1. Types of Business Organizations
Chapter 22

2. 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

3. 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

4. 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.

5. 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.