RECR 200 Chapter Notes - Chapter 9: Legal Personality, Sole Proprietorship, The City Record

• School: Chico State University
• Department: Recreation and Parks Management
• Course: RECR 200
• Professor: Brett Eldridge

Document Summary

Ch 9: for-profit sector: rec, event, & tourism (ret) enterprises. Commercial recreation defined: commercial rec (& ret) businesses provide a set of leisure-oriented goods/services in exchange for a profit. Leisure service private sector: 100x lrgr than public sector, 8% of us gdp (. 17 trillion, 2 mil. Commercial rec businesses: 6. 7 million jobs, mostly service based. Types of business ownership: sole proprietorship. Bears all respons. (cid:862)classic (cid:373)odel(cid:863: partnership. Rights/respons. (cid:862)e(cid:374)tity(cid:863: own/buy & sell, sue/can be sued. Llcs: hybrid form, limited stockholder liability, taxed as a partnership, replaced s corp. Attributes of for-profit services: pricing of services. Higher prices during peak demand times: tour packaging. Yes: ability to respond quickly to changes in market. Legal status, business name, & operational practices: 3 legal statuses/names of businesses, small/medium business= sole proprietorship/gen. partnership. Carries name of those involved in formation of enterprise/its owners: business can carry name that reflects base of operations/service territory, can incorp. /form a limited liability company (llc)