Just In Case Flashcards
Determinants of demand
Non price factors (shifters) that can change (increase or decrease) an entire demand curve for a good or service
Determinate of supply
Non price factors that can shift an entire supply curve
Liability
Financial responsibility for business (debt)
Double taxation
Taxes are paid two ways off the profit earned
Limited liability company
Combines corporate features of limited liability with SP or P features of lower taxes
a structure that separates companies and their owners. It prevents individuals from being liable for the company’s financial losses, debts, and other liabilities.
Limited liability partnership
Easier to convert from a general partnership
all of the owners have limited personal liability for the financial obligations of the business
each partner is not responsible or liable for another partner’s misconduct or negligence.
S corp
Type of corporation mixed with the features of single taxation
Hybrid organization
Business that combine features
SEC
monitors the stock market
Articles of incorporation
Lengthy and expensive application that must be filled out to start a corporation
Public corporation
Anyone can buy stock
Ex coke
Private corporations
Only specific people can buy stock
Ex Publix
