When we first got to class we were asked to draw a number. Then we had ten minutes to find people for our group projects, and we also were asked to pick a publically traded company for our project. The number we drew was the order that we got to choose our companies.
After our project discussion we then went in to going over ch. 4. Here are the things we went over:
1)Sole proprietorship's (one owner).
Advantages: Ease of start up, pride of ownership, retain all profits.
Disadvantages: Unlimited liability, lack of continuity, lack of money.
2) Partnership (with two more owners) and its advantages and disadvantages (similar with sole)
Limited (the investor "silent" partner)
General ( the day-to-day manager)
3) Corporations and Stocks
Closed (stock owned by few but not sold to public)
Open (stock can be bought and sold by any individual)
4) Different kinds of stock
Common: Has voting rights
Preferred: No voting rights (most popular)
5) Special types of businesses
S-corporations,limited liability company, and non-for-profit.
6) Other business organizations along with merging companies.
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