Difference between revisions of "Introduction to entrepreneurship/IENT102/Legalities/Corporation"
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| − | An '''independent legal entity owned by shareholders''' is called a '''corporation''' | + | An '''independent legal entity owned by shareholders''' is generally called a '''corporation''' or a '''company'''. 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 [http:// | + | Read the section on Privately-Held Corporation in [[media:Business ownership comparison.pdf|Forms of Business Ownership]] <ref>[http://oasis.col.org/handle/11599/2467 VUSSL: The Business Environment]</ref> to find out more about this form of business ownership and its pros and cons. You may find it helpful to complete the self-reflection questions at the end of the reading. |
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|body=Search on the internet (or through a local business support agency) to find out: | |body=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 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 | + | * What are the main features of this sort of business entity in your country |
| − | * Two advantages of using this form of business | + | * Thinking about your business idea and the factors that you thought were important in choosing a business ownership model, identify: |
| − | * Two disadvantages of using this form of business | + | ** Two advantages of using this form of business ownership for your start-up business |
| + | ** Two disadvantages of using this form of business ownership for your start-up business | ||
In your learning journal blog: | 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. | * 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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* 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.) | * 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.) | ||
* Look in the [[Introduction_to_entrepreneurship/IENT102/Feed|course feed]] to see what others have written. | * Look in the [[Introduction_to_entrepreneurship/IENT102/Feed|course feed]] to see what others have written. | ||
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Revision as of 00:02, 15 November 2018
An independent legal entity owned by shareholders is generally called a corporation or a company. 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 the section on Privately-Held Corporation in Forms of Business Ownership [1] to find out more about this form of business ownership and its pros and cons. You may find it helpful to complete the self-reflection questions at the end of the reading.
Example
| Sole Proprietorship | Partnership | Corporation | |
|---|---|---|---|
| Owner personally liable for debts | Yes | Yes | Limited liabilities |
| Expense to start up | Low | Low | High |
