details of four business ownerships

Cole Mulkey

Details

sole proprietorship

  • owned and ran by only one person
  • no legal distinction of owner and their business
  • less paperwork and documents
  • example: Lloyd's barber shop or a tutor or home school teacher
  • inexpensive to make
  • owner takes all profit
  • owner is responsible for debt and legal risks



Partnerships

  • a business type owned by two or more indiviuals
  • business firm owned by 2 or more people
  • less work
  • ben and jerry's icecream is an example
  • everyone is responsible for all mistakes
  • people control and look over all rather than investment count



(LLC) limited liability partnership

  • an organization that allows limited partners to enjoy limited partnership
  • partners aren't responsible for each others mistakes
  • more work but spread between two people
  • law firms are examples of LLC's
  • members are only responsible for what they've invested in company wise
  • partnerships are less expensive


corporations

Corporations-a large business or organization that under the law has the rights and duties of an individual and follows a specific purpose

corporations are taxed and have stock(generally public)

will operate after owner has moved on or passed

shareholders are not reliable for debt

examples are pesico or cocacola or apple




VIDEO EXAMPLES


https://www.youtube.com/watch?v=tgC4oZdlyeM

https://www.youtube.com/watch?v=ox3hfx2SqAE

WEBSITE EXAMPLES

www.jonesday.com/dallas

CITATIONS

Wiki, Wiki W. "Sole Proprietorship." Wikipedia. Wikimedia Foundation, 12 Jan. 12. Web. 12 Feb. 2016.

Webster, Merriam D. "Corporation or Food." Merriam-Webster. Merriam-Webster, 1 Oct. 1999. Web. 12 Feb. 2016

Cola, Coke A. "Coca-Cola Global: Soft Drinks & Beverage Products." Coca-Cola Global: Soft Drinks & Beverage Products. Coca Cola Brands, Aug.-Sept. 1978. Web. 12 Feb. 2016