a business owned and managed by a single individual
an establishment formed to carry on commercial enterprise.
authorization to start a business issued by the local government.
Sole proprietorships may also be subject to local zoning
is the legally bound obligation to pay debts.
are payments to employees other than wages or salaries.
is a business organization owned by two or more persons who agree on a specific division of responsibilities and profits.
partners share equally in both responsibility and liability.
only one partner has unlimited personal liability for the firm’s actions.
all partners are limited partners.
Limited liability partnership
is a legal document that outlines the terms of the partnership.
Articles of partnership
Without articles of a partnership, partners will fall under the rules of the
Uniform partnership act
money and other valuables belonging to an individual or business, that contributes to the total capital of the business.
is a legal entity owned by individual stockholders
certificate of ownership in a corporation.
corporation that issues stock to only a few people, often family members.
Closely held corporations
corporation that sells stock on the open market.
Public ally held corporation
Certificate of incorporation is a corporate charter that includes crucial information such as:
The corporate name, statement of purpose, length of time that the business will run, founders’ names and addresses, headquarters business address, method of fund-raising, and the rules for the corporation’s management.
Certificate of incorporation
joins two or more firms competing in the same market with the same good or service.
join two or more firms involved in different stages of producing the same good or service.
are firms that have more than three businesses that make unrelated products.
are the world’s largest corporations that produce and sell their goods and services throughout the world
is a semi-independent business that pays fees to a parent company.
is a business organization owned and operated by a group of individuals for their shared benefit
retail outlet owned and operated by consumers.
they provide a service rather than a good.
agricultural marketing cooperative that helps members sell their products.
are usually in the business of benefiting society.
work to improve the image, working conditions, and skill levels of people in particular occupations
promote the collective business interests of a city, state, or other geographical area, or of a group of similar businesses.
are nonprofits that promote the interests of a particular industries.
Economists consider people to be employed if they are 16 years or older and meet at least one of the following
They worked at least on hour for pay within the past week;
They worked 15 or more hours without pay in a family business, such as a farm;
They held jobs but did not work due to illnesses, vacations, labor disputes, or bad weather.
Companies are relying more on temporary employees because:
Flexible employment allows for a quick adjustment to changing demands.
Its easier to discharge temporary employees.
Temporary workers are paid less and receive fewer benefits.
Some workers prefer the flexible schedule of temps.
Jobs are often categorized into 4 different categories:
- Unskilled labor: requires no specialized skills, education, or training.
- Semi-skilled labor: requires minimal specialized skills and education.
- Skilled labor: requires specialized abilities and training to do tasks such as operating.
- Professional labor: demands advanced skills and education.