BUS 201 Chapter Notes - Chapter 4: Corporation Act 1661, Limited Liability, Indefinite Lifespan
25 Oct 2013
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Describe the role of small and new businesses in the canadian economy. Explain the meaning and interrelationship of the terms small business, new venture creation, and entrepreneurship. Explain the entrepreneurial process and describe its three key elements. Describe three alternative strategies for becoming a business owner. Describe four forms of legal organization for a business and discuss the advantages and disadvantages of each. Identify four key reasons for the success or failure of small businesses. Small business: an owner-managed business with less than 100 employees. Microbusiness: an owner-managed business with less than 5 employees. Main source of job creation: leaders in innovation and new technology, service sectors, high-knowledge industries (high technology and biotechnology) Four forms of business organizations: sole proprietorship: owned and operated by one person, partnership: two or more individuals combining resources, corporation: separate legal entity, liable for own debts, cooperatives: organized, owned and controlled by users of its products/services.
