Forms of Business Ownership What type of business should I open???

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Presentation transcript:

Forms of Business Ownership What type of business should I open???

Sole Proprietorship  A business is a business owned and operated by one person  Approximately 74% of all businesses in Canada are sole proprietorships  They are responsible for only 10% of sales volume  Owners have unlimited liability

Partnership  A business owned by 2 or more people  Partnerships represent only 9% of all business forms in Canada  Have an experienced lawyer assist with a partnership agreement Examples: lawyers, dentists, real estate agents, J&J plumbing

Corporation  Owned by a group of people called shareholders  Each shareholder owns a piece of the company and is entitled to share in the profits  Walmart is the world’s biggest corporation!  Many corporations have MILLIONS of shares traded each day

Private Corporations  Up to 50 shareholders  Shares are NOT available to the public  Examples: IKEA, Mars, Chrysler, Telus, Home Depot, Facebook, McCain

Public Corporations ► Shares are available to the public ► Traded on the stock exchange ► Must disclose all financial information ► One vote per share ► Examples: Mcdonald’s, Microsoft, Walmart, Apple

Crown Corporation  Owned and controlled by the Federal or Provincial government  Examples: CBC, VIA Rail, Canada Post, Hydro One, LCBO, Ontario Place

Cooperative ► A type of business owned, operated and controlled by a group of people for their mutual benefit ► Pool resources to provide themselves and customers with goods, services and other benefits ► Patronage based on how much is bought and/or sold

Cooperatives Continued…  Producer Cooperative vs. Consumer Cooperative ► E.g. Own 2% of cooperative, $ sales, patronage = $200 ► Purchase 2% of products, $ sales, patronage = $200 ► Examples: Gay Lea Foods, Farming Co-ops, Peoples Credit Union

What type of business would you open??? ► What are the pros and cons to each form of business ownership???