Intro to Business Unit 2 Test Review

One has complete control over business decisions

• Sole Proprietorship

• Partnership

• Corporation

• LLC

Advantage of Corporations/LLCs

• Double Taxation

• Limited Liability

• Full Control

• Paperwork

Easiest to set up

• Sole Proprietorship

• Nonprofit Corporation

• Corporation

• LLC

Disadvantage of a sole proprietorship

• Limited Liability

• Easy Start-Up

• Unlimited Liability

• No Registration

Hard to raise money or get loans

• Sole Proprietorship

• Partnership

• Corporation

• LLC

Type/s of business that require a start-up fee and registration

• Sole Proprietorship

• Partnership

• Corporation

• LLC

Type of ownership that would work best for a skydiving company

• Sole Proprietorship

• Partnership

• Corporation/LLC

• None of the above

Definition of management

• Coordination of resources to accomplish goals and objectives

• Creating goals and objectives as well as strategies to meet them

• Creating a vision of success for the company and seeing the big picture

• Getting Resources organized in an orderly and functional way to accomplish goals

Levels of management/responsibility

• Operational Managers

• Top Level Managers

• Middle Managers

• Bottom Managers

Level of management that is responsible for goals and planning

• Operational Manager

• Top Level Managers

• Middle Managers

• Bottom Managers