Business Ownership
"Opportunities don't happen. You create them."
Special Types of Ownership
Nonprofit Organizations - A group of people that join to do something that benefits the public.
S-Corporation - Treats partners as individuals by only taxing them once.
Corporation
● Owned by one or more shareholders
● Managed by a board of directors
● Filing an article of corporation
● Easier to obtain capital and limited liability for shareholders
● Double taxation and increased government regulations and restrictions
● Limited liability
● Amazon is an example
● It has unlimited life
● Some sources of investment are stocks and borrowing money
Partnership
● Dormant, General, Secret, Limited and Silent
● Depends on Partnership Agreement
● A Partnership Agreement
● Easy to Form and More capital and Credit
● Profits are Shared and Different ideas
● Unlimited Liability Depending on Partnership Type
● Intel, Home Depot
● Death, Bankruptcy, Actions of Partners or Court Order
● Personals of Partner(s), Gifts or Borrowed Money
Proprietorship
● The Owner
● Begin Buying and Selling Goods or Services
● Easy to Form and Complete Control
● Limited Capital and Limited Lifetime of Owner
● Unlimited Liability
● Landscaping Companies
● Decision of Owner
● Personal, Gifts or Borrowed