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Chapter-1 - Chapter 1 Introduction to Financial Management...

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6/2/2010 1 Introduction to Financial Management Chapter 1 Forms of Business Organization Stock Prices and Shareholder Value Intrinsic Values, Stock Prices, and Executive Compensation Important Business Trends Conflicts Between Managers, Stockholders, and Bondholders 1-1 Finance Within the Organization Board of Directors Chief Executive Officer (CEO) Chief Operating Officer (COO) Marketing, Production, Human Resources, and Other Operating Departments Chief Financial Officer (CFO) Accounting, Treasury, Credit, Legal, Capital Budgeting, and Investor Relations 1-2 Forms of Business Organization Proprietorship Partnership Corporation 1-3
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6/2/2010 2 Proprietorships and Partnerships Advantages Ease of formation Subject to few regulations No corporate income taxes Disadvantages Difficult to raise capital Unlimited liability Limited life 1-4 Limited Partnerships General Partner Unlimited Liability Active in Day to Day Business Operations Must be at least one GP Limited Partners Limited Liability Cannot Actively Participate in Business Retain Partnership Tax Advantages 1-5 Corporation Advantages Unlimited life Easy transfer of ownership Limited liability Ease of raising capital Disadvantages Double taxation – corp. taxes and dividends Cost of set-up and report filing 1-6
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6/2/2010 3 Quasi-Corporations
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