Business Mgt.: Thursday 8.15

1. Business Mgt.: Thursday 8.15 • Reminders • Turn in signed syllabus sheet • Observational Assessments start today! • On PLC schedule still today • Today’s Agenda • 3 Truths & 1 Lie • DocuShare • PowerPoint: About Me Presentation • Reading Assignment • Book Check Out

2. Business Mgt: Friday 8.16 • Reminders • Turn in signed syllabus sheet • Observational Assessments this week! • On PLC schedule still today • Today’s Agenda • 3 Truths & 1 Lie • Review Observational Assessment • Vocab Check – Ch. 7 • Lecture/Discussion - Ch. 7 • Sharktank…Maybe

3. Ch. 7 Notes: Types of Business Ownership • Before we can learn how to manage a business we need to understand the different types of businesses. • What are they? • Sole Proprietorship • Partnerships • Corporation • C / S / Nonprofit / LLC

4. Ch. 7 Notes: Types of Business Ownership • Sole Proprietorship • Examples? • Definition: A business that is owned an operated by one person • Accounts for nearly 76% of all businesses • Easy to create • Owner receives profits but liable for debts

5. Ch. 7 Notes: Types of Business Ownership • Sole Proprietorship • Advantages • Easy to create • Complete Authority – One voice • No Business Taxes • Least Govt. Regulated

6. Ch. 7 Notes: Types of Business Ownership • Sole Proprietorship • Disadvantages • FINANCIAL • Unlimited liability for the owner • What dose that mean? • Full Responsibility – Personal Assets at Risk • Reliant on Skills of the Owner • Owner Death Dissolves the Business • Will

7. Ch. 7 Notes: Types of Business Ownership • Partnership • Examples? • Definition: A business that is owned an operated by two or more people - Unincorporated • General and Limited Partnerships • General – Unlimited Personal Liability - Manage • Limited – Limited Liability to Amount Invested – Not Involved in Managing

8. Ch. 7 Notes: Types of Business Ownership • Partnership • Advantages • Easy to create • Complete Authority Amongst Partners – Multiple Voices • Sharing of Ideas, Skills, and Knowledge

9. Ch. 7 Notes: Types of Business Ownership • Partnership • Disadvantages • Difficult to Dissolve Partnership w/o Ending Business • Personality Conflicts / Disagreements • Laws of Agency – Each Partner is Liable for the Other

10. Ch. 7 Notes: Types of Business Ownership • Corporation • Examples? • Definition: Registered by a state and operates apart from its owners. • Lives on After Ownership Leave or Die • Ownership Equity = Stocks • Purchase Goods / Sue and be Sued

11. Ch. 7 Notes: Types of Business Ownership • C-Corporation • Definition: Pays taxes on earnings along with share holders. Most common corporation and it protects the owner’s liability • Shareholders • Owners of Stock • Majority Stock Holders Make Decisions • Board of Directors • Required • Makes Decisions

12. Ch. 7 Notes: Types of Business Ownership • C-Corporation • Advantages • Limited Liability • Ability to Raise Capitol • Longevity • Tax Advantages • Status • Professionals

13. Ch. 7 Notes: Types of Business Ownership • C-Corporation • Disadvantages • Expensive to Create • Heavily Taxed • Double Taxation on Earnings – Business and Shareholders • Profits and Dividends

14. Ch. 7 Notes: Types of Business Ownership • S-Corporation • Definition: Corporation that is taxed like a partnership • Advantages • Profits Taxed Once • Disadvantages • Limited Stockholders (75 US Citizens) • One Class of Stock • If Profits Don’t Cover Taxes, Owners Must Cover Difference

15. Ch. 7 Notes: Types of Business Ownership • Nonprofit Corporation • Definition: Makes money for reasons other than the owner’s profit • Benefit a cause • Profits can be made but must remain within the company

16. Ch. 7 Notes: Types of Business Ownership • LLC • Definition: Limited liability by owners. Similar to combination of corporation and limited partnership • Easier to Establish Compared to a Corporation • Flexibility of Partnership Structure • Not Liable for Company Debts • Profits taxed Personally • Not Limited to 75 Members • Example – Law Firms

17. Business Mgt: Monday 8.19 • Reminders • Turn in signed syllabus sheet • Ch. 7 Vocab √ • Observational Assessments start today! • Back to Normal Schedule • Today’s Agenda • 3 Truths & 1 Lie • Review of Friday’s Notes • Begin: The Corporation • Handout

18. Business Mgt: Tuesday 8.20 • Reminders • Ch. 7 Vocab √ • Observational Assessments This Week! • PLC Schedule Today • Today’s Agenda • 3 Truths & 1 Lie • Continue: The Corporation • Handout

