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1、Section One M common forms of business structure Section Two Sole p commonest, simplesthow start itadvantagedisa Section Three Partnership No difference Owned by 2 persons Tax advantageLiability?Who in charge? Silent partner Section Four corporation important conceptartificial personowners advantage
2、: pay taxes structureboard directors CEO3 Sole p? Partnership Corporation Limited liability a new waypopularone owner boss many employees a person make toothpaste basement with moment of decisionno separate taxat personal income rate lower legally reliable for all debts if suedsame with sole psole a
3、gent: A signs a contract, B the same no binds for his own action, for others share responsibility only invest, not make decisioncomplex, expensive pay a fee limited liability distinct legal entities open an account get sued like a person share profits stockholders lose money not personal double taxa
4、tion disadvantage 3 elements: 1. owners control2. meeting vote issues3.biggest shareholders meet Most no vote: give votes to top Elected by shareholders, make decisionsChairman top officerConditions in Taiga? Very cold: summer short, winter long Organisms adapt cold Trees: 1. like pine: never lose l
5、eaves, evergreen, not need grow new leaves2. like cones snow not accumulate, slide off, branched not break3. dark green color absorb suns heatListen to part of a lecture in a biology class. Professor: So what are the conditions like in the taiga? Well, to start with, youve gotta understand that is c
6、old there. I mean very cold. Summers are short, winters long. So the organisms that call the taiga, as I already said, are coniferous trees like the pine, fir, and spruce. And these trees, theyve adapted to cold weather. How? Well, for one thing, they never lose leaves - they are evergreen, so in th
7、e spring, they dont have to waste time; dont have to waste energy, growing new leaves. They are ready to start photosynthesizing right away. And then, for another thing, these trees are conical shaped like cones arent they? This means that the snow doesnt accumulate too much on the branches; it just
8、 slides off, and so, well, that means their branches dont break under the weight of the snow. And even their color that dark, dark green its useful because it absorbs the suns heat. Listen to a lecture on business organizations. The lecture will be given in short sections. Take notes on each section
9、, answer the questions Yes or No to find out if you are taking notes on the important points in the lecture. Section One: Professor: Today were going to talk about the most common forms of business structures, of, uh, business organizations. When I used to give this lecture, oh, just a few years ago
10、, really, I would have said the, uh, the three most common forms of businesses: the sole proprietorship, the partnership, and the cooperation,. Now, though you, uh you really need to add limited liability company to that list. Its its a new way to structure a business that becomes more and more popu
11、lar. Section Two: So first, lets, um, discuss the sole proprietorship, the sole proprietorship did you know its the most common form of business organization? Also the simplest. As the term sole proprietorship implies, theres one owner, and he or she is the boss. You maybe wondering, how does someon
12、e start up a sole proprietorship? Well, the economist Paul Samuelson, in his textbook, he gives an example of a person who wakes up one morning and says, “I think I will start making tooth paste in my basement.” Samuelson says a sole proprietorship begins with that moment of decision. One advantage
13、of this form of organization is that there is no separate tax on the sole proprietorship, and thats a huge advantage. A sole proprietorship is taxed at personal income rates and those those are generally lower than the, uh, the corporate tax rate. Now the main disadvantage of a sole proprietorship i
14、s that the owner is legally liable for all the companys debts. If, say, a company gets sued, or, uh, cant pay back a loan, then the owner is liable. The people suing the company can come after the owners personal assets, like his or her house or car. Section 3: Now another type of business organizat
15、ion is the partnership. Basically, theres not much difference between a sole proprietorship and a partnership except that a partnership is owned by more than one person. The tax advantage of operating as a partnership is the same as youd get as a sole proprietorship. How about liability? Each partne
16、r has the right to act as the sole agent for the partnership. How does this work? Say, one partner signs a contract to buy, oh, 500 widgets from company A. He tells his partner what a great deal he got on the widgets, and she says “oh, no! I just signed a contract to buy 500 widgets from company B!” Are these contracts legally binding? You bet, because both partners can act as sole agents. So in a