1. SOME UNDERSTANDINGS RELATED TO VARIOUS BUSINESS AND TACTICS THEY USE Types of Business Michael Quinones, NBCT www.socialstudiesguy.com

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

3. 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.

4. 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.

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

6. 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.

7. 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

8. Monopoly Monopoly  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

9. Sources  http://upload.wikimedia.org/wikipedia/en/thumb/3 /34/Ice-cube-barbershop.jpg/300px-Ice-cube- barbershop.jpg http://upload.wikimedia.org/wikipedia/en/thumb/3 /34/Ice-cube-barbershop.jpg/300px-Ice-cube- barbershop.jpg http://upload.wikimedia.org/wikipedia/en/thumb/3 /34/Ice-cube-barbershop.jpg/300px-Ice-cube- barbershop.jpg  http://neighborhood- cleaners.com/images/strasburg-dry-cleaning- store.jpg http://neighborhood- cleaners.com/images/strasburg-dry-cleaning- store.jpg http://neighborhood- cleaners.com/images/strasburg-dry-cleaning- store.jpg  http://www.merck.de/servlet/PB/show/1326990/E Merck_Soehne_177.jpg http://www.merck.de/servlet/PB/show/1326990/E Merck_Soehne_177.jpg http://www.merck.de/servlet/PB/show/1326990/E Merck_Soehne_177.jpg  http://www.billy- ball.com/images/clip_image003_000.jpg