1. The class looked at the following types of business ownership;
- Sole proprietorships,
- Partners,
- Corporations,
- Cooperatives,
- Franchises
2. Is small business really the small? Explain the importance of small business to Canada.
3. If you started a business tomorrow, what kind of business would you select? Why?
1)
ReplyDeleteI) Sole proprietorship: a sole proprietorship is owned by one person who claims all of the profits, and has unlimited liability.
II) Corporation: a corporation is a business that is divided into shares which are pieces of the business, the corporation owner has limited liability but must share the profits.
III) Franchise: a franchise is where one person sells the rights to run a business to another person or multiple people and that person runs the business portion while following strict rules while the corporation keeps the brand and logo.
2) Small businesses are small individually but the big picture is that when seen as a whole the small businesses form the bulk of the workforce. Small businesses give jobs to most Canadians and keep money circulating and keep people spending money thus keeping the economy high.
3) I would chose to start a corporation because it may be more complex than a sole proprietorship but it is worth the extra effort to have limited liability and it is a lower risk.
1. Sole Proprietorship; Only one owner
ReplyDelete-Owner performs most or all tasks
-Unlimited liability
Corporation; 1 or more owner
- Limited liability
Partnership; 2 or more owners
- Unlimited liability
- Partners can divide responsibilities between each other.
2. Small businesses are not small at all, the make up 98% of businesses in Canada. Without small businesses in Canada the economy would be horrible or non-existent. Only 2% of businesses in are not small businesses and that would lessen the selection of shops in Canada and we would only be able to shop in well known brand stores that are usually more expensive than other stores.
3. If I were to start a business tomorrow I would start it up as a corporation. I wouldn't sell any shares but I'd put it under a corporation so I do not have unlimited liability. I'd do this because I wouldn't want to lose all my personal items i have worked hard to get.Than if i needed a larger capital I would sell a few shares. Being a corporation allows you to get a larger capital and limited liability so I'd be protected and if needed a larger capital i would sell shares instead of being in a partnership with unlimited liability.
1.
ReplyDeleteCorporations:
-Limited Liability
-Many shares held by share holders
-Business keeps going if one owner dies.
Franchise:
-Successful Business, already popular
-Higher Costs to Franchiser
-2 Different owners, the franchiser and individual owner.
Sole Proprietorship:
-One Owner
-Unlimited Liability
-Limited Capital
Partnership:
-2 or more owners
-Unlimited Liability
-More Capital then Sole Proprietorship, but less then corporations.
-Responsibility is split to all owners.
2. Small business isn't really small because it consists of 98% of businesses in Canada. Without small businesses our economy would plummet. Small business consists of 98% which means that if they all went away we would have only 2% of business left, many people would go out of jobs...
3. If I started a business, I would select a corporation because I would want a lot of capital which I could achieve with shares, limited liability so someone couldn't sue me and take my personal stuff. Unfortunately I will be faced with higher taxes but I'm willing to accept them.
1.Sole proprietorship's: are owned by one person who does everything for the business.
ReplyDeletePartners: are business that are owned by two or more people. They are usually formed because of common interests between the partners
Corporations: is a business that has many owners called shareholders that own shares on the corporation.
2.Small business are not really small. They take up 98% of all businesses.They are important in Canada because they are accounted of 80% of total job growth which means there are a lot of jobs involving small businesses and if they were to stop a lot of people would be left without jobs in Canada.
3.I Would start a sole proprietorship. This is because a sole proprietorship could be bigger then a small business and would make a lot more money then someone running a small business. Also small businesses have a hard time these days because there are so many that normally most of the small businesses don't last with in a year.Also i would want to be by myself so i could make all the decisions for my company without having disagreements with other people like in a partner business
1. Sole Proprietorship: 1 owner, unlimited liability, advantage:you make all the decisions, disadvantage: not as much capital.
ReplyDelete1. Partnership: 2 or more owners, unlimited liability, advantage: more capital, disadvantage: may disagree on some decisions.
1. Corporation: has many owners called share holders, limited liability (they can only take what you put into the business), advantage:large amounts of capital, disadvantage: no personal contact between corporation and employees/customers.
2. A small business is not really small because many people have small businesses and its important to Canada because 98% of the workforce in Canada is small businesses.
3. If I started a business tomorrow, i would start a corporation because you get large amounts of capital, a diverse workforce of skill and interests, limited liability with only disadvantage of people with a small amount of shares in my company has little say in the company.
1)Sole Proprietorship- 1 owner, unlimited liability,
ReplyDeleteAdvantage:make all the profits
Disadvantage: Limited capital
1)Partnership- 2 or more owners, unlimited liability, partnership agreement.
Advantage- More Capital
Disadvantage- Don't make all the profits
3)Corporations- Many owners through stocks, have a charter, Board of Directors
Advantage- limited liability
Disadvantage- Don't make much money because most of the ownership is in shares.
2) A small business is small because it makes up 98% of the work force in Canada. It is important because without them the economy would falter because all the money wouldn't stay in the country.
3)If i was to start a small business I would make it a corporation because I wouldn't want for people take my personal belongings if I went into debt. I would keep 51% of the business so that I would still be the majority owner.
1. I think that a small business isn't always small. It could just mean that it has little consumer awareness. It's important because you get your own money and run your own business.
ReplyDelete2. I would select a business for music because I love recording songs and playing instruments.
1. Sole proprietorship's are businesses that only have owner. They are usually small businesses. They have limited capital because the money is only coming from one person and they have unlimited liability which means anything the owner has the creditors can take to pay back debt.
