Preview

Winter vs Summer

Satisfactory Essays
Open Document
Open Document
434 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Winter vs Summer
Business I want to attend colloege to study business. Growing up, all the successful men I saw were businessmen. I want to own my own business in order to make a lot of money. I want to make money so I can buy a house and a car. I want to study business management because it will help me reach my dreams of owning my own business. I think the most important people in a business are the managers. They help run the business on a daily basis. These are my goals, and the first step in reaching them is college.
Four types of business entity: 1.sole proprietorship: this is a business owned by one person for-profit. The owner may operate the business alone or may employ others. The owner of the business has unlimited liability for the debts incurred by the business.
2. partnership: this is a business owned by two or more people. In most forms of partnerships, each partner has unlimited liability for the debts incurred by the business. The three typical classfications of for-profit partnerships, are general partnerships, limited partnership and limited liability partnerships.
3. corporation: a corporation is a limited liability business that has a separate legal personality from its members. corporations can be either government-owned or privately-owned, and corporations can organize either for-profit or not-for-profit. A privately-owned, for-profit corporation is owned by shareholders who elect a board of directors to direct the corporation and hire its managerial staff. A privately-owned, for-profit corporation can be either privately held or publicly held.
4. cooperative: often referred to as "co-op", a cooperative is a limited lability business that can organize for-profit or not-for-profit. A cooperative differs from a for-profit corporation in that it has members, as opposed to shareholders, who share decision making authority. cooperatives are typically classified as either consumer cooperatives or worker cooperatives. Cooperatives are fundamental to the

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Lit 1 Task 1a

    • 1231 Words
    • 5 Pages

    SOLE PROPRIETORSHIP: The owner and the business are considered one. The owner takes all the risk and receives all the profits. It is easy and inexpensive to start up a sole proprietorship however a sole owner has trouble raising capital which could limit growth.…

    • 1231 Words
    • 5 Pages
    Satisfactory Essays
  • Powerful Essays

    Fin 331 Study Guide

    • 5260 Words
    • 22 Pages

    * Partnership- legal arrangement between two or more people who decide to do business together…

    • 5260 Words
    • 22 Pages
    Powerful Essays
  • Satisfactory Essays

    LIT1 Task 1 - A

    • 1253 Words
    • 6 Pages

    GENERAL PARTNERSHIP: This kind of partnership is where two or more people are equal owners and are equally active, liable and authoritative.…

    • 1253 Words
    • 6 Pages
    Satisfactory Essays
  • Satisfactory Essays

    There are several different types of business ownership which are most commonly used in business’ and company’s today, these include; Co-operative which is a business owned by its employees, Partnership which is a business owned by between 2 and 20 people, Private limited which is a business owner by a small groups of people who have shares and a Public limited business is owned by private individuals by shares bought and sold on the stock market. A charity is a business with the purpose to help the public, the government is a business owned by the government and lastly a sole trader which is a business owned by only one person.…

    • 637 Words
    • 3 Pages
    Satisfactory Essays
  • Better Essays

    LIT1 Task 1

    • 3141 Words
    • 13 Pages

    Sole Proprietorship: This is a type of business is where the business and the owner are one in…

    • 3141 Words
    • 13 Pages
    Better Essays
  • Powerful Essays

    Week 6 You Decide

    • 1981 Words
    • 6 Pages

    Partnerships are commonly organized as General Partnerships, Joint Ventures, or Limited Partnerships (limited liability). For the purposes of this memo, we will stick to forms of Limited Partnerships as the current economic climate necessitates a business structure that limits the liability of its owners. Common forms…

    • 1981 Words
    • 6 Pages
    Powerful Essays
  • Better Essays

    Corporation and Betty

    • 1382 Words
    • 6 Pages

    A corporation is a legal entity that is formed by state law to raise capital by issuing stock to investors. Corporations have several owners, but by law it acts as a single and legal person (Kubasek, Brennan, &…

    • 1382 Words
    • 6 Pages
    Better Essays
  • Powerful Essays

    Hammurabi Research Paper

    • 3478 Words
    • 14 Pages

    a corporation is a legal entity, meaning it is an entity separate from its shareholders with distinct…

    • 3478 Words
    • 14 Pages
    Powerful Essays
  • Good Essays

    Outside of a sole proprietorship, where a single owner owns and operates the business there are three basic types of business organizations: partnership, corporation and LLC, also known as limited liability company. (Rodgers, S. 2010. Chapter 13) The general requirements for each entity are the following; a partnership is defined as an association of two or more competent persons to carry on a business as co-owners for profit. (Rodgers, S. 2010. Section 13.1) According to the law, competent means that the partners must have contractual capacity as well as each partner is simultaneously both a principle and an agent. Partners are also automatically owners and managers and by law this presumes equal rights unless the partners have specified otherwise. (Rodgers, S. 2010. Section 13.1) There must also be the intent to make a profit, there is no such thing as a nonprofit partnership.…

    • 791 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Why do people choose LLC?

    • 717 Words
    • 3 Pages

    “Like limited partnerships, the corporation did not exist at common law; it is a form of business organization that owes its existence to statutes in all states that provide guidelines for its creation and management. Unlike a partnership, the corporation is a legal entity in the eyes of the law—an artificial person that enjoys an existence apart from the individuals who own or manage it.”…

    • 717 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Corporations are created by law and owned by shareholders. Rather than actual property, the owners own stock or interest. Through selling stock the corporation can raise the capital o help with establishing business and increase financial gain.…

    • 822 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Most people say they like the summer and winter; me on the other hand, I prefer the spring and autumn seasons in California.…

    • 198 Words
    • 1 Page
    Satisfactory Essays
  • Good Essays

    You Decide

    • 465 Words
    • 2 Pages

    Partnerships: “Two or more people share ownership of a single business.” In a partnerships business legal contract needs to be signed and understood by both parties such as “how decisions will be made, profits will be shared, disputes will be resolved, or what steps will be taken to resolve the partnership when needed.” There are 3 types of partnerships: (1) General Partnership; (2) Limited Partnership with limited liability; and (3) Joint Venture. Advantages of a partnerships profits from the business flow to the partner’s personal tax return and the business may lead to success with the help of two or more. Disadvantages may be one is responsible for another’s actions, any profits and assets must be shared, and disagreements can occur.…

    • 465 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    A partnership is a company that is maintained by more than one individual. For an organization to be titled a partnership the establishment must have one or more proprietors that have not filed their articles of incorporation in the state to convert into a corporation. If all proprietors have filed it then the business is now a corporation or LLC. In a partnership, every proprietor is accountable for all debts, and is responsible for every transaction in the firm.…

    • 574 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Finance Midterm

    • 1225 Words
    • 5 Pages

    A corporation is a legal entity created by a state, and it has a life and existence that is separate from the lives and existence of its owners and managers.…

    • 1225 Words
    • 5 Pages
    Satisfactory Essays