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Understanding Business Types and Ownership Structures for New Ventures

This guide provides an overview of various business types, including manufacturing, wholesaling, retailing, and services. It differentiates between industrial and consumer manufacturing, explores the roles of wholesalers and retailers, and discusses service-based businesses. Furthermore, it outlines different business ownership structures such as sole proprietorships, partnerships, and corporations, emphasizing liability types ranging from unlimited to limited. Lastly, it highlights the significance of human resources in shaping a company's character, ethics, and brand image.

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Understanding Business Types and Ownership Structures for New Ventures

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  1. ENPI MODULE 3 LAUNCH YOUR BUSINESS

  2. TYPES OF BUSINESSES • Manufacturing • Converts materials into goods suitable for use and sells goods to others • Industrial vs. consumer manufacturing • Wholesaling • Buys goods in large quantities and resells them in smaller batches to retailers • Link between manufacturers and retailers

  3. TYPES OF BUSINESSES CONTINUED… • Retailing • Buys goods, often from wholesalers, and resells them directly to consumers • Brick and mortar or e-commerce • Service • Provides services to customers for a fee • Licensing requirements often exist

  4. TYPES OF BUSINESS OWNERSHIP • What is your liability?? • Unlimited Liability: business owner can be legally forced to use personal money and possessions to pay the debts of the business • Limited Liability: business owner cannot be legally forced to use personal money and possessions to pay business debt • Level of liability depends on the type of ownership

  5. SOLE PROPRIETORSHIP • Single individual owns the business • UNLIMITED LIABILITY

  6. PARTNERSHIP • At least two individuals share the management, profit, and liability • Write a “partnership agreement”

  7. TYPES OF CORPORATIONS • Subchapter S Corporation • Limited Liability Companies • Nonprofit Corporations

  8. CORPORATION • Ownership in which the business itself is considered a type of “person” and limited liability is granted to the business owner • Owners = shareholders/stockholders • Share of stock = % ownership in company

  9. HUMAN RESOURCES

  10. DEFINING HUMAN RESOURCES • People employed in a business • Contribute more than labor! • Character • Ethics • Creativity • Networking • Reflect your brand

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