350 #12  Today’s Agenda  3 Truths & 1 Lie  Undercover Boss  Handout  Tomorrow  Review Quiz  Ch.14 Notes / Discussion