Introduction to BusinessLecture notes/study guide 4.1 Going It Alone: Sole Proprietorship
Chapter 4 Forms of Business Ownership
● Define sole proprietorship __________________________________________________
● Advantages of sole proprietorship.
○ Which of these advantages might seem the most appealing to a business owner and why?
● Disadvantages of sole proprietorship.
○ Which of the disadvantages might be the most worrisome and why?
4.2 Partnership: Sharing the Load
● What is a partnership?
● How do parties agree to a joint enterprise?
○ Why is it recommended to have a written agreement?
● Two basic types of partnerships.
○ Define general partnership? __________________________________________
○ What is a limited partnership?
■ Difference between a limited partnership, limited liability partnership (LLP) and limited liability limited partnership (LLLP).
○ How does a general and limited partnership differ?
○ Why are partnerships appealing to some business owners?
■ What types of questions might a person ask when picking a partner?
● Why is it important for prospective business owners to carefully consider who they form a partnership with?
○ Before forming a partnership, what disadvantages must a prospective business owner consider?
○ Which of the disadvantages might be the most worrisome and why?
4.3 Corporations: Limiting Your Liability
● Define corporation ___________________________________________________
● Which is easier to set up, a corporation, sole proprietorship or partnership?
○ Five main steps involved in starting a corporation.
● Three important components of a corporation's organizational structure.
○ Who are stockholders?
■ Are stockholders and shareholders the same?
■ What rights to the stockholders have?
○ How is the board of directors formed?
■ What are the board of director's duties?
● Who are considered officers of the corporation?
● Can officers be board members and stockholders?
● How do the advantages of a corporation differ from a sole proprietorship and a partnership?
○ What is considered a key advantage?
● What are the disadvantage differences between a corporation, sole proprietorship and a partnership?
○ Which disadvantage might prove to be the most challenging?
● Three different types of corporations.
○ How are they different?
■ What is considered the convention or basic form of corporate organization?
■ Which corporation must meet a certain size and ownership requirements?
■ Which corporation is a hybrid organization that is similar to an S corporation, but does not have the same limitations as an S corporation?
4.4 Specialized Forms of Business Organization.
● What other forms of business organizations are there other than sole proprietorship, partnership, and corporations?
○ Describe a cooperative.
○ Two types of cooperatives and how do they differ?
■ What are the benefits of buyer cooperatives?
■ Who typically engages in seller cooperatives?
○ What is a joint venture?
■ Why would companies form this type of alliance?
4.5 Franchising: A Popular Trend
● What is franchising?
○ Who is the franchisor?
○ What is the franchisee's role?
● Purpose of a franchise agreement?
● Advantages and Disadvantages of Franchises
○ Why would a person choose to be franchisee over being a sole proprietor, partner or corporation?
○ What are some of the drawbacks to owning a franchise?
● Why is it important to have an understanding of potential franchise growth before becoming a franchisee?
● How does a person decide an entrance and exit strategy when purchasing a franchise?
● International demand for franchising.
○ What are some of the problems franchisors face doing business abroad?
● What type of person makes a good franchisee?
○ What should you do in preparation as you consider purchasing a franchise?
4.6 Mergers and Acquisitions
● Define Merger _________________________________________________________
● Define Acquisition ______________________________________________________
● Three main types of mergers.
○ How are they different?
○ What is a specialized, financially motivated type of merger?
■ What is the goal in a leveraged buyout (LBO)?
● Do merger and acquisition motives tend to be similar?
○ Goal for both mergers and acquisitions.
○ What are some of the motives for both mergers and acquisitions?
● How can a company determine if a merger has a good chance of turning out well?
4.7 Trend in Business Ownership
● What trends affect business ownership?
● Why should business owners care about "baby boomers" and their needs in retirement?
○ How would this information be beneficial to them?
○ What happens if they do not retire and stay in the workforce?
● Why would franchises be a good fit for millennials?
● Are mergers beneficial to the global economy?
○ How might they be beneficial?
○ Why might they not be beneficial?
● How are foreign investments affecting the U.S. Economy?
○ Why would it be beneficial for business owners to know this?
● Is investing in foreign economies something American business owners should consider?
○ Why or why not?
