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Business Forms

Business Forms. Business Forms. Industry : Group of one or more firms that produce identical or similar products. Ex: Business Firm : company, enterprise, and business all refer to an organization controlled by single management. Sole Proprietorship. Business owned by one person.

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Business Forms

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  1. Business Forms

  2. Business Forms • Industry: • Group of one or more firms that produce identical or similar products. • Ex: • Business Firm: company, enterprise, and business all refer to an organization controlled by single management.

  3. Sole Proprietorship • Business owned by one person. • Receives all profits and responsible for all debt. • Ex: • Liabilities: • Debts or obligations owed to others • Claims made against the firms assets • Account for 72% of all business firms and generate only 5% of all business revenue.

  4. Partnership • Business owned by 2+ people who share ownership. • Legally binding partnerships clarify the amount of time and energy spent. • Ex.: • Account for 8% of all business firms and generate only 12% of all business revenue.

  5. Corporation • Business organization managed on behalf of its owners, who provide the funds. • Charter: document that states nature of the business, the initial owners of the stock, and the types of stocks to be sold. • Stockholders: • Corporations fund initial start-up and expansion by selling stock (share in company).

  6. Corporations • Board of Directors: • Stockholders elect policymakers. • Owners are responsible to directors and directors are responsible to stockholders. • Annual Corporation Report: • Once/year directors issue a financial status report to stockholders. • Account for 20% of all business firms and generate 83% of all revenues.

  7. Special Business Types • S Corporation: • Small business enjoys corporation advantages without paying corporate income taxes (avoid double taxation). • Stockholders pay personal income taxes based on dividends received. • Can not have more than 35 stockholders and may not own 80% of another corporation.

  8. Special Business Types • Limited Liability Companies (LLC): • Combines advantages of corporation and partnership. • Must have 2 or more members who own interest in the LLC and function as partners. • Member liability is limited because of corp. • Members are taxed as partners. • Property is held in name of LLC not names of members.

  9. Special Business Types • Not-for-Profit Corporations: • Don’t try to earn a profit (not subject to income tax), but serve educational, social, charitable, or religious purpose. • Income includes: money from private foundations, govt. funding, and individual donations. • Cooperatives(Co-ops): • Associations of companies that perform functions for members. • Housing • Consumer • Producer

  10. Special Business Types • Government-Owned Corporations: • Federal, state, and local owned and operated. • Generally when market doesn’t supply need for g/s. • Ex.: U.S. Postal Service, transit services, electric utilities etc.

  11. Special Business Types • Franchises: • Method of distributing products or services that is governed by a contract. • License that entitles holder to operate individually owned business as if it were part of a large chain of stores. • Ex.: Subway, Dairy Queen, Radio Shack etc.

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