BUS 1000 Lecture Notes - Lecture 1: Limited Liability Company, Double Taxation, Jiffy Lube

• School: University of Denver
• Department: Business Core
• Course: BUS 1000
• Professor: Mc Cubbrey Donald

Document Summary

3 major forms of business o o o. Owned and operated by 2 or more people. Comparisons of forms of business organization o. Select company"s name o: write and file articles of incorporation paperwork o. Pay fees and taxes: hold organizational meetings, adopt bylaws, elect directors, pass operating resolutions. Stockholders elect directors: directors elect top management. Organized like a corporation, but avoids double taxation of profits by routing income and losses through stockholders o. Offers same limited liability as a corporation, but may be taxed as either a partnership or corporation. Formed by people with similar interests, such as customers and suppliers. 2 or more companies form an alliance to pursue a specific project, usually for a specific time period o. Business organization in which a franchisor supplies the product concept to the franchisee who sells the goods or services.