About This Chapter
Business Ownership Types - Chapter Summary and Learning Objectives
There are many ways to run a business, and in this chapter you will uncover precise information about how ownership affects they way each business is run. The individual lessons focus on different types of businesses, including a thorough review of definitions and examples of each business type. By making your way through the chapter, you will become more knowledgeable concerning the following:
- Differentiating between a sole proprietorship and a general partnership
- Recognizing the advantages of the different types of partnerships
- Identifying the hybrid nature of the limited liability company
- Describing the inner workings of the corporate structure
- Distinguishing between for-profit and nonprofit corporations
- Understanding how cooperatives function in business
- Establishing the features of a merchandising company
|What Is Sole Proprietorship: Definition, Advantages & Disadvantages||Describe the individuals who run these types of businesses and list the benefits and obstacles they may encounter.|
|General Partnership: Definition, Advantages & Examples||Discuss how this partnership works, the expected liabilities, and the potential advantages.|
|What Is a Limited Partnership? - Definition, Advantages & Disadvantages||Elaborate on this alternative form of partnership, then explain the pros and cons.|
|What Is a Limited Liability Partnership? - Definition, Advantages & Disadvantages||Compare this partnership with the previous two types of partnerships, then offer examples of the benefits and drawbacks of this partnership.|
|What Is a Limited Liability Company? - Definition, Benefits & Examples||Go over how this type of company structure uses the elements of both a corporation and a partnership.|
|What Is Corporate Structure? - Definition, Types & Examples||Outline the components of the corporate structure, establish how corporations are operated, and explain who owns these corporate entities.|
|What is a Nonprofit Corporation? - Definition & Example||Differentiate between a regular and a nonprofit corporation, identify the advantages of nonprofits, and provide a sample listing of some current nonprofit corporations.|
|The Role of Cooperatives in Business||Determine why and how cooperatives are utilized in business, then further explore the roles played by cooperatives.|
|Merchandising Company: Definition, Activities & Income Components||Establish a working definition for merchandising company, then expand on this definition to include the company's major components and daily activities.|
1. What Is Sole Proprietorship: Definition, Advantages & Disadvantages
Most businesses are sole proprietorships. This is the easiest and most straightforward type of business to form. Sole proprietorships are owned and run by only one person. This lesson explains sole proprietorships.
2. General Partnership: Definition, Advantages & Examples
Many businesses are structured as general partnerships. General partners share both the benefits and obligations of the business. This lesson explains general partnerships, including the advantages and the liabilities.
3. What Is a Limited Partnership? - Definition, Advantages & Disadvantages
Many businesses are formed as partnerships. There are several different types of partnerships. This lesson explains the advantages and disadvantages of limited partnerships.
4. What Is a Limited Liability Partnership? - Definition, Advantages & Disadvantages
Many businesses are formed as partnerships. There are actually several different types of partnerships, including limited liability partnerships. This lesson explains the advantages and disadvantages of limited liability partnerships.
5. What Is a Limited Liability Company? - Definition, Benefits & Examples
A limited liability company is a popular business structure that provides the benefits of both a partnership and a corporation. This lesson explains the benefits of limited liability companies.
6. What Is Corporate Structure? - Definition, Types & Examples
Corporations are a powerful force in business. It's important to understand how they are controlled, owned and operated. Learn the key concepts of corporate structure, and test your knowledge with the quiz that follows.
7. What is a Nonprofit Corporation? - Definition & Example
This lesson will define a nonprofit corporation. We will look at the benefits of being a nonprofit corporation and discuss examples that highlight what distinguishes nonprofit corporations from other types of organizations and businesses.
8. The Role of Cooperatives in Business
A cooperative is a type of business organization used for a variety of economic and social purposes. In this lesson, you'll learn about cooperatives, their characteristics and the role they serve in the economy. A short quiz follows.
9. Merchandising Company: Definition, Activities & Income Components
Do you know what a merchandising company is? If you said it's a store, you are right. It is a store, but it is also so much more. In this lesson, we are going to discuss some of the major components of a merchandising company.
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Other chapters within the Accounting 302: Advanced Accounting course
- Key Accounting Concepts
- Journals & Ledgers in Accounting
- Accounting Equations & Formulas
- Financial Statements, Balance Sheets & Income Statements
- Analyzing Financial Statements
- Financial Statement Ratios
- Accounting for Inventory
- Accounting for Depreciation
- Accounting for Compensation, Taxes & Liabilities
- Adjustments & Closing Entries
- Corporate Accounting
- Departmentalized Accounting
- Taxation for Corporations
- Business & Financial Forecasting
- Required Assignments for Accounting 302
- Studying for Accounting 302