19. Business Mgt: Wednesday 8.21 • Reminders • Ch. 7 Vocab √ • Observational Assessments This Week! • Normal Schedule • Hand in: The Corporation Worksheet & 1-2 Page Reflection • Today’s Agenda • 3 Truths & 1 Lie • Discuss Reflections on The Corporation • Corporation Research Project • Reading/Assignment • Ch. 24 • Vocab Pg. 567

20. Corporation Research Project • Working on Your Own: • Provide Your Definition of Ethics • Use the Internet to Research Corporations • 5 Total Corporations Needed • Identify an Unethical Act by the Corporation • Provide Link – News paper, Web Site, etc. • Was the Act Also Illegal? • Why Do You Believe The Corporation Acted as it Did • How Would You Have Acted Differently • Would Your Actions Have Impacted Share Holders Negatively?

21. Business Mgt: Thursday 8.22 • Reminders • Ch. 24 Vocab √ • Observational Assessments This Week! • Hand in: The Corporation Worksheet & 1-2 Page Reflection • Upload Ethics Research to DocuShare • Today’s Agenda • 3 Truths & 1 Lie • Discuss Reflections on The Corporation • Ch. 24 Notes and Class Discussion Reading/Assignment • Quiz Tomorrow • Shark Tank - Maybe

22. Ch. 24 Notes: Social Responsibility and Ethics • What does Social Responsibility mean to you? • Social Responsibility • Principle that companies should contribute to the welfare of society and not be devoted solely to profits • Contract with society • Benefits?

23. Ch. 24 Notes: Social Responsibility and Ethics • What is a Business’s Responsibility to: • Customers and Employees? • Environment • EPA – Environmental Protection Agency • Formed in 1970 • Independent Federal Agency • Coordinate programs • Enforce regulations • Reduce Pollution and Protect the Environment

24. Ch. 24 Notes: Social Responsibility and Ethics • How can a Business generate higher profits by operating in an environmentally friendly manner? • Can this be a negative to consumers?

25. Ch. 24 Notes: Social Responsibility and Ethics • Ethics • Your Definitions? • Definition: • Guidelines for Human Behavior • Moral Code by which People Live and Conduct Business

26. Ch. 24 Notes: Social Responsibility and Ethics • Business Ethics • Are these different than Your Own Personal Ethics? • How So? • Study of Behavior and Morals in Business Situations • Begin at the Top • How Does a Owner or Boss’s Ethics impact the ethics and Behaviors of the Employees? • Does the Size of a Company Impact it’s Ethics?

27. Ch. 24 Notes: Social Responsibility and Ethics • Code of Ethics • A Group of Ethical Behavior Guidelines that Govern the Day-to-Day Activities of a Profession or Organization • Examples? • Can Protect a Business Legally • Show’s the Business Does Not Condone Illegal Actions • Long Term Benefits

28. Ch. 24 Notes: Social Responsibility and Ethics • Code of Ethics • Written or Unwritten • Creating a Code of Ethics • Brainstorm Ethical Dilemmas • Discuss Potential Solutions • Write General Guidelines • Improve Code

29. Ch. 24 Notes: Social Responsibility and Ethics • Conflict of Interest • Clash Between a Person's Private Interests and His or Her Responsibilities in a Position of Trust • Have You Heard of This?...Examples? • Cultural Differences • Important to Understand the Ethical Expectations of that Country’s Culture

30. Business Mgt: Friday 8.23 • Reminders • Ch. 7 & 24 Vocab √ • Observational Assessments This Week! • Hand in: The Corporation Worksheet & 1-2 Page Reflection • Upload Ethics Research to DocuShare • Today’s Agenda • 3 Truths & 1 Lie • QUIZ!!! • Start With Video Clip • Finish - Shark Tank

31. Business Mgt: Monday 8.26 • Reminders • Ch. 7 & 24 Vocab √ • Hand in: The Corporation Worksheet & 1-2 Page Reflection • Upload Ethics Research to DocuShare • Today’s Agenda • 3 Truths & 1 Lie • Read Ch. 14 • Vocab • Self Check #1-3 Pg. 346 • Think #4 Pg. 346 • 2 Pg. Reflection Paper • Pg. 350 #12

32. Business Mgt: Tuesday 8.27 • Reminders • Ch. 14 Vocab √ • After Lunch • Hand in: • Self Check #1-3 Pg. 346 • Think #4 Pg. 346 • 2 Pg. Reflection Paper • Pg. 350 #12 • Today’s Agenda • 3 Truths & 1 Lie • Undercover Boss • Handout • Tomorrow • Review Quiz • Ch.14 Notes / Discussion