Business Ownership by Gabriella Thompson https://padlet.com/03gthompson/82t81v7iiaxkzk37 en-us 2021-01-05 14:18:48 UTC 2024-10-02 03:06:56 UTC hello@padlet.com Business Ownership 03gthompson https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055617691 Gabby Thompson]]> 2021-01-05 14:20:09 UTC https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055617691 Sole Proprietorship 03gthompson https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055620402 - A business owned and run by one person
-This is good because you have complete control and flexibility, and you receive all profits
- Negatives are that you are liable for all debts, and it is harder to get loans
-Examples would be a small business in downtown Frederick owned by one person, or an etsy shop. ]]> 2021-01-05 14:20:45 UTC https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055620402 Partnership 03gthompson https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055639585 -  Two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business generate
- Pros are that you have extra knowledge and less financial burden
-Cons are that you have less independence and divided profits
-Examples are a startup company between two friends, or a big company owned by multiple people. ]]> 2021-01-05 14:24:47 UTC https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055639585 Corporation 03gthompson https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055670820 -  A legal entity that is separate and distinct from its owners
-Pros are business security and liability protection
-Cons are rigid protocols and being time consuming
-Examples include Google and Amazon]]> 2021-01-05 14:30:56 UTC https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055670820 Limited Liability Company 03gthompson https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055695714 - A business where the owners are not personally liable for the company's debts or liabilities. 
-Pros are that it protects you from business liability, and are easy to form and maintain
-Cons are that there are more tax forms, and formation costs and fees
-Examples are Sony and Nike]]> 2021-01-05 14:36:13 UTC https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055695714 Franchise 03gthompson https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055758961 - An authority that is given by an organization to someone, allowing them to sell its goods or services or to take part in an activity which the organization controls
-Pros are that is comes with a ready made business plan, and are less risky
-Cons are that you have less flexibility and high startup costs
-Examples are Starbucks and McDonalds]]> 2021-01-05 14:49:15 UTC https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055758961 03gthompson https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055782285 2021-01-05 14:53:49 UTC https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055782285 03gthompson https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055793157 2021-01-05 14:56:06 UTC https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055793157 03gthompson https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055795400 2021-01-05 14:56:34 UTC https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055795400 03gthompson https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055798422 2021-01-05 14:57:12 UTC https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055798422 03gthompson https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055817442 2021-01-05 15:01:15 UTC https://padlet.com/03gthompson/82t81v7iiaxkzk37/wish/1055817442