Business Exam: Chapter 8

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Author:
jppsanchez89
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304655
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Business Exam: Chapter 8
Updated:
2015-07-01 10:14:28
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business
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chapter 8
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  1. 3 Kinds of Business
    • Sole Proprietorship
    • Partnership
    • Corporation
  2. A business that is established, owned, operated and usually operated by one person
    Sole Proprietorship
  3. 3 kinds of Partnership
    • General Partnership
    • Limited Partnership
    • Limited Liability Partnership
  4. An association of two or more individuals who agree to operate a business together for profit
    Partnership
  5. Partners share in profit and management
    General Partnership
  6. At least one general partner and no one or more limited partners whose liability is limited with their investment
    Limited Partnership
  7. Each partner is only liable for their own actions and protected from the acts of the other partners
    Limited Liability Partner
  8. A legal entity with an existence and life separate from its owners, who are not personally liable to the entity's debt
    Corporation
  9. Types of Corporation
    • Public Corporation
    • Private Corporation
    • One Person Corporation
    • Crown Corporation
  10. Legal entities formed by people with similar interest, to reduce costs and gain economic power
    Cooperative
  11. Combination of two or more companies to form a new company, which often takes on a new corporate identity
    Merger
  12. The purchase of another company by another company or by an investor group
    Acquisition
  13. Types of Merger and Acquisition
    • Horizontal
    • Vertical
    • Conglomerate¬†
    • Leveraged buyout
  14. Same industry at the same stage
    Horizontal
  15. Same industry at a different stage
    Vertical
  16. Different industry merge/bought
    Conglomerate
  17. A corporate takeover financed by larger amounts of borrowed money
    Leveraged buyout
  18. Advantages of Franchising
    • increased ability for expansion
    • recognized name, product and operating concept
    • management training and assistance
    • financial assistance
  19. Disadvantages of Franchising
    • Loss of control
    • cost
    • restricted operating freedom

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