Austin's Business Organization Padlet by Austin Chalmers https://padlet.com/achalmer3342/efs0novecwcrp2xo en-us 2023-11-03 14:41:41 UTC 2023-11-09 15:36:21 UTC hello@padlet.com Characteristics achalmer3342 https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775418520

  • The most common form of business organization

  • Ran by a single individual

    • ]]>     2023-11-03 14:43:26 UTC https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775418520     Advantages achalmer3342 https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775426754

  • Easy to Start

  • The owner keeps all profits and does not have to share

  • The owner makes all decisions on their own

    • ]]>     2023-11-03 14:49:12 UTC https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775426754     Disadvantages achalmer3342 https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775432039

  • Unlimited Liability

  • Difficult to attract qualified employees

  • Limited Life

  • Limited access to funding

    • ]]>     2023-11-03 14:53:11 UTC https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775432039     Characteristics achalmer3342 https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775436429

  • Earns the greatest percentage of business profits in the U.S.

  • Owned by shareholders


    • ]]>     2023-11-03 14:56:16 UTC https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775436429     Advantages achalmer3342 https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775443072

  • Access to large amounts of financial capital (money) for expanding

  • Unlimited life (business continues to exist even when ownership changes)

  • Limited liability

  • Easy to transfer ownership

    • ]]>     2023-11-03 15:01:54 UTC https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775443072     Disadvantages achalmer3342 https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775445496

  • Double taxation (taxed on profits and dividends)

  • Owners have little control over the day-to-day operations of the businessOwners have little control over the day-to-day operations of the business

  • Greater government oversight/regulation


    • ]]>     2023-11-03 15:03:48 UTC https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775445496     Characteristics achalmer3342 https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775449658

  • The least common form of business organization

  • Owned by two or more people

    • ]]>     2023-11-03 15:07:06 UTC https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775449658     Advantages achalmer3342 https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775456442

  • Easy to Start

  • More access to start-up money than sole proprietorships

  • Can benefit from specialization based on owners’ areas of expertise

    • ]]>     2023-11-03 15:11:44 UTC https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775456442     Disadvantages achalmer3342 https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775457974

  • Potential for conflict

  • Profits have to be shared between co-owners

  • Limited life (death of owner(s) ends the business)

  • Unlimited liability

    • ]]>     2023-11-03 15:13:00 UTC https://padlet.com/achalmer3342/efs0novecwcrp2xo/wish/2775457974