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business chapter 4

one of the most popular and easiest to establish forms of business in the united states is
sole proprietorship
an individual who is the sole owner of a business faces ________ liability in case of debt
unlimited
the least used form of business organization in the US
partnership
the decision making process in a partnership tends to be faster when the partnership is
small
in a partnership, owners must share _______________, even though a bad decision may have been taken by one of them
business responsibility
another often-used name for a stock holder is
shareholder
a ______________________ is one whose stocks anyone may buy, sell or trade
public corporation
the organizational form that many consider to be a blend of the best characteristics of corporations, partnerships, and sole proprietorships is the __________________.
limited liability company
When two companies combine to form a new company
merger
when companies operating at different, but related, levels of an industry merge
vertical merger
XYZ, Inc. is attempting to avoid a hostile takeover by a corporate raider by allowing stockholders to buy more shares of stock at prices lower than current market value; what method is used to avoid takeover
poison pill
owned and operated by one person
sole proprietorship
how many people are typically employed in sole proprietorship
fewer than 50
advantages of sole proprietorship
-ease and cost of formation
-secrecy
-distribution and use of profits
-flexibility
-very little gov regulation
-taxation
-closing the business
disadvantages of sole proprietorship
-unlimited liability
-limited sources of funds
-lack of continuity
-lack of qualified employees
-taxation
how many people run a partnership
two or more
general partnership
complete sharing in the management
limited partnership
one partner assumes unlimited liability and one whose liability is limited to their investment in the business
advantages of partnership
-ease of organization
-availability of capital and credit
-combined knowledge
-decision making
– regulatory controls
disadvantages of partnership
-unlimited liability
-business responsibility
-life of the partnership
-distribution of profits
-limited source of funds
which group requires the most skills
corporations
corporation
it is a legal entity, created by the state, whose assets and liabilities are separate from its owners
who has the right to receive, own and transfer property
corporations
who accounts for the majority of US sales and income
corporations
private corporations
owned by just one or a few people who are closely involved in managing the business
which type of corporation owns all stocks and none is sold to the public
private corporation
public corporation
corporation whose stock anyone may buy, sell or trade
quasi-public corporation
owned and operated by the federal, state or local government. their focus is to provide service to citizens
non-profit corporation
focus on providing service rather than earning profit, but not owned by the government
preferred stock
do not have any say, they have a claim to profits before any other stock holders do
common stock
have voting rights, do not receive preferential treatment regarding dividends
joint venture
partnership established for a specific project or for a limited time
S corporation
form of business ownership that is taxed as though it were a partnership
limited liability company
form of ownership that provides limited liability and taxation like a partnership but places fewer restriction on members
horizontal mergers
make and sell the same and then merge
vertical mergers
different products merge
corporate raider
wants to take over another company
poison pill
firm allows stock holders to buy more shares of stock at prices lower than current value
white knight
more acceptable firm that is willing to acquire the threatened company
shark repellant
management requires a large majority of stock holders to approve takeover

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