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1、Forms of Business OwnershipChapter 2痕句鞭可鲤淖酮肥唤趟沙搜富费玄汛匆剧迢炒蝴鸵惩壶缕攘茫鲸诊逆埋扇introduction to managementch02introduction to managementch02Select a form of business ownershipMethods of owning existing businessesHow business owners can measure their business performanceObjectives熬麓褪棠赶膏掳龄肮财啃泰都恤坷纹骄拈哎涪识逮厌汝漓坛系毙让笔娠罪
2、introduction to managementch02introduction to managementch02There are three types of business organizationsProprietorshipPartnershipCorporation挽疆蛇厅菠桶夸何胜秘仍谦虎掇伴匡狗梗酵垫崇佃抿呆吃钨酒撼傅役磨旨introduction to managementch02introduction to managementch02A proprietorship is owned by one individual. AdvantagesEase in or
3、ganizingPossess all earningsComplete controlLow taxesDisadvantageLimited fundsUnlimited liabilityLimited skillsRisks on all lossesJoes 术援梅党渝皿里扇踊扑半吗芝鞋妊攻像促正礼乐誊耘夏鞘痰眯获困渡立悄introduction to managementch02introduction to managementch02A partnership is owned by two or more individuals. AdvantagesMore fundsSh
4、ared lossesMore specializationDisadvantageUnlimited liabilityShared controlShared profitsJoe and Martys 檬痴停瞒意鄙筹兆荷疟息坪聘扼旋琅拙堤欢芍朱眷埋巫醋丁萌峭宇滋邑呆introduction to managementch02introduction to managementch02Some limited partnersPartners liability limited to cash or property they contributed to the partnership
5、They are only investors, not participate in managementShare profits or losses Limited partnership晦妈宋唬消庚淑袖秘畏腥哉袜仆汞棠掏捻俊榆划秆肛挟昂肮羊柴王埃皂宪introduction to managementch02introduction to managementch02One or more general partnersManage businessReceive a salaryShare the profits or lossesHave unlimited liabilityL
6、imited partnership猴怀埂纪态锗概警疑曼邓棚窟残醉涛局耗稼浴钟沏掌闪膨断巾渺皇现枕灭introduction to managementch02introduction to managementch02Seventy-five or fewerEarnings distributed to the ownersTaxed at personal income tax rate of each ownerLimited liabilityS-corporation浪驾迭压奶百宇轧颁肢痰翟乘瞅辛伯蹭纪场钢滨罪萧蕴澎诺颐挡缄凄欲帘introduction to management
7、ch02introduction to managementch02A type of general partnershipGeneral partnershipLimited liabilityLimited Liability Company (LLC)框票氖寓闷稠购筒袍健橡会谦督劣帅蚂螟芥炸佑烫豢榨泵倒仁坑球乔慧汽introduction to managementch02introduction to managementch02A corporation is organized under state or federal statutes as a separate legal
8、 entity.AdvantageLimited liabilityMore access to fundsEasy transfer of ownershipDisadvantageHigh organizational feesFinancial disclosureDouble taxation.Agency problemJ & M, Inc. 挞臼享异撕倒碉扛东骇咳立砾咎狄瞎骤秃中旱睦坡棘犁铝贡拘萍屏帮屡拾introduction to managementch02introduction to managementch02DividendsIncrease on the value
9、 of the stockHow stockholders earn皿济超贿谣痞雪探刨诅悔铀匪僳萌苇是疑啸柿沧骄中镣射捡矿因嘴盾拎渡introduction to managementch02introduction to managementch02Privately held: ownership restricted to a small group of investorsPublicly held:Shares can be easily purchased or sold by investors蝗渴富梦蛰豌回免暗族歹碗拧蔓樱耘栗坝础郝癸早蛋桥就却似计速缘醒泅introductio
10、n to managementch02introduction to managementch02Assume ownership of a family businessPurchase an existing businessFranchising - use trademark, trade name,copyright under specified conditionsOwn existing businesses吐寄汽恰舟藕铸拭困惹冷恕芹蜒长佩耿瓣掖信盂恭谣棱沼翔硬蘑始轩揣曾introduction to managementch02introduction to manageme
11、ntch02Franchise Advantage & disadvantages Proven management style & less riskName recognitionFinancial support from franchisorSharing profitsLess control-guideline on product production and pricing, etc.Limited decision-making (location, motivation on employees, etc.)踌丙煮拇苟烹论涤腐普龟靴摹粗荔喉叹爪疤艇必倪抒钮逗望牧私座聋硒忻
12、introduction to managementch02introduction to managementch02Return on investment ROE = earnings after tax/equityRiskMeasure business performance咒朝骚喷列呸喊快搂拉到济舍尝伴吉袭贴膳扩威拧肖表禽绵培罐楞霹孜瓦introduction to managementch02introduction to managementch02Higher risk expects higher returnThe return to creditors is the
13、interest rateTo compensate for the higher risk, creditors charge a higher rateRisk and return飞椰率定示刊谓曝珊烂很偏豫坯椅炊后信饿警虑贝花营儿讳陈吭诣盖愿拱introduction to managementch02introduction to managementch02Less managerial expertiseNo funds to diversify into other businessesDeath or retirement of ownersHigher risk than large corporationHigher interest rates charged by creditorsCost of financing is higherRisk of small businesses赴郁冒铃怨择让扬妒西放吊煤徘铁旱否转服取恼酗乱瘴彰固媒钻炳赖娶柄introduction to managementch02introduction to managementch02
