BME416-Business

BME416-Business - The organized effort of individuals to...

Info icon This preview shows pages 1–10. Sign up to view the full content.

View Full Document Right Arrow Icon
The organized effort of individuals to  produce and sell, for a profit, the goods  and services that satisfy society’s needs The exchange of  money  for  product and the subsequent use of that money  to produce and sell more product
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
What is a Business Entity What is a Business Entity A business entity is a legally defined type of  business organization that exists for the  purpose of transacting business.
Image of page 2
How are Business Entities Formed How are Business Entities Formed Simple entities like a  Sole Proprietorship  may be  formed inadvertently by the simple act of engaging  in a personal business transaction. The formation of a more complex business entity  like a  Corporation  may require the services of a  specialized attorney and a great deal of  documentation and effort.  Some formal business entities can be established  through prepackaged legal services (e.g.  LegalZoom); useful for tax and liability purposes.
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Issues That May Be Considered When  Issues That May Be Considered When  Forming a New Business Entity Forming a New Business Entity Purpose of Business Entity Ownership of the Business Source of Startup & Future Capital Business Liability Projected Future Revenue Future Taxes Managerial Responsibility Scope (Size & Complexity) of Operations Intended Disposition of Business
Image of page 4
Purpose of Business  Purpose of Business  Entity Entity A Small Hobby Business A Family Operation A Professional Practice A Concept with Real Growth Potential
Image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Sole proprietorship owned by one person Partnership association of two or more persons to act  as co-owners of business Corporation an artificial person created by law, with  most legal rights of a real person shares of stock allow fractional ownership  by many individuals and other entities Forms of Business  Forms of Business  Ownership Ownership
Image of page 6
Sole Proprietorship Sole Proprietorship One Owner Operator Simple Low Cost Startup Owner Managed Funded by Owner / Bank Loans Backed by  Personal Assets of Owner Limited Resources Unlimited Personal Liability Profits and Losses Pass To Owner Limited Lifetime
Image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
General Partnership General Partnership Two or More Partner Operators Simple Low Cost Startup / Partnership  Agreement Recommended Managed by Partners Funded by Partners / Bank Loans Backed by  Partnership and Personal Assets of Partners  Limited Resources Unlimited Personal Liability Profits and Losses Pass To Owners Limited Lifetime or as Defined in Partnership  Agreement
Image of page 8
Limited Partnership Limited Partnership
Image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 10
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern