Types of Business Organizations

1
Types of Business Organizations

• Chapter 22

2
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 Easy to start No business taxes More revenue available Unlimited liability 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.