1. Do Now to Turn In 9/21/17 12 mins What are business ethics?
What does it mean to be for a business to be socially responsible?
What is a business?
What is a franchise?
Why are there different business structures?
What are the special forms of business organizations?
What is a leader?

2. Business Structures
Sole Proprietorship: a business owned by one person
Partnership: an association of two or more people operating a business as co-owners
Franchise: written contract granting permission to someone else to sell a product or service over a period of time
Cooperative: owned by members it serves and is managed in their interest
Corporation: a business that is made up of a number of owners but authorized by law to act as a single person
Business: an establishment or enterprise that supplies goods and services in exchange for some form of payment

3. Business Structures cont.
Sole proprietors and partners have unlimited liability for the debts of their businesses while the owners of corporations can only lose the amount they have invested
Sole proprietorships and partnerships are easily formed while corporations must file reports with a state and obtain official approval
Managers of all businesses must plan, organize, staff, lead, and control to be effective
Specialized forms of business organizations include franchises, cooperatives, and non-profit corporations.

4. Monthly Business Budget
INCOME
Product Sales
Investment Income
Loans
Savings
FIXED COSTS
Rent/Mortgage
Utilities
Salaries
Internet
Government and bank fees

5. Monthly Business Budget cont.
FIXED COSTS
Rent/Mortgage
Utilities
Salaries
Internet
Government and bank fees
Cell phones
Website Hosting
Accounting Services
Legal Services
Insurance

6. Monthly Business Budget cont.
VARIABLE EXPENSES Raw Materials Contractor Wages Commissions Advertising Other Marketing Costs Transportation Travel & Events Printing Services

7. Monthly Business Budget cont.
ONE TIME SPENDS
Computer
Furniture
Software
Office Supplies
Monthly budget
Tally your income: sales + other income
Determine your fixed costs
Include Variable Expenses
Put it all together

8. Class Work
You own a business that is currently grossing income of $3,500 per month
You have phone bill of , electric bill of per month. You are paying per month on equipment bought. Supplies come weekly for per week. Rent is per month. Taxes of are due at the end of the year. Construct a monthly budget for your business based on this information. Please also advise if there are any savings that you have. Provide reasons for your response.