CH 5 OwnershipVersion en ligne Matching different types of business ownership par Bobbi Rahm 1 Proprietorship 2 Partnership 3 Corporations 4 Franchise Owned & run by 1 person One person makes decisions One person receives all profit One person responsible for all debt Easy to start - few legal requirements proprietorship Owned by two or more Easy to start but a written agreement required Each partner liable for debts Each partner liable for decisions and function Shares all investments and profits Partnership Separate legal entity formed by documents Owned by one or more shareholders Managed by a board of directors Not all owners have direct involvement with the business Articles of incorporation are required Corporations A written contract granting permission to operate a business to sell products and services in a set way. Franchiser Franchisee A way to expand a business using the investment of others while maintaining control over the name, product quality, and operating procedures Receives money from the profits of the Franchisee Franchise
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