A business owned and operated by a sole person.
Biggest disadvantage to a sole proprietorship.
The money needed to run a business or enable it to grow larger.
A business that two or people own and operate.
Articles of Partnership
A legal agreement between partners.
An organized business recognized by law that has many of the rights and responsibilities of an individual.
A government document granting permission to organize.
Ownership shares of the corporation.
Owners of a corporation (Shareholders)
Board of Directors
Group elected by stockholders to run a corporation.
Advantage to corporations.
Paying taxes twice on corporate profits.
A voluntary association of people formed to carry on an economic activity that benefit its members.
Groups of workers who band together to have a better chance to obtain higher pay and better working conditions.
Workers must be union members to get hired.
Workers must join union after they get hired.
Right to Work Laws
Prevent mandatory union membership required by the union shop.
Modified Union Shop
Workers may join union but cannot be forced.
Union leaders and business leaders meet and negotiate contracts, discuss salary, benefits, holidays, vacation, breaks, length of workday, etc.
Third party negotiates dispute between union & business, meets with both sides, tries to negotiate a compromise.
A third party listens to both sides, then decides to settle the dispute.
Work stoppage initiated by the workers' union.
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