Business Ownership by Oscar Valdez https://padlet.com/04ovaldez/gti3a1gb6ctxws7i By Oscar Valdez en-us 2020-10-08 16:22:21 UTC 2024-10-05 02:33:46 UTC hello@padlet.com Sole Proprietorship 04ovaldez https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814461746 Def: a type of enterprise that is owned and run by one person in which there is no legal distinction between the owner and the business entity.
Examples: 1)Single person art studio 2) local grocery store
Positives: Easy to set up and owner has 100% control.
Negatives: Unlimited liability. Your small company is personally liable for all debts and action of the company. Limited view in business management is also a con because you are the only one making decisions, so the chances of your objectivity being impaired is high. 

]]> 2020-10-08 16:23:04 UTC https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814461746 Partnership 04ovaldez https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814507396 Def: a formal arrangement of two or more parties to manage and operate a business and share profits.
Examples: 1)Louis Vuitton and BMW 2)Spotify and Uber
Positives: Extra set of hands, additional knowledge, reduced financial burden.
Negatives: less independence, potential conflict, divided profits.  ]]> 2020-10-08 16:33:36 UTC https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814507396 Corporation and Limited Liability Company 04ovaldez https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814538080 Def: a business organization that allows limited partners to enjoy limited personal liability while general partners have unlimited personal liability. 
Examples: Attorneys, accountants, architects, licensed financial advisers.
Positives: Limits potential Legal Liability. Allows for flexible roles for partners.
Negatives: Public disclosure. Income is personal income and is taxed accordingly. ]]> 2020-10-08 16:40:46 UTC https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814538080 Franchise 04ovaldez https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814572415 Def: an authorization granted by a government or company to an individual or group enabling them to carry out specified commercials, activities, providing a broadcasting service or acting as an agent for a company's products.
Examples: 1)McDonald's 2)Subway
Positives: Motivated Management. Speed of growth.
Negatives: Initial payout. Limited creativity/flexibility. ]]> 2020-10-08 16:48:34 UTC https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814572415 04ovaldez https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814631121 2020-10-08 17:01:45 UTC https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814631121 04ovaldez https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814640326 2020-10-08 17:03:52 UTC https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814640326 04ovaldez https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814649533 2020-10-08 17:05:57 UTC https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814649533 04ovaldez https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814656785 2020-10-08 17:07:34 UTC https://padlet.com/04ovaldez/gti3a1gb6ctxws7i/wish/814656785