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Business org

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Business org

  1. 1. 1. Describe a time when you were injured at a business, or might have been injured.
  2. 2. Why are Entrepreneurs important? 2 reasons
  3. 3. Risk vs. Reward  How likely is my business to cause harm?  Liability  Responsibility for risks
  4. 4. Sole Proprietorship  Single person  Good for: low liability, low entry costs  Benefits: single person has all control and keeps all profits  Drawbacks: single person assumes all risk,  hard to raise capital  Examples: small construction firms, artistic firms, bloggers, import/export
  5. 5. Partnerships  Two or more people in business together  Good for: low liability  Benefits: low entry costs, shared costs  Drawbacks: partners assume all risk  hard to raise capital,  agreements “like a marriage”  Examples: law firms, small specialized firms
  6. 6. Subway page 218
  7. 7. Liability  If your Sole Proprietorship or Partnership is sued…  They can take:  Your house  Your car  Your money in the bank  Your future money!!!
  8. 8. What happens if?  New Restaurant!!!
  9. 9. Corporation  A legal “person”  Good for: higher liability  Benefits: owners protected  easier to raise capital  Drawbacks: double taxation  increased regulation  Examples: restaurants, LLC’s, Sports Franchises
  10. 10. Double taxation  Corporation pays its own taxes: 25-35%  Corporation pays employees wages/salary  Employees ALSO pay taxes: 20-38%  Trade off is less liability more tax
  11. 11. 2 types of Corporations  Privately held – owned by founders or owners  Publicly held – owned by shareholders
  12. 12. #2 Page 220, Rank US business organizations in order of how common they are. #3 Rank them in order of revenue Corporations Partnerships Sole Proprietorships
  13. 13. Which of the 3 business orgs would you use to start a…..
  14. 14. Which of the 3 business orgs would you use to start a…..
  15. 15. Which of the 3 business orgs would you use to start a…..
  16. 16. Which of the 3 business orgs would you use to start a….. Tile setting
  17. 17. Which of the 3 business orgs would you use to start a…..
  18. 18. Which of the 3 business orgs would you use to start a…..
  19. 19. Which of the 3 business orgs would you use to start a…..
  20. 20. Business Org Closure Pages 220-223 5. Explain how double taxation works. 7. Which business organization should you use to open a restaurant? & why? 8. Which business organization should you use to open a computer tech company? & why?
  21. 21. Business Org Closure Pages 220-223 4. How hard would it be to file articles of incorporation in the state of Arizona? 5. Explain how double taxation works. 6. Compare and contrast the advantages of owning a franchise like a Subway. 3 for each 7. Which business organization should you use to open a restaurant? & why? 8. Which business organization should you use to open a computer tech company? & why?
  22. 22. Business Org Closure Pages 220-223 5. How hard would it be to file articles of incorporation in the state of Arizona? 6. What is the difference between common and preferred stock? 7. Explain how double taxation works. 8. What would you have to do if you wanted to open a Subway franchise? 9. Compare and contrast the advantages of owning a franchise like a Subway. 3 for each 10. Which business organization should you use to open a restaurant? & why? 11. Which business organization should you use to open a computer tech company? & why? QE. Find an entrepreneur in the book who you could admire and explain what you could learn from them. (list on page “x”)

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