Chapter 4: Selecting a Form of Business Ownership
Before choosing a form of business ownership, there are certain questions you should ask yourself. We'll look through these questions together in Ch 4.1. Make sure to read Ch 4.1 - 4.5, anything in those sections is fair game on the test.
Ch 4.2 - 4.4 Form of Business Ownership Project
What if we could combine the best features of a sole proprietorship, partnership, and corporation? It turns out we can. In class we'll talk about other types of business ownership.
Let's review and discuss liability & taxes in the other forms of business.
Limited Liability Company - Chrysler (now FCA US LLC), shown above, is an example of a LLC. We'll look at the pluses and minuses of a LLC and how it compares to an S-Corporation using our book.
- Operating Agreement - We'll break up this example to see what might be included
- Personal Liability - We'll look at examples of personal liability from our book and talk about loan guarantee's (eg. co-signed loan)
Cooperative - Our book defines a cooperative as a business ".. owned and controlled by those who use its services."
Not-For-Profit Corporation (Nonprofit) - Formed to serve the public, not to make money.