Bell Ringer. Entrepreneurship - the process of starting and managing your own business. ---Write a list of what you would consider to be the advantages and disadvantages of entrepreneurship. Chapter 37. What is Entrepreneurship?. Objectives. Identify the meaning of entrepreneurship
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Entrepreneurship- the process of starting and managing your own business.
---Write a list of what you would consider to be the advantages and disadvantages of entrepreneurship.
What is Entrepreneurship?
Easy to start
All decisions made on your own
Taxed less than other forms of businesses
More freedom from gov’t regulation
Responsible for all debts or legal judgments
Unlimited Liability- In the event that the debts of your business exceed its assets, your creditors can claim all of your own personal assets, such as your car, home, and savings.Sole Proprietorship
Combines the skills of the owners
Offer more money
Easier operation and expansion
Each partner gets a voice in mgmt
Taxed and regulated less heavily than a corporation.
Owners may not always agree on business decisions
All partners assume share of the business debt.
Responsible for the shares of other partners if they cannot pay
Business dissolves if 1 partner dies.Partnership
Each owner has limited liability
Easier to raise $ for expansion than other forms
Easy to enter or leave the business by selling or buying shares of stock
Each operation area can be managed by an expert in that area.
Complexity of forming it
Increased gov’t regulation
Higher taxes on the profits of the corporation and on each stockholder
Intricate accounting and record keepingCorporations cont…
You must file for a DBA (Doing Business As)
DBA- a registration process by which your county gov’t officially recognizes that your business exists.
You must file Articles of Incorporation, which identify the name and address of your business, its purpose, the names of the initial directors, and the amount of stock that will be issued to each director.Legal Steps in Establishing Your Business