Business Management- Georgia Sible by Georgia Sible https://padlet.com/05gsible/66ydkyfsj0w0nrsk Made with wonder en-us 2022-02-09 18:35:01 UTC 2022-02-09 23:32:49 UTC hello@padlet.com https://padlet.net/icons/png/1f929.png Sole Proprietorship 05gsible https://padlet.com/05gsible/66ydkyfsj0w0nrsk/wish/2038633140 A single person owns and runs a unincorporated business. You manage yourself.
 
Positive- The sole proprietor has full control and decision making powers. Any profit you make is treated as your own income. 

Negative- Owner is liable for all issues including lawsuit and debt. The lack of support effects the income the business makes. 

Examples: Tutoring services and a dog walker. ]]> 2022-02-09 18:43:08 UTC https://padlet.com/05gsible/66ydkyfsj0w0nrsk/wish/2038633140 Partnership 05gsible https://padlet.com/05gsible/66ydkyfsj0w0nrsk/wish/2038663127 Has two or more owners. All members must agree on decisions. 

Postive- Moral support and can bounce off of one anothers idea. Allows flexibility and more business opportunities. 

Negative- Loss of controlling the business by yourself. May cause emotional issues and arguments between the owners. 

Example: RedBull & GoPro, Spotify & Uber]]> 2022-02-09 18:56:05 UTC https://padlet.com/05gsible/66ydkyfsj0w0nrsk/wish/2038663127 Corporation 05gsible https://padlet.com/05gsible/66ydkyfsj0w0nrsk/wish/2038683535 Is an "artificial" person. There must be at least one stockholder. Owners can hire themseleves into the business.

Positive- Protects the owner from liability if something goes wrong and it goes to the company name instead. A corporation attracts more investors. 

Negative- It is time consuming and costly. They are highly regulated. 

Examples: Target and Apple]]> 2022-02-09 19:05:22 UTC https://padlet.com/05gsible/66ydkyfsj0w0nrsk/wish/2038683535 Limited Liability Company 05gsible https://padlet.com/05gsible/66ydkyfsj0w0nrsk/wish/2038689554 Is the newest form of business organization. It is a private limited company. 

Positive- No restrictions on the number of member allowed. Members have felxibility in structuring the company management. 

Negative- More expensive. Limited life. Ownership is harder to transfer. 

Example: eBay and Nike  ]]> 2022-02-09 19:08:09 UTC https://padlet.com/05gsible/66ydkyfsj0w0nrsk/wish/2038689554 Franchise 05gsible https://padlet.com/05gsible/66ydkyfsj0w0nrsk/wish/2039065273 A business that gives the right to a person or business to sell  goods or services using its name. 

Positive- May be easier to grow a business. Expansion can be faster and they are responsible for their success.

Negative- There may be multiple goals to conquer. Recruitment can be slower and less efficient.

Example: Subway and Pizza Hut]]> 2022-02-09 23:32:49 UTC https://padlet.com/05gsible/66ydkyfsj0w0nrsk/wish/2039065273