MGMT 1000 Chapter Notes - Chapter 4&5: Sole Proprietorship, Chief Executive Officer, Province 2 Of The Episcopal Church In The United States Of America

• School: University of Guelph
• Department: Management
• Course: MGMT 1000
• Professor: Kathleen Rodenburg

Document Summary

Chapter 4: entrepreneurship, small business, and new venture creation: forms of business ownership, the sole proprietorship i. ii. iii. Def. -a business owned and operated by one person. The business is considered to be an extension of yourself. Def. -established when two or more individuals (partners) agree to combine their financial, managerial, and technical abilities for the purpose of operating a business for profit. Often an extension of a business that began as a sole proprietorship. Two basic types: general partners-actively involved in managing the firm and have unlimited liability, limited partners-don"t participate actively in the business, and their liability is limited to the amount they invested in the partnership iv. Advantages: the ability to grow by adding talent and money, easier time borrowing funds, partnership is simple to organize, with few legal requirements v. Characteristics: legal status as a separate entity, property rights and obligations, an indefinite lifespan ii. iii.