Business_Ownership_Fall2006

Business_Ownership_Fall2006 - Business Ownership Business...

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Unformatted text preview: Business Ownership Business Ownership MGMT 120 Lynn FIG IT Company Chiefs Company Chiefs • CEO • Chief Executive Officer • COO • Chief Operating Officer • CFO • Chief Financial Officer • CIO • Chief Information Officer • Also… • Controller • Ombudsman Structure: Two Types Structure: Two Types • Legal • Organizational Legal Forms of Organization (US) Legal Forms of Organization (US) • Three primary considerations – Tax – Legal liability – Operational and financial flexibility Legal Forms of Organization (US) • Sole proprietorship • Partnership (a legal entity with little protection) – General Partnership – Limited Partnership (LP) – limited partner has limited liability • Corporation (a legal entity with more protection) – Closely held vs. publicly held – “Regular” C Corporation (Inc.) – S Corporation (S Corp) • Closely held (organization) + partnership (tax) – Limited Liability Company (LLC) • Taxed like partners; limited liability – Professional (PC) • Unlimited liability; doctors, lawyers, accountants – Multinational (MNC) Legal Form of Organization Sole Proprietorship • One with the bike in taxation and liability Corporation • Protection from liability but more difficult and expensive to operate In-between Forms...
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This note was uploaded on 04/29/2008 for the course MGMT 120 taught by Professor Lynn during the Fall '08 term at Abilene Christian University.

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Business_Ownership_Fall2006 - Business Ownership Business...

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