L02 Forms of Business Organization

L02 Forms of Business Organization - Forms of Business...

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    Forms of Business  Organization Financial Advantages of Each  Applications to Sports
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    Types of Business Structure 1. Sole Proprietorships 2. Partnerships 1. General 2. Limited 3. Corporations 1. C Corporations 2. S Corporations 3. LLC/LLP 
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    Sole Proprietorship A firm owned by a single person Benefits No formal paperwork required Low organizational costs Flexibility Profits and control are not shared Profits are taxed once
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    Sole Proprietorship: Problems Disadvantages Limited ability to raise (financial) capital Unlimited personal liability Retirement or death of the owner  terminates the business
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    Partnerships A business formed by two or more  individuals Benefits and disadvantages are similar  to sole proprietorships More common form of ownership in  sport industry  Teams are often formed as partnerships   
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  General vs. Limited  Partnership General: All partners share management  responsibilities And share all profits and liabilities Limited: A “limited” partner is not engaged  in day-to-day management  A limited partner is liable only for his or her financial  contribution
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This note was uploaded on 04/17/2009 for the course KINS 4520 taught by Professor Maxcy during the Spring '09 term at University of Georgia Athens.

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L02 Forms of Business Organization - Forms of Business...

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