Types of Business Organizations

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Presentation transcript:

Types of Business Organizations Chapter 22

Advantages Disadvantages Type of Business & description List 2 Advantages & Disadvantages of the types of businesses from 22.1. Type of Business & description Advantages Disadvantages Sole Proprietorship Partnership Corporation

Advantages and Disadvantages of the 3 types of businesses Business type & description Advantages Disadvantages Sole Proprietorship Business with one owner Easy to start No business taxes Keep all profits Unlimited liability Lots of Work Partnership Business with 2 or more owners More revenue available Honesty of others is risky (embezzlement) Corporation Business treated as an person under the law. Limited Liability (No personal stake) Easy to raise $ through stocks Slow decisions due to levels of structure Pay Income, Payroll & Business Taxes Harder to start

Read chapter 22.2 to answer the following questions about labor: What is a labor union? Give an example of a local union and a national union. What is the difference between mediation and arbitration? Name at least 2 tactics labor unions use to get their way in a labor dispute. Name at least 2 tactics business owners use to get their way in a labor dispute.

Start Your Own Business, p. 77 Business plan goes on p. 77. If you are in a partnership, both need to complete the business plan! Final product is due at the beginning of class tomorrow. Counts as a 25 point daily grade.