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Sole Proprietorship

Sole Proprietorship. Business owned and run by one person Most common in the United States. Easy to start Easy to manage Owner enjoys all profits No business income taxes psychological- high satisfaction. Owner has ultimate liability Difficult to raise capital

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Sole Proprietorship

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  1. Sole Proprietorship • Business owned and run by one person • Most common in the United States

  2. Easy to start Easy to manage Owner enjoys all profits No business income taxes psychological- high satisfaction Owner has ultimate liability Difficult to raise capital Size and efficiency of business Owner lack managerial skills Tough to attract employees Limited life-owner dies or sells Strengths vs. Weaknesses

  3. Partnership • Business jointly owned by two or more persons. • General Partnership- all partners equal • Limited Partnership- one partner not active daily

  4. Easy to start Easy to manage No business taxes Attract capital easier Larger size and efficiency Easier to attract top tallent Each partner responsible for others actions. Limited life Potential conflict between partners Strengths vs. Weaknesses

  5. Corporations • Form of business organization recognized by law as a separate legal entity having all the rights of an individual.

  6. Easy to raise capital Hire best management Limited liability for owners Unlimited life Ease of transferring ownership (stock) Difficulty starting charter Individuals have little say Business taxes Many government regulations Strengths vs. Weakness

  7. Mergers • Business expand by buying out or joining with another business. • Horizontal- two or more firms that produce the same kind of product join forces • Vertical- firms involved in different steps of manufacturing or marketing come together

  8. Conglomerates • A firm that has at least four businesses each making unrelated products, none of which is responsible for a majority of its sales.

  9. Multinationals • Corporation that has manufacturing or services operations in a number of different countries.

  10. Helps spread technology Generated jobs in areas that need them Produces tax revenue for host country Exploits countries they are in Takes jobs away from home country Strengths vs. Weakness

  11. Nonprofit Organization • Work in business but do not seek financial gains

  12. Labor Unions • Organization formed to work for its members’ interests in various employment matters

  13. Professional Associations • Group of people in a specialized occupation that work to improve the working conditions, skill level and public perceptions of the profession.

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