ADM 1301 Study Guide - Profit Maximization, Alternative Civilian Service, Externality

• School: University of Ottawa
• Department: Administration
• Course: ADM 1301
• Professor: All

Document Summary

The business segment generally includes all forms of for profit business ownership in canada, including corporations, partnerships, and sole proprietorships. The government segment generally includes all levels of government in canada, federal, provincial & municipal. They influence civil society through funding certain activities, modifying tax policies, collaborating to develop alternative service delivery mechanisms etc. Control of the business rest completely with the proprietor. All income generated by proprietor belongs to the proprietor. Unlimited liability to satisfy business liabilities creditors can turn to the proprietor"s personal assets. The proprietor is usually the sole manager which could limit the available management talent. Staffing can be difficult since the proprietorship usually cannot afford to remunerate employees at the level and with the benefits that larger businesses can offer thus limiting the talent pool. Different partners offer different specialities that combine to enrich the managerial expertise. Inter partner conflict resolution can be difficult to solve.