Types of Business. Ch. 22, Section 1. 4 Elements of Business. Expenses What you need to start & continue a business Advertising Introduction and reminder of your business Receipts & Record Keeping Needs to be accurate and dependable – for profits & losses Risk (profit vs. loss)
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Ch. 22, Section 1
Owners do not have to devote time to make money.
Stockholders have limited liability; they only lose what they put in.
Individuals trained in specific areas make decisions.
Decisions are slow. Interest of the board may differ from the stockholders.
Double taxation. Govt. taxes corporate profit than individual shares.
Stockholders have little or no say in how business is run.Corporations
Bond: Promise by a corporation to pay a stated amount of interest over a period of time.Stocks and Bonds