GB112 Midterm: GB112 Exam 1

• School: Bentley University
• Department: Information and Process Management/General Business Courses
• Course: GB112
• Professor: shen

Document Summary

Protect shareholder"s rights and investments: for customers, Stand behind quality of the product: for employees. Treat fairly: respect, dignity and access to basic human needs. Find, hire train and provide equal opportunities: for suppliers, Fair treatment: must be aware of where these products come from (child labor?, for community, be a good neighbor (local donations i. e. little league team) Protecting environment, fair pay and other standards: advantages and disadvantages of different business organizations, sole proprietorship. Easy to form: one person doing everything (individual tax returns, difficult to raise capital, no continuity, unlimited liability. Single taxation: general partnership, more complex to form, has to have more than one person must have agreement (partnership tax return, banks are willing to loan, (capital) Technically if one person dies the partnership is ended until a new agreement is drawn (no continuity: unlimited liability, llc. Easy to raise capital: must conform to specific state laws, may continue if owner exits or new ones are added.