1. Some understandings related to various business and tactics they use
Types of Business
Some understandings related to various business and tactics they use
Michael Quinones, NBCT

2. Question of the Day
How and why are certain types of businesses [ex. sole proprietorship, corporation, conglomerate, partnerships and monopoly] better than others?

3. Sole proprietorship Partnership Corporation Conglomerate Monopoly
Describe and explain each of the following terms based on what you read, hear and see in the lesson.
Sole proprietorship
Partnership
Corporation
Conglomerate
Monopoly

4. Sole Proprietorship Most common business in the United States.
Owned by a single person or family.
Examples?
Barbershops, dry cleaners, small restaurants.
Advantages?
Owner answers only to the law and customer desire.
Disadvantages?
Owner must come up with all the capital.
Owner is responsible for all debts and liabilities.

5. Partnership Least common type of business in the U.S.
Owned by multiple people.
Examples?
Sanford and Son, Johnson and Johnson, Siegfried and Roy.
Advantages?
Shared capital, shared responsibility, shared workload.
Disadvantages?
More than one idea about how to solve problems, potential for conflict.

6. Corporation An entity formed to legally operate as a separate person.
Formed to protect persons [business owner]from debts, obligations and liabilities.

7. Corporation This entity can own property, land and other assets.
Corporations usually owned by numerous people (stock holders).
Often controlled by a board with officers: Chairman, president, treasurer, directors.

8. Conglomerate
A corporation that owns two or more closely tied companies that have combined forces.
The smaller companies often keep their names to remain familiar to customers.
The “mother company” is the common owner of all the companies.
Media Conglomerate Time Warner

9. Monopoly John D. Rockefeller
Greed: the desire for more than your fair share.
Greed drives some types of businesses to eliminate competition from other businesses.
Monopoly: a single business that seeks to force competitors out of business.
J.D. Rockeller formed an oil monopoly but had his company broken up by anti-trust laws
John D. Rockefeller

10. Closing task: Pick a type of business
Select a type of business from the list you just learned.
Create a written scenario/story/situation that describes how and why the type of business you selected would be MOST advantageous/beneficial (good) to you.
There is no minimum/maximum text limit but you must describe the benefits (good) AND detriments (bad) related to your choices.

11. Sources