Donec aliquet. Lorem ipsum dolor sit amet
molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Done
itur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie con
ctum vitae odio. Donec aliquet. Lo
amet, consectetur adipisci
dictum vitae odio. Donec aliquet. Lor
at, ultrices ac magna. Fusce
icitur laoreet. Nam risus ante, d
ec facilisis. Pellentesque dapibus effic
, dictum vitae odio. Donec aliquet. Lorem i
a. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, con
sus antpulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui
ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia
dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing el
tesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus
dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentes
fficitur laoreet. Nam risus ante, dapibus a molestie consequa
Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec a
ctum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing eli
a. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam l
m ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec faci
ctum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulv
gue
amet, consectetur adipiscing elit
Fusce dui lectus, congue vel laoreet ac, dictum
usce dui lectus, congue velfficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laore
gue
ipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesq
Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet.
ctum vitae odio. Donec aliquet. Lorem ipsum dolor sit ame
c,lestie consequat, u
tesque dapibus efficitur lao
icitur laoreet. Nam risus ante, dapibus a molestie c
congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laor
at, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Done
gue
at, ultrices ac magna. Fusce dui lectus, congue vel laor
pulvinar toronec aliquet. Loremcefficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui l
inia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui l
Fusce dui lectus, confficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui l
trices ac magna. Fusce dui lectuat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risu
gue
icitur laoreet. Nam risus ante, dapibus aconsectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie c
a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoree
a. Fusce dui lecnec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum
, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellent
risus ante, dapibus a molestictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor
gue
tesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac
acinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur lao
ec aliquet. Lorem ipsum dolor
ec aliquet. Lorem ipsum
facilisis. Pellentesque dapibus efficitu
trices ac magna. Fusce dui lectu
congue vel laoreet ac, dictum vitae
itur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae
icitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet
pulvinar tortor nec facilisis. P
lestie consequat, ultrices ac magna. F
m ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ult
molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio
Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ip
ce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit a
m ipsum dolor sit amet
m ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec faci
dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices
gue
ac, dictum vitae odio. Donec aliquet. Lor
gue
at, ultrices ac magna. Fusce dui lectus, con
facilisis. Plestie consequat, ultrices acinia pipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor s
acinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus
fficitur laoreet. Nam risus ante,
ac, dictum vitae odio. Donctum vitae odio. Donec aliquet. Lorem ipsum dolor s
ac, dictum vitae odio. Done
a. Fusce dui lectus, congu
ng elit. Nam lacinia pulvinar tortor nec f
Donec aliquet. Lorem ips
nec facilisis. Pellentesque dapib
m risus ante, dapibus a mole
iscing elit. Nam lacinia
ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. L
lestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor si
acinia pulvinar tortor nec facilisis. P
ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Na
rem ipsum dolor sit a
fficitur la
rem ipsum dolor sit amet,
, ultrices ac magna. Fusce dui lectus, congue
fficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce du
ipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesq
a m
Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipisc
gue vel laoreet ac, dictum vitae
sus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor s
entesque dapibus efficitur laoreet. Nam risu
consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur la
ia pulvinar tortor nec facili
ec facilisis. Pellentesque dapibus efficitur laoreet
at, ultrices ac magna. Fusce dui lectu
rem ipsum dolor sit amet, consectetur adipiscing elit. Nam lac
or nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus a
Fusce dui lectus, congue vel laoreet ac
a. Fusce dui lectus, congue vel laoreet ac,
inia pulvinar tortor nec facilisis. Pellen
, ultrices ac magna. Fusce dui
usce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec a
iscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam ris
et, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis.
s ante, dapibus a molestie consequa
inia pulvinar tortor nec facilisis. Pellentes
gue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem i
Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit.
ec facilisis. Pellentesque dapibus efficitur
ng elit. Nam lacinia pulvinar t
, dictum vitae odio. Donec aliquet. Lorem ip
ia pulvinar
ec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam
am
, dictum vitaeiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laor
consectetur adipiscing e
nec facilisis. Pellentesque da
cing elit. Nam lacinia pulvinar tor
nec facilisis. Pell
usce dui lectus
, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit am
ctum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet,
molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsu
ng elit. Nam lacinia pulvinar
fficitur laoreet. Nam risus ante, dapibus a m
at, ultrices ac ma
sum dolor si
, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipisc
ipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur
ia pulvinar tortor nec facilisis. Pellentesque dapibus efficit
ec facilisis. Pe
ctum vitae odio.
dictum vitae odio. Donec ali
gue
usce dui lectus, congue vel laoreet ac, dictum v
pulvinar torFusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor
onec aliquet. Lom risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac mag
ur laoreet. Nam risus ante,itur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque da
cing elit. Nam lacinia pulvinar tortor nec facilisis. Pellentesque dapibus efficitur laoreet. Nam ri
ia pulvinar
ec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequ
itur laoreet.
ce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec faci
rem ipsum dolor sit amet, cons
fficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem
gue
gue
a. Fusce dui lectus, congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam lac
453,649 students got unstuck by Course
Hero in the last week
Our Expert Tutors provide step by step solutions to help you excel in your courses