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sole proprietorship

one owner (ALL the responsibility)


few owners (partners)


many, many owners (stockholders)


unlimited liability
difficult to raise financial capital
double taxation.


sing taxation
more difficult to raise financial capital
limited liability ???

Articles of partnership

legal agreement between partners.


ownership shares of a corporation


owners of a corporation

board of directions

group elected by stockholders to run a corporation


government document granting permission to incorporate

non-profit org

operates in a business-like way to promote an interest; churches, hospitals, charities, social service groups etc..


type of non-profit organization, voluntary association formed to serve its members; may be of consumes or products.

labor union

group of workers banded together to have a better change at higher pay, beter benefits and better working conditions.

closed shop

workers must be union members to get hired

union shop

workers must join union after they get hired

modified union shop

workers may join union but cannot be forced.

Types of Labor Unions

Industrial & Trade craft

Industrial unions

made up of people in the same industry (UAW)

trade craft unions

made up of people that do the samw work (printers)

right to work laws

make it illegal for unions to require workers to join. (NC is the right to work state, difficult for unions to influence workers or state government)

Collective Bargaining

union leaders and business leaders meed and negociate contracts, discuss salary, benefits, holidays, vacation, breaks, length of workday etc.


work stoppage initiated by the worker's union,to give better contract, point its to embarrass the company, may also


refuse to buy products, or encourgae others to


work stoppage intiated by management; campany refuses to allow workers to work, used as pressure by business to sign contract.


third party negotiates dispute between union & business, meets with both sides, tries to negotiate a compromise (make suggestion)


third party hears both sides and settles the dispute (arbitarotors make a decision)

tran sparency

making business deals more visible to everyone


treating someone different based on race, religion color gender age.

social responsability

obligation of business to give back to community.

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