Management and Organizational Studies 1023A/B Chapter Notes - Chapter 8: Sole Proprietorship, Financial Statement, Capital Budgeting

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1023A/B
• Professor: Barry Hawn

Document Summary

Various decisions: pricing, strategic, marketing, employee compensation, capital budgeting, resource allocation includes marketing managers, hr personnel, production supervisors , and company officers. Forms of business organization proprietorships: a business owned by one person. Often called (cid:494)sole proprietorship(cid:495) as there are no partners. Unlimited liability: one legal/taxable/economic/reporting/accounting entity partnerships: a business owned by more than one person. Often formed because one person does not have enough economic resources formalized in a written agreement: partners(cid:495) contribution, how profits and losses are shared, provisions for withdrawal of assets, dispute resolution, and partnership liquidation. Unlimited liability: partners can be forced to give up his or her personal assets in order to repay debt. Public corporations: distribute their financial statements to investors, lenders, other creditors, other interested parties, and the general public: consolidated: financial statements where all the companies that a larger company owns are listed together.