ReplyDeletePartnerships are similar to sole proprietorship's except they have 2 or more owners. They have more capital than sole props because the money is coming from more than one person. They also have unlimited liability so anything the owner has can be taken. Another disadvantage is if the owners get in a disagreement it can destroy the business.
Corporations are another type of business ownership that are usually much larger than partnerships and sole proprietorship's. They have limited liability meaning the only money they can lose is what they invested in the business. They also usually have more capital because they sell stocks which are used for capital. They also have a board of directors which appoints the leaders of the company like the CEO, CFO and President
2. Small businesses aren't really that small because 98% of the workforce in Canada are employed by a small business. If there weren't any small businesses the economy would crash.
3. If I started a small business tomorrow it would be a corporation because corporations have limited liability so all my personal items would be safe. They are also usually larger so you would make more money. The last reason i would have a corporation is there is more capital because they sell stock so you can use that money to expand your business.
1.) Sole Prop. - A business run by one person or one owner with unlimited liability. Their personal items can be taken to pay off any debts their business may have run up. An advantage of a sole prop. is that you make all of the decisions and get all of the profits. One disadvantage is that a lot of the work falls on you, and the unlimited liability.
ReplyDeleteCorporations- A corporation is a business that is a legal entity but acts like a person. It is owner my many people who buy shares. They are called shareholder. A corporation has limited liability which means that the owners personal items cannot be taken. You only lose what you put in to the business. An advantage of a corporation is the limited liability and a disadvantage is that shareholders have very little say in what goes on in the business.
Franchises- A franchise is a business which is split up into many little groups where their stores are run and operated by one person or a family. An advantage of having a franchise for the franchisor is that they don't have to run all of the stores by themselves. A disadvantage is that they are trusting someone with maintaining their business image. An advantage of franchises for the franchisee is that you get to sell the franchise's products and use their title. A disadvantage is that you have to follow very strict rules about how you run the business.
2.) A small business, though small by itself, makes up 98% of businesses in Canada. So as a whole, small businesses are not small. They are very important to Canada because without them, our economy wouldn't function because of all the citizens who would be out of a job.
3.) If I started a business tomorrow I would start a partnership with Julia. We would be hit men. Our business would flourish because of how ninja we are. Also we could share the work. Julia would do the killing and I would dispose of the bodies. But seriously, as a partnership it would be easier to run a business because we would share the work and the liability. <3
1. Partnership: A partnership is a business that has two or more owners. The partners usually start a business due to a common bond, such as interests. The partners (both silent and active) must sign a partnership agreement stating information like business name, location, how profit is dived, ect. There is unlimited liability, meaning your personal items can be taken to pay back creditors, and there is a possibility for disagreements. However, there is generally more capital available since its money borrowed and saved from all partners (still limited though) and each partner can perform the tasks that suit their strengths.
ReplyDeleteCorporations: A corporation is a legal entity that can 'act' like a person. The business is divided into many small parts called shares, and each owner of a share is called a shareholder. The corporation will have a board of directors that set company policies and appoint executive team. They also have a corporate charter which sets rules for how the business is run. A benefit to being a corporation is there is limited liability, meaning you can only lose what you have invested. Another advantage is that if something happens to a shareholder, the corporation would still run. The corporation has a huge capital that can be used to better the business, and there is a chance for shareholders to make money (from dividend, or payouts made by the corporation). A disadvantage to being a corporation is that the business does not really have a personal feel and shareholders with fewer shares have no real say in how the business is run.
Sole Proprietorship:A sole proprietorship is a business owned by one person. The sole owner must run the entire business themselves, including the tasks they are not good at or have little knowledge in. They also face unlimited liability, meaning there personal items can be taken to pay creditors. The advantages are that the owner is able to earn all of the profit and gets to make all of the business decisions. There is also a more personal feel to the business.
2. A small business in Canada is defined as a business that has less than 100 employees; based upon these numbers small business seem small. However, they make up 98% of Canadian businesses, making them a huge player in our economy. Because small businesses make up 98% of all Canadian businesses, it means they employee a large amount of people, even if each business has less than 100 employees. If small businesses were taken away, it would virtually stop the economy. The trickle effect could not take place as many citizens would not be making money, and businesses wouldn't be making money. This means they could not spend and invest. This would massively effect the economy, and decrease its activity.
3. I would personally start a corporation if I was to start a business tomorrow. The main reason I would do this is because there is limited liability. This means that if I owed money to creditors, such as the bank, they could only take away items and money invested in the corporation. This helps to protect my personal items. Another benefit to a corporation is the fact that there can be many shareholders, so I could potentially have more capital if I convince enough people to buy shares in my business. However, I could still remain in control by ensuring I own the majority of shares. I could still keep the corporation relatively small (based on number of shares made) if I wanted to keep the small business, personal feel, or I could make it larger if I wanted. In conclusion, I believe a corporation is simply a safer business model to be apart of.
Sole proprietorships- one owner, unlimited liability which means they can take your personal items to pay of debts advantage you ,make all the money disadvantage you do all the work.
ReplyDeletePartners, 2 or more owners, unlimited liability which means they can take your personal items to pay off. disadvantage you split the moeny. advantage you get more money.
corporations limited liability advantage limited liability disadvantage are harder to start up.
2 its importance is that they help run the economy.
3 i would run a conner store becasue it looks easy.
1.
ReplyDeletesole proprietorships:
- have one owner
- unlimited liability
- limited capital
- does all the work themselves
partners:
- two or more owners
- unlimited liability
- more capital
- splits the work