Types of business organizations

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Presentation transcript:

Types of business organizations STANDARD CE.12a

What are the basic types of business structures? Proprietorship Partnership Corporation

Proprietorship

Proprietorship A form of business organization with one owner who takes all the risks and all the profits.

Proprietorship Pros Easy Complete control Cons Unlimited liability Difficult to raise money

Number of Businesses PARTNERSHIPS 7% CORPORATIONS 20% PROPRIETORSHIPS 73%

Partnership

Partnership A form of business organization with two or more owners who share the risks and the profits.

Partnership Pros Can raise more money Help with control Cons Legal structure complex Unlimited liability

Corporation

Corporation A form of business organization that is authorized by law to act as a legal person regardless of the number of owners. Owners share the profits. Owner liability is limited to the amount of their investment

Corporation Pros Can raise even more money Limited Liability Cons Expensive and complex Very little control More regulation

Sales PARTNERSHIPS 5% PROPRIETORSHIPS 6% CORPORATIONS 89%

Entrepreneurs play an important role in all three business organizations.

What is an entrepreneur? A person who takes a risk to produce goods and services in search of profit. HARLAN SANDERS RAY KROC

May establish a business according to any of the three types of organizational structures.

QUIZ

How many basic ways can businesses organize to earn profits? d. 4

Who plays an important role in all three business organizations? a. Governors b. Presidents c. Entrepreneurs d. Magistrates

A form of business organization with one owner who takes all the risks and all the profits is called a— a. Proprietorship b. Partnership c. Corporation d. Governorship

A form of business organization with two or more owners who share the risks and the profits is called — a. Proprietorship b. Corporation c. Partnership d. Wholesale

Which of the following is not a basic type of business ownership? a. Proprietorship b. Retail c. Corporation d. Partnership

a. Corporation b. Proprietorship c. Partnership d. Distributor A form of business organization that is authorized by law to act as a legal person regardless of the number of owners is called a — a. Corporation b. Proprietorship c. Partnership d. Distributor

In a corporation, the owners share the profits, but liability is limited to — a. investment b. distribution c. retribution d. theft

A person who takes a risk to produce goods and services in search of profit is called — a. an entrepreneur b. a privateer c. a profiteer d. a flight risk