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Chapter 3 (Unit 1)

Chapter 3 (Unit 1). Types of Owner. Types of legal structures. Sole proprietorship. - The simplest form of structure to set up . A business that falls under this category has my legal existence separate from its owner . All the profits belong to you as the owner of the business .

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Chapter 3 (Unit 1)

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  1. Chapter 3 (Unit 1) Types of Owner

  2. Types of legal structures

  3. Sole proprietorship • -The simplest form of structure to set up . • A business that falls under this category has my legal existence separate from its owner . • All the profits belong to you as the owner of the business . • Examples : • grocery store , bakeries …..ets .

  4. General partnership -A business owned by tow or more individuals . -Personal liable for all transaction proprietors .

  5. Corporation • Exists separately from the people who created it . • -Run by board directors elected by the shareholders. • Have four characteristic : • 1- Liability limited to the extent of assets . • 2- Continuity of life . • 3- Centralization of management . • 4- Free transferability of ownership assets .

  6. Limited liability company • Limited liability to it owners . • Flexibility in deciding the system of income taxes . • More flexible than a corporation . • It is a form of organization well suited to companies a single owner .

  7. Nonprofit corporation • Provide a service to the community • Cannot be bought or sold like business.

  8. Story from real life ….

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