Difference between revisions of "Introduction to entrepreneurship/IENT102/Legalities/Corporation"

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(Changed activity to blog post to start building up learner's resources for the learning challenge)
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A '''Corporation''' is very different in structure to a sole proprietorship or a partnership. Corporations are more complex and include more people in the decision-making process.  
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An '''independent legal entity owned by shareholders''' is called a '''corporation''' in the USA. A corporation is very different in structure to a sole proprietorship or a partnership. Shareholders decide on how the corporation is run and who manages it. Corporations are more complex and may include more people in the decision-making process.
  
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A corporation is an independent legal entity owned by shareholders, in which the shareholders decide on how the company is run and who manages it. {{clear}}
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Read [http://saylordotorg.github.io/text_exploring-business-v2.0/s08-04-corporation.html Exploring Business: "Section 4.4: Corporation"] to find out more about this form of business ownership and its pros and cons. You may find it helpful to complete the exercises at the end of the reading.
  
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{{IDevice|theme=line|type=Reading|title=Required reading|id=Reading|body=
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{{clear}}
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# Read [http://saylordotorg.github.io/text_exploring-business-v2.0/s08-04-corporation.html Exploring Business: "Section 4.4: Corporation"]  and, optionally, complete the exercise at the end of the section.
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# Read these 4 articles found on [https://www.boundless.com/finance/textbooks/boundless-finance-textbook/introduction-to-the-field-and-goals-of-financial-management-1/types-of-business-organizations-26/ Boundless.com]:
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#* [https://www.boundless.com/finance/textbooks/boundless-finance-textbook/introduction-to-the-field-and-goals-of-financial-management-1/types-of-business-organizations-26/overview-of-organizational-structure-159-10871/ Overview of Organizational Structure]
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#* [https://www.boundless.com/finance/textbooks/boundless-finance-textbook/introduction-to-the-field-and-goals-of-financial-management-1/types-of-business-organizations-26/pros-and-cons-of-sole-proprietorship-160-3825/ Pros and Cons of Sole Proprietorship]
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#* [https://www.boundless.com/finance/textbooks/boundless-finance-textbook/introduction-to-the-field-and-goals-of-financial-management-1/types-of-business-organizations-26/pros-and-cons-of-a-partnership-161-3824/ Pros and Cons of a Partnership]
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#* [https://www.boundless.com/finance/textbooks/boundless-finance-textbook/introduction-to-the-field-and-goals-of-financial-management-1/types-of-business-organizations-26/pros-and-cons-of-a-corporation-162-3823/ Pros and Cons of a Corporation]
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'''Blog post'''
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{{IDevice
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|theme=Line
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|type=Activity
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|title=Research activity
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|body=Search on the internet (or through a local business support agency) to find out:
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* What terminology is used in your country for a business that is owned and run by shareholders
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* What are the main features of this sort of business entity in your country (use the [http://saylordotorg.github.io/text_exploring-business-v2.0/s08-04-corporation.html Exploring Business: "Section 4.4: Corporation"] article on this page to get an idea of the sort of information to look for)
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* Two advantages of using this form of business entity for a start-up business
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* Two disadvantages of using this form of business entity for a start-up business
  
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# In your learning journal blog compare the pros and cons for the three business structures we have looked at. See example below example
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# Cite your sources
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In your learning journal blog:
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# {{:Introduction_to_entrepreneurship/Links/IENT102/Tag_blogpost}}
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* Make notes on what you have found out and cite your sources so that you can refer to it again. You will use this information for the learning challenge.
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# Look in the [[Introduction_to_entrepreneurship/IENT102/Feed|course feed]] to see what others have written.
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* Compare the pros and cons for the three business structures you have looked at - see the example below
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* Remember to tag or label your post using the course code: {{:Introduction_to_entrepreneurship/Links/IENT102/Tag}} (This is needed to harvest a link to your blog post in the course feed.)
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* Look in the [[Introduction_to_entrepreneurship/IENT102/Feed|course feed]] to see what others have written.
 
}}
 
}}
  

Revision as of 02:38, 1 November 2018

Sydney-CBD-2.jpg

An independent legal entity owned by shareholders is called a corporation in the USA. A corporation is very different in structure to a sole proprietorship or a partnership. Shareholders decide on how the corporation is run and who manages it. Corporations are more complex and may include more people in the decision-making process.

Read Exploring Business: "Section 4.4: Corporation" to find out more about this form of business ownership and its pros and cons. You may find it helpful to complete the exercises at the end of the reading.


Icon activity line.svg
Research activity

Search on the internet (or through a local business support agency) to find out:

  • What terminology is used in your country for a business that is owned and run by shareholders
  • What are the main features of this sort of business entity in your country (use the Exploring Business: "Section 4.4: Corporation" article on this page to get an idea of the sort of information to look for)
  • Two advantages of using this form of business entity for a start-up business
  • Two disadvantages of using this form of business entity for a start-up business


In your learning journal blog:

  • Make notes on what you have found out and cite your sources so that you can refer to it again. You will use this information for the learning challenge.
  • Compare the pros and cons for the three business structures you have looked at - see the example below
  • Remember to tag or label your post using the course code: IENT102 (This is needed to harvest a link to your blog post in the course feed.)
  • Look in the course feed to see what others have written.



Example

Sole Proprietorship Partnership Corporation
Owner personally liable for debts Yes Yes Limited liabilities
Expense to start up Low Low High
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