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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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Presentation Transcript
forms of business organization
Lessons

Chapter 31

CHAPTER 31

Forms of Business Organization

31-1 Basic Attributes of Business Organizations

31-2 Creating and Terminating Partnerships

31-3 Operating Partnerships

basic attributes of business organizations
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

what is a sole proprietorship
Chapter 31WHAT IS A SOLE PROPRIETORSHIP?

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

what is a partnership
Chapter 31WHAT IS A PARTNERSHIP?

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

what is a corporation
Chapter 31WHAT IS A CORPORATION?

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

creating and terminating partnerships
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

how is a partnership created
Chapter 31HOW IS A PARTNERSHIP CREATED?
  • Kinds of partnerships and partners
  • Classification by purpose
  • Classification by extent of liability
  • Classification of partners
ending a partnership
Chapter 31ENDING A PARTNERSHIP
  • Action of one or more of the partners
  • Operation of law
  • Court decree
operating partnerships
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

partners duties
Chapter 31PARTNERS’ DUTIES
  • Comply with partnership agreement and decisions
  • Use reasonable care
  • Act with integrity and good faith
  • Not conduct competing business
  • Keep accurate records
partners rights
Chapter 31PARTNERS’ RIGHTS
  • Right to participate in management
  • Right to profits
  • Right in partnership property
  • Right to extra compensation
partners authority
Chapter 31PARTNERS’ 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
partners liabilities
Chapter 31PARTNERS’ LIABILITIES
  • Criminal liability
  • Civil liability
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