Lim Sei Kee @ cK. 1. An enterprise that produces goods or services usually in order to make a...
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SC – TUTORIAL 4Lim Sei Kee @ cK
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SECTION A
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BUSINESS ORGANIZATION 1. An enterprise that produces goods or
services usually in order to make a profit
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SOLE PROPRIETORSHIP 2. A business organization owned and
controlled by one person
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LIMITED LIFE 3. A situation where a business closes if
the owner dies, retires or leaves for some other reason
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UNLIMITED LIABILITY 4. It means that a business owner is
responsible for all the business' losses and debts
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PARTNERSHIP 5. Business co owned by two or more
people who agree on how responsibilities, profits and losses of that business are divided
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GENERAL PARTNERSHIP 6. Partners share management of the
business and each one is liable for all business debts and losses
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LIMITED PARTNERSHIP 7. One in which at least one partner is
not involved in the day-to-day running of business and is liable only for the funds he or she has invested
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CORPORATION 8. A business owned by stock holders
who own the rights to the company's profits but face limited liability for the company's debts and losses
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DIVIDEND 9. A part of a corporation's profit that is
paid out to stockholders
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PUBLIC COMPANY10. This business organization issues stock that can be publicly traded
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PRIVATE COMPANY 11. This business organization controls
who can buy and sell its stock
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LIMITED LIABILITY 12. A business owner's liability for debts
and losses of the business is limited
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UNLIMITED LIFE 13. A corporation continued to exist
even after an owner dies, leaves the business, or transfers his/her ownership
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COOPERATIVE 14. A business operated for the shared
benefit of the owners, who are also its customers
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NON-PROFIT ORGANIZATION 15. A business that aims to benefit
society not to make a profit
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SECTION B
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SOLE PROPRIETORSHIP – ADV.- easy to open or close- few regulations- freedom and control- owner keeps profits
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SOLE PROPRIETORSHIP – DIS.- limited funds- limited life- unlimited liability
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PARTNERSHIP – ADV. - easy to open and close- few regulations- access to resources- joint decision making- specialization
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PARTNERSHIP – DIS. - unlimited liability- potential for conflict- limited life
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COMPANY / CORPORATION – ADV.- access to resources- professional managers- limited liability- unlimited life
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COMPANY / CORPORATION – DIS.- start-up cost and effort- heavy regulation- double taxation- loss of control