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Types of Businesses (Chapter 2)
Terms in this set (21)
- Sole Proprietorship
What are 4 the Forms of Business Ownership
a sole proprietorship is a business owned by one person who has a wide range of responsibilities and full liability. (unlimited liability)
What is a Sole Proprietorship
a Partnership is a business owned by two or more individuals that share the costs, responsibility and liability equally. (limited liability)
What is a Partnership
a Corporation is a business granted legal status with rights, privileges, and liabilities.
What is a Corporation
A Corporation can be as small as one-person and or as big as a multinational
stocks or shares
Small portions of corporate ownership that are owned by the public are called what?
What are the types of Corporation's
in a private corporation, only a few people control the business, the shares are not listed on the stock exchange making it only owned privately.
What is a Private Corporation
a public corporation is one that is listed on the stock exchange.
What is a Public Corporation
a crown corporation is a business operated by the provincial or federal government.
What is a Crown corporation
a Municipal corporation is a business operated by cities and towns.
What is a Municipal corporation
it is a business that has licenses the rights to its name, operating procedure, and designs.
what is a franchises?
- Business is already made
- Fully operational
- brand recognition
- appealing to customers
what are the up-sides to becoming franchise?
- no creative freedom
- paying franchises fees
- restricted freedom
what are the down-sides of becoming a franchise?
- Paying the ensile franchise fee
- paying monthly franchise fees
- purchasing all supplies centrally from the franchiser
- participating in franchise standards training
what are the requirements to open a franchise?
when two or more businesses agree to commit particular resources to achieve a common set of objectives, yet stay entirely independent of each other.
What is a Strategic Alliances?
when two or more companies join together to form one compony.
What are Mergers?
this is when a compony relocates some of its operations to another country.
What is offshoring?
what types of businesses are there?
start up costs are the expenses of running a business day to day
What are start up costs
(using your own money)
what are the two ways of getting money for your businesses and explain what they are
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