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FIN301_Ch1 - Chapter 1 Introduction to Financial Management...

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1 Chapter 1 Introduction to Financial Management
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2 Chapter Outline Forms of Business Organization Basic Areas of Finance The Goal of Financial Management The Agency Problem and Corporate Control Financial Markets and the Corporation
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3 Forms of Business Organization Three major forms in the United States Sole proprietorship Partnership General Limited Corporation S-Corp Limited liability company
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4 Sole Proprietorship Advantages Easiest to start Least regulated Single owner keeps all of the profits Taxed once as personal income Disadvantages Limited to life of owner Equity capital limited to owner’s personal wealth Unlimited liability Difficult to sell ownership interest
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5 Partnership Advantages Two or more owners More capital available Relatively easy to start Income taxed once as personal income Disadvantages Unlimited liability General partnership
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