Introduction to Business Lecture notes/study guide Chapter 4 Forms of Business Ownership 4.1Going It Alone: Sole Proprietorship Define sole
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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?

 

 

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