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DSST Things to know_Intro to Business

Regulation acts clayton sherman federal trade

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60. Regulation Acts: Clayton, Sherman, Federal Trade Commission 61. Reserve Requirement of U.S. Banks: What it is, What happens if it changes 62. Risk 63. S- Corp (benefit) 64. Scientific management: Defined, Father 65. Securities: Stocks, Bonds, Basic investment stuff, Shareholders 66. Significance of double taxing a company 67. Skimming 68. Social responsibilities of a business 69. Socialism 70. Span of Control 71. Stock market: Know their pricing 'terminology', Net gains for the day, Stock split, Par value, What dividends are, Who  gets paid last in case of bankruptcy 72. The recession of 1991 73. Those who collectively buy and sell similar products 74. Total Quality Management (TQM) 75. Trade: Deficit, Restrictions
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Sole Proprietorship – one owner (most popular accounting for ¾ of the business organization) no paperwork to complete no special reporting to IRS run by one person o Advantages Lack of legal requirements Low start up costs No separate tax filings No need to divide profits No share in decision making o Disadvantages Major disadvantage - Unlimited liability Difficult to borrow money Responsible for all losses No share in decisions making – bounce ideas off another Business ends when owner dies/retires Partnerships– 2 types – General and Limited Partnerships All partnerships agreements be established at the beginning of the business (responsibilities and additions or departures) General- Must file information about business under Federal Revised Uniform Limited Partnership Act o Advantages Lack of separate business tax filings Easier to borrow money liability not on one person Partners can contribute to start up cost Share in profits Share in decisions o Disadvantages Unlimited liability – for own debts as well as partners Limited- Some partners are investors only and have no decision making authority Must have at least one General (or active partner) who manages the day-to-day Corporations – 6 types Private (Closely Held) – owned by family or employees, outsiders cannot buy stock – profits are taxed as corporate tax C-Corp (Publicly Held) – owned by public or employees – profits are taxed as corporate tax S-Corp (Subchapter) – share holders pay personal income on their share of any profit the business earns. S Corps DO NOT pay corporate taxes Limited Liability (LLC) – profits are taxed as personal income, no member has personal liability Professional – founded by lawyers and doctors Multinational or Transnational – operations in multiple countries and their stock is sold on multiple stock exchanges – taxes vary by country A Corporation owned by Investors, or Stockholders Governed by Board of Directors Day to Day operation overseen by officers of Corporation (CEO, COO) Is formed according to state law
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Regulation Acts Clayton Sherman Federal Trade Commission 61...

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