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Chapter 22 civics

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sole proprietorship
one owner (ALL the responsibility)
Partnership
few owners (partners)
Corporation
many, many owners (stockholders)
disadvantages
unlimited liability
difficult to raise financial capital
double taxation.
Advantages
sing taxation
more difficult to raise financial capital
limited liability ???
Articles of partnership
legal agreement between partners.
stock
ownership shares of a corporation
stockholders
owners of a corporation
board of directions
group elected by stockholders to run a corporation
charter
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..
Cooperative
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.
strike
work stoppage initiated by the worker's union,to give better contract, point its to embarrass the company, may also
boycott
refuse to buy products, or encourgae others to
lockout
work stoppage intiated by management; campany refuses to allow workers to work, used as pressure by business to sign contract.
mediation
third party negotiates dispute between union & business, meets with both sides, tries to negotiate a compromise (make suggestion)
arbitrators
third party hears both sides and settles the dispute (arbitarotors make a decision)
tran sparency
making business deals more visible to everyone
discrimination
treating someone different based on race, religion color gender age.
social responsability
obligation of business to give back to community.