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MGM101H5 Chapter : nickels ch 6

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rubyshark70
1 Feb 2012
School
UTM
Department
Management
Course
MGM101H5
Professor
James Appleyard

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MGM101H5 Full Course Notes
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MGM101H5 Full Course Notes
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Document Summary

Lecture 4: forms of ownership - nickels ch 6. Key to starting: understanding how to get required resources. Sole-proprietorship business owned and operated by one person, without forming a corporation. Partnership a legal form of business with two or more parties. Corporation a legal entity with authority to act and have liability separate from its owners. Liability business: responsibility to pay all normal debts and to pay because of a court order. Because of law for performance under a contract payment of damages to a person or property in an accident. Buy/lease equipment and put up announcements saying you are in business. Stop operating when you want to shut down. Proud of managing and owning their own business. Credit taken for risks and providing needed products. All profits taxed as personal income to owners. Owner pays personal income tax on that money. Claim any business losses against other earned income. Decrease personal taxes they would need to pay.

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Related Questions

27) Five students wish to start a new business called "Computers-B-Us." Each student is prepared to invest the same amount and wants to share equally in the profits and management, while limiting their liability. They would most likely start their business as a: a) b) private corporation public corporation sole proprietorship limited partnership general partnership

17) Your friend Paul is considering starting a web-page development business. He asks you about the features of sole proprietorship, as a form of business organisation. In discussing the costs and benefits you should tell Paul about all of the following except: a) b) It may be difficult for a sole proprietorship to obtain a bank loan As a sole proprietor, Paul should be concerned about unlimited liability As a sole proprietor, it may be difficult for Paul to close down his business As a sole proprietor, Paul must deal with limited managerial and financial resources d)

14) Partnerships, generally, are more advantageous than sole proprietorships because: a) b) partners are jointly and severally liable there are many types of partnerships many people can be the president of the company the talents of the partners can be pooled some businesses can only be formed as partnerships e)