https://padlet.com/kvethanayagam/othvxxcie5bh en-us 2017-11-29 14:42:33 UTC 2025-12-18 04:24:46 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Manbag.png kvethanayagam https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211416730 There are five types of businesses. These are sole proprietorships, partnerships, corporations, franchises, and co-operatives.]]> 2017-11-29 14:46:29 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211416730 efan1 https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211417725 Partnerships are when two people own a enterprise, and work together to keep it running. An example of a franchise is Spotify.]]> 2017-11-29 14:47:55 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211417725 kvethanayagam https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211418610 This means that the company is owned by one person. Most companies start as sole proprietorships. An example of a sole proprietorship is Resource Integrated.]]> 2017-11-29 14:49:10 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211418610 kvethanayagam https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211419657 With a sole proprietorship, you:

• Can easily start and end a business
• Have the pride of ownership
• Have a legacy to give to your children
• Retain all the company’s profits
• Have no special taxes

]]> 2017-11-29 14:50:43 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211419657 kvethanayagam https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211423117 With a sole proprietorship you:

• Have unlimited liability
• Have limited resources
• Could have management difficulties
• Have overwhelming time commitment
• Lack employee benefits
• Have limited growth and lifespan of the business

]]> 2017-11-29 14:56:09 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211423117 efan1 https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211423171 With a partnership you:

• Co-own the business
• Share responsibilities
• May have greater financial resources than a sole proprietorship
• Share business losses
• Share time commitment

]]> 2017-11-29 14:56:13 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211423171 efan1 https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211425231 With a partnership you:

• Have unlimited personal liability
• May have conflicts
• Share profits
• Have a harder time terminating the business

]]> 2017-11-29 14:59:14 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211425231 kvethanayagam https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211425813 A franchise is a business where authorization is given to people to make a store under that company's name and products. Franchisees are the people that get the authorization. An example of a franchise is McDonalds.]]> 2017-11-29 15:00:03 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211425813 kvethanayagam https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211428651 As a franchisee you:

• Are buying an expensive franchise
• Have to follow rules set by the franchisors
• Fail if your franchisor's business fails

]]> 2017-11-29 15:03:57 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211428651 kvethanayagam https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211430615 As a franchisee you:

• Buy a business with good reputation
• Receive provided packaging, advertising, and equipment from the franchisor
• Receive training and financial knowledge from the franchisor

]]> 2017-11-29 15:06:52 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211430615 kvethanayagam https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211433628 A corporation is a legal entity hat exists of its shareholders. Businesses usually become corporations after being a sole proprietorship. There are four types of corporations being public, private, crowned, and non-profit. An example of a corporation is Apple.]]> 2017-11-29 15:10:57 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211433628 kvethanayagam https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211438270 With a corporation you:

•  Have Limited Liability (Public)
• Raise more funds more easily
• Have a lower tax rate
• Have a small company (usually (Private)
• Do not make profit (Non-Profit)

]]> 2017-11-29 15:17:56 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211438270 efan1 https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211438832 These are businesses owned and operated by a group of people with a strong common interest. An example of a co-op is Smile Tiger Coffee.]]> 2017-11-29 15:18:43 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/211438832 kvethanayagam https://padlet.com/kvethanayagam/othvxxcie5bh/wish/212066059 With a corporation you:

• More complicated structures than sole proprietorship or partnerships.
• Employees who are not owners may not be committed to the business
• Corporations must publish annual reports, which could give away important secrets to competitors
• The value of company shares depends on the stock market (Public)

]]> 2017-11-30 20:24:50 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/212066059 kvethanayagam https://padlet.com/kvethanayagam/othvxxcie5bh/wish/212068271 With a co-operative members:

• Own and control the business
• Share the start-up costs and the running of the business
• Share the financial risk
• Pay less for goods and services and get more for those they sell

]]> 2017-11-30 20:29:10 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/212068271 efan1 https://padlet.com/kvethanayagam/othvxxcie5bh/wish/212068904 Some disadvantages of co-operative companies: 

• Because each member only has one vote members may not want to invest money for expansion
• because of the number of members decisions are difficult
• Members can have conflicts

]]> 2017-11-30 20:30:53 UTC https://padlet.com/kvethanayagam/othvxxcie5bh/wish/212068904