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EC S3-4 Bus Types

Business Structure

TermDefinition
Sole Proprietorship A business owned and run by a single individual.
Sole Proprietorship Setup Requirements No requirements except for an occasional business license & fees.
Unlimited Liability Owner is personally responsible for all losses and debts of a business (personal assets are at stake).
Limited Life A firm legally ceases to exist when an owner dies, or quits, or a new owner is added.
Partnership A business that is jointly owned by two or more person.
Partnership Setup Requirements Can be started with a handshake, but formal legal documents specifying arrangements between partners is highly advisable.
General Partnership All partners are responsible for management and financial obligations.
Limited Partnership One partner not active in management and has limited responsibility for business debt and obligations.
Corporation Separate legal entity with all the rights and responsibilities of an individual.
Corporation Setup Requirements Must receive government permission in the form of a charter, set up and sell shares of stock to raise capital for the firm.
Charter Written government approval to establish a corporation; includes company name, address, purpose of business, number of shares of stock, and other features of the business.
Stockholders People who own shares of stock in a corporation; same as shareholders.
Board of Directors Responsible for business operations; voted in by shareholders.
Stock Certificate of ownership in a corporation
Common stock General ownership; typically with one vote per share for electing the board of directors.
Preferred stock No voting rights, but has higher claim on corporate income and assets than common stock holders.
Dividend Check paid to stockholders, usually quarterly, representing a portion of corporate profits.
Created by: luntjunkmail
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