Some of today’s largest corporations, including Walmart, JCPenney, and Procter & Gamble Company, started out as tiny—and in many cases, struggling are started by

Which is an advantaged proprietorship

Which is a disadvantage of Proprietorships

a voluntary association of two or more persons to act as co-owners of a business for profit.

is a person who assumes full or shared responsibility for operating a business.

is a person who invests money in a business but who has no management responsibility or liability for losses beyond their investment in the partnership.

refers to an agreement listing and explaining the terms of the partnership

Advantages of partnerships

Advantages of Partnership

Disadvantages of Partnerships

The main advantages of a partnership over a sole proprietorship are increased availability of capital and credit and the combined business skills and knowledge of the partners.

Limited Liability: is a feature of corporate ownership that limits each owner’s financial liability to the amount of money that they have paid for the corporation’s stock

a corporation that is taxed as though it were a partnership. In other words, the corporation’s income is taxed only as the personal income of its stockholders

(sometimes referred to as a nonprofit) is a corporation organized to provide a social, educational, religious, or other service rather than to earn a profit.

is a form of business ownership that combines the benefits of a corporation and a partnership while avoiding some of the restrictions and disadvantages of those forms of ownership.

Syndicates

is an agreement between two or more groups to form a business entity in order to achieve a specific goal or to operate for a specific period of time.

Growth seems to be a basic characteristic of business. What are the reasons for seeking growth

The combining of two corporations or other business entities to form one business

a situation in which the management and board of directors of a firm targeted for acquisition disapprove of the merger.

horizontal merger is a merger between firms that make and sell similar products or services in similar markets.

The merger between T-Mobile and Sprint is an example of a horizontal merger because both firms are in the telecom industry. This type of merger tends to reduce the number of firms in an industry—and thus may reduce competition. Is example of what

a merger between firms that operate at different but related levels in the production and marketing of a product. Generally, one of the merging firms is either a supplier or a customer of the other.

a merger between firms that are involved in totally unrelated business activities

Horizontal - a merger between companies with similiar products. Vertical - a merger that consolidates the supply line of a product. Concentric - a merger between companies who have similar audiences with different products. Conglomerate - a merger between companies who offer diverse products/services

a business organisation such as a corporation that produces and sells goods and services with the aim of generating revenue (the income(money))and making a profit.

a business entity(an organization created by an individual or individuals) that is owned by its shareholder(s), who elect a board of directors to oversee the organization's activities.

The shares of ownership of a corporation are called

The people who own a corporation’s stock—and thus own part of the corporation—are called

Not all closed corporations are small companies

companies with a small number of shareholders that are privately held by managers, owners, and even families.: Examples: Chick fil la or Hobby lobby

a corporation whose ownership shares are available for exchange on a public market: Fort motors, Microsoft

a company that is incorporated in and conducts business affairs in its own country

a corporation which is registered under the laws of one state or foreign country and does business in another

a corporation that was created in another country but is doing business in the U.S.

a distribution of earnings to the stockholders of a corporation

a legal form listing issues to be decided at a stockholders’ meeting and enabling stockholders to transfer their voting rights to some other individual or individuals

the top governing body of a corporation and is elected by the stockholders

They help the board make plans, carry out strategies established by the board, hire employees, and manage day-to-day business activities.

Limited Liability

Ease of Raising Capital(the physical or financial resources used to produce value in an economy)

Ease of Transfer of Ownership

Perpetual Life

Specialized Management

ability recruit more skilled, knowledgeable, and talented managers than proprietorships and partnerships.

Difficulty and Expense of Formation

Government Regulation and Increased Paperwork

Conflict Within the Corporation

Double Taxation

Lack of Secrecy

is the process of coordinating people and other resources to achieve the goals of an organization

tangible, physical resources an organization uses. For example, General Motors uses steel, glass, and fiberglass to produce cars and trucks on complex machine-driven assembly lines

Which order is correct

a statement of the basic purpose that makes that organization different from others.

a plan that outlines alternative courses of action that may be taken if an organization’s other plans are disrupted or become ineffective.

is a type of plan designed to implement tactical plans.

a smaller-scale plan developed to implement a strategy.

is its broadest plan, developed as a guide during the strategic planning process for major policy setting and decision making.set by the board of directors and top management

an upper-level executive who guides and controls an organization’s overall fortunes. They represent the smallest of the three groups. In terms of planning, they are generally responsible for developing the organization’s mission.

a manager who implements the strategy and major policies developed by top management. develop tactical and operational plans, and they coordinate and supervise the activities of first-line managers. include division manager, department head, plant manager, and operations manager.

a manager who coordinates and supervises the activities of operating employees. They spend most of their time working with and motivating their employees, answering questions, and solving day-to-day problems.

university-based groups that provide individual counseling and practical training to owners of small businesses

primarily responsible for an organization’s financial resources

manages the systems that convert resources into goods and services.

responsible for facilitating the exchange of products between an organization and its customers or clients.

charged with managing an organization’s human resources programs.

is not associated with any specific functional area but provides overall administrative guidance and leadership.

to identify problems correctly, generate reasonable alternatives, and select the “best” alternatives to solve problems. Top-level managers especially need these skills because they must discern the important issues from the less important ones, as well as recognize the underlying reasons for different situations.

also known as soft skills or people skills, involve the ability to deal effectively with other people, both inside and outside an organization.

involve the ability to think in abstract terms. Conceptual skills allow a manager to see the “big picture” and understand how the various parts of an organization or idea can fit together.

involve specific skills needed to accomplish a specialized activity. For example, engineers and machinists need technical skills to do their jobs.

both oral and written, involve the ability to speak, listen, and write effectively.

also called authoritative leadership, is a hands-on, task-oriented leadership style.These leaders make decisions unilaterally, with little concern for employee opinions or knowledge.

which involves all members of a team identifying essential goals and developing strategies to reach those goals, is common in today’s business organizations. Participative leaders consult workers before making decisions and make final decisions based on their support, though they retain final authority for decision making.

recognizes that today’s competitive landscape requires challenging the status quo with new ideas. These leaders promote communication and transparency with high expectations while providing support and recognition to subordinates

a leadership style that emphasizes structure, monitoring employee performance, and using rewards and punishments to motivate subordinates to achieve organizational goals. These leaders tend to focus on the chain of command, productivity, and efficiency.

personality dependent. These leaders influence, inspire, and motivate employees to perform due to their own innate charm and personality.

Small Business Administration (SBA) is created by Congress in 1953 to assist, counsel, and protect the interests of small businesses in the United States

• represent 99.9 percent of all employer firms;

• employ about half of all private-sector employees;

• pay 40 percent of total U.S. private payroll;

• have generated 65 percent of net new jobs over the past 20 years; and

• made up 97.5 percent of all exporters and produced 32 percent of known export value.

• Are all facts of

an independent business with fewer than 500 employees, depending on its industry

a carefully constructed guide for the person starting a business

a license to operate an individually owned business as though it were part of a chain of outlets or stores

an individual or organization granting a franchise

a person or organization purchasing a franchise

privately owned firms that provide venture capital to small enterprises that meet their investment stan ards

a group of businesspeople who volunteer their services to small businesses through the SBA

groups of senior and graduate students in business administration who provide management counseling to small businesses