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Bell Work Company Ownership Read pages 147-149 of Chapter 16 in the Manufacturing book

Bell Work Company Ownership Read pages 147-149 of Chapter 16 in the Manufacturing book. Company Ownership. Types of Ownership 1. Proprietorship: - one owner (proprietor) - usually small businesses - usually only needs a business license - able to easily change

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Bell Work Company Ownership Read pages 147-149 of Chapter 16 in the Manufacturing book

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  1. Bell WorkCompany OwnershipRead pages 147-149 of Chapter 16 in the Manufacturing book

  2. Company Ownership

  3. Types of Ownership 1. Proprietorship: - one owner (proprietor) - usually small businesses - usually only needs a business license - able to easily change - may be difficult to raise additional money for growth - limited by proprietors talents - proprietor assumes unlimited liability

  4. 2. Partnership: - two or more people run business together - shared responsibility, talents, and profits - accepts unlimited liability - may not get along

  5. 3. Corporation: - legally created business unit - may own property, can sue or be sued - owners usually don’t run the company - owners may buy or sell their part of ownership - owners have little say in daily operations - owners assume limited liability

  6. Forming a Corporation: 1. articles of incorporation - an application 2. corporate charter - authorization 3. corporate bylaws - instructions for how the company will be run

  7. Types of Liability (responsibility) 1. unlimited liability – owner is responsible for all debts of the company, even after closing 2. limited liability: - the corporation assumes debts not the owner personally - owners may collect dividends - owners may lose initial investment but are not responsible for outstanding debt

  8. LLC: - Limited Liability Company - a hybrid type of ownership - the business assumes limited liability but is not a corporation - owners have more flexibility than a corporation

  9. Franchise - an authorization or license between a parent company and a private business - gives the right to use the parent company’s name, and/or sell their products or services - examples = Sweet Frog, Allstate, NAPA

  10. A franchise will allow - a person or group of people (franchisee) the right to market a product or service using the trademark or trade name of another business (franchisor) - the franchisee the right to market a product or service using the operating methods of the franchisor - the franchisee the obligation to pay the franchisor fees for these rights - the franchisor the obligation to provide rights and support to franchisees Franchise.org

  11. What types of responsibilities do the owner or corporation have?

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