BA 101 Lecture Notes - Lecture 18: Limited Liability Company, Legal Personality, Sole Proprietorship

• School: University of Oregon
• Department: Charles H. Lundquist College of Business
• Course: BA 101
• Professor: durant

Document Summary

Business entity options- an initial overview: sole proprietorship, partnership, corporation, limited liability company. Sole proprietorship: easy, quick, simple and affordable, full control with minimal administration, adaptable, the challenges: risk and personal exposure, credibility, raising additional capital. Ben and jerry"s: started as a partnership, voluntary association, unlimited liability, mutual agency, limited life, limited access to , changed to a corporation, separate legal entity, limited liability, limited stockholder power, unlimited life, easy access to capital. Partnership: partners keep control, relatively unregulated, single taxation. Corporation: stockholders may lose control, government regulation, double taxation. Corporate governance: stockholders board of directors top mgmt (ceo,coo,cfo) middle mgmt (division head, plant manager) supervisory. Types of corporations: domestic corporations: operate in state in which it is incorporated, foreign corporations: operate in states other than their state of incorporation, alien corporations: are organized in one country and operate in another.