1. Agenda- 10/23
Group Project
HW: Unit test and notebooks Wednesday

2. Sole Proprietorships, Partnerships, and Corporations (Ch. 3, Sec.1)
Oh My!

3. Ch. 3 Sec. 1- Types of Business Organizations: Group Project
Grab a textbook and a chrome book!
Your group is going to make a presentation on Google Slides about the 3 types of business organizations:
Sole proprietorships
Partnerships
Corporations

4. Your presentation must contain the following elements FOR EACH TYPE OF BUSINESS ORGANIZATION:
-Definition of the business organization -3 advantages of the business organization -3 disadvantages of the business organization -3 real life examples embedded in 1 business name (company logo) 1 picture (business storefront) 1 video (commercial)

5. Use your textbook Ch. 3 Sec 1 as a resource
Use your textbook Ch.3 Sec 1 as a resource! When finished, share with your teacher on Google Classroom (see teacher for code)

6. Sole Proprietorships Business owned by one person.
Advantage: Owner receives all the profit and has full control of business.
Disadvantage: Owner is personally responsible for debts and damages.
Personal assets can be seized to pay off debts.

7. Partnerships Business owned and operated by 2 or more people.
Partners sign an agreement which spells out their duties and division of profit and assets at the end of a partnership.

8. Partnerships Advantage: Share control and profits/losses.
Disadvantage: Partners have unlimited liability.

9. Types of Partners:
Limited Partners: Business where partners are not equal. Have no liability beyond initial investment.
General Partners: are fully responsible for debts of company.
Joint Venture: A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task (a temporary agreement)
Joint Venture b/t Dodge & RB ; )

10. Corporations
Organization owned by many people but treated by law as if it were a person.
Can own property, pay taxes, make contracts, sue and be sued.

11. Formation of a Corporation
Advantage: Stockholders have limited liability, they are not personally responsible, and only the business loses money.

12. Formation of a Corporation
Disadvantage: corporations pay more taxes than other forms of business organizations.
Need for financial capital.
Wanting financial backers without having a hand in the business.
Raises money by selling stocks or bonds.