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Lessons CHAPTER 31 Forms of Business Organization 31-1 Basic Attributes of Business Organizations 31-2 Creating and Terminating Partnerships 31-3 Operating Partnerships GOALS LESSON 31-1 Basic Attributes of Business Organizations

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Forms of Business Organization

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Presentation Transcript


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Lessons

Chapter 31

CHAPTER 31

Forms of Business Organization

31-1Basic Attributes of Business Organizations

31-2Creating and Terminating Partnerships

31-3Operating Partnerships


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GOALS

Chapter 31

LESSON 31-1

Basic Attributes of Business Organizations

Discuss the basic attributes of the sole proprietorship, partnership, and corporation

Determine which one form of organization may be best in a particular situation

Explain the risks of utilizing each form of business organization


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Chapter 31

WHAT IS A SOLE PROPRIETORSHIP?

A sole proprietorship is a form of business owned by one person who has total unlimited liability.


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Chapter 31

WHAT IS A PARTNERSHIP?

A partnership is an association of two or more persons to carry on as co-owners of a business for profit.


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Chapter 31

WHAT IS A CORPORATION?

A corporation is a legal entity created by the authority of federal or state law.


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GOALS

Chapter 31

LESSON 31-2

Creating and Terminating Partnerships

Explain how a partnership is formed

Identify different types of partnerships and partners

Discuss the ways in which a partnership can be terminated and what happens when this occurs


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Chapter 31

HOW IS A PARTNERSHIP CREATED?

  • Kinds of partnerships and partners

  • Classification by purpose

  • Classification by extent of liability

  • Classification of partners


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Chapter 31

ENDING A PARTNERSHIP

  • Action of one or more of the partners

  • Operation of law

  • Court decree


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GOALS

Chapter 31

LESSON 31-3

Operating Partnerships

Discuss a partner’s rights and duties

Determine when a partner has authority to act

Discuss a partner’s potential liability


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Chapter 31

PARTNERS’ DUTIES

  • Comply with partnership agreement and decisions

  • Use reasonable care

  • Act with integrity and good faith

  • Not conduct competing business

  • Keep accurate records


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Chapter 31

PARTNERS’ RIGHTS

  • Right to participate in management

  • Right to profits

  • Right in partnership property

  • Right to extra compensation


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Chapter 31

PARTNERS’ AUTHORITY

  • Make binding contracts for the firm

  • Receive money owed to and settle claims against the firm

  • Borrow money in the firm’s name

  • Buy and sell

  • Draw and cash checks and drafts

  • Hire and fire employees and agents

  • Receive notice of matters affecting the partnership

  • A partner’s creditor’s rights


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Chapter 31

PARTNERS’ LIABILITIES

  • Criminal liability

  • Civil liability


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