forms of business organization

https://flic.kr/p/8Qib7X https://flic.kr/p/dobti1

https://flic.kr/p/dob1eE

https://flic.kr/p/dob26Q

A business owned and managed by one person.

https://flic.kr/p/dobfnr

Easiest type of business to form, the owner has almost complete control of business, the owner get to keep all the profit, & is only taxed once.

https://flic.kr/p/doaTZ1

No legal separation of the owner from the business, limited capital, unlimited liability, & limited business lifetime.

https://flic.kr/p/doaRgM

End at the decision or death of the owner, & are funded by the owner’s personal money, gifts, loans, and/or other sources of capital.

https://flic.kr/p/dobkmt https://flic.kr/p/dobtq3

https://flic.kr/p/dobsXS

A Business owned by two or more people, & managed according to the partnership agreement.

https://flic.kr/p/dobtaw

https://flic.kr/p/dobnG3

Easy to form, more capital and credit available, work load more evenly shared, &

losses are also shared

https://flic.kr/p/dobioc

https://flic.kr/p/doaZut

Unlimited liability, limited lifetime (if partner leaves or dies),

profits are shared, decisions are made jointly, & hard to add other partners

https://flic.kr/p/dob1oT

https://flic.kr/p/dob2VN

Are terminated by actions of the partners, bankruptcy, death, and/or court order, & are funded by the personal account of the partners, gifts, loans, and other capital resources.

https://flic.kr/p/dob3WG

https://flic.kr/p/dobkGa

https://flic.kr/p/dobkGa

A business with the authority to act as a single person. (legally a person)

https://flic.kr/p/dobruq

Ownership is determined by stocks (a shareholder/stockholders owns a piece of the company). Corporations are managed by a board of directors who were voted/appointed by shareholders.

https://flic.kr/p/dobfTZ

An article of incorporation with the state government must be filed. The business must create corporate bylaws, name a board of directors, and issue shares of stock.

https://flic.kr/p/doboUq

Capital easy to obtain, limited liability for shareholders, ownership without having to manage, possibility of unlimited lifetime, & decision-making is shared.

https://flic.kr/p/dobs8W

Double taxation: profits and earnings Subject to more laws than other types of ownership, more difficult to form, operations controlled by shareholders and board of directors instead of original owner(s)

https://flic.kr/p/dobeLF

Corporation may have unlimited life. Determined by charter or articles of dissolution, and must be approved by the majority of the board of directors and/or stockholders (shareholders), & capital is raised through the issuing of stocks.