1. 6-Types of Business Ownership

2. Objectives: Describe the advantages and disadvantages of three major forms of business organizations. Describe how cooperatives ad nonprofits are like and unlike corporations and franchises.

3. 3 Main types Sole-72% of all businesses Partnership—5% of all businesses Corporation—20% of all businesses – 3% are other types of ownership

4. Revenue Generated by Businesses

5. Sole Advantages

6. Sole Disadv.

7. Partnership Adv.

8. Partnership Disadv.

9. Corporation Registered by a state and legal entity (separate from owners) Adv.

10. Corporation Disadv.

11. Other Ways to Organize Cooperative Nonprofit franchise

12. This section objectives: Differentiate between the six types of businesses. Describe the five functions of business Discuss how the five functions of business relate to each other

13. Types of Businesses Producer Processor Manufacturer Intermediary—wholesale & retail Retail & service businesses

14. Functions of Business Production and procurement Marketing Management Finance Accounting

15. Production & procurement Production—process of creating, expanding, manufacturing, or improving goods and services. Procurement—buying and reselling goods that have already been produced.

16. Marketing Process of planning, pricing, promoting, selling, and distributing ideas, goods, and services

17. Management Process of achieving company goals by planning, organizing, leading, controlling and evaluating the effective use of resources

18. Finance and Accounting Finance-business or art of money management Accounting—maintaining and checking records, handling bills, and preparing financial statements of business

19. Interdependent Five functions are interdependent

20. End