ENT 500 Study Guide - Midterm Guide: Legal Personality, Turnover Number, Investment

• School: Ryerson University
• Department: Entrepreneurship and Strategy
• Course: ENT 500
• Professor: Steven Tissenbaum

Document Summary

Chapter 9 new venture team, small firm management, and managing. Characteristics of new venture team: operations and technical knowledge, entrepreneurial finance knowledge, marketing and sales knowledge. Characteristics of founders: innovative, intuitive, action-oriented, focused on the long term, bold. Chapter 10 form of organization and legal issues. Common forms of legal organization: sole proprietorship owned and operated by one person. Self-employed individuals are taxed on their business incomes at tax rates set for the individual: partnership legal entity based on the voluntary association of two+ persons to carry on, as co-owners, a business for profit. Does not pay taxes; allocated shares of income are taxed as personal income for each partner. General partner partner in a limited partnership with unlimited personal liability. Limited partner partner in a limited partnership who is not active in its mgmt. and has limited liability: corporation exists as a legal entity unto itself and provide limited liability to its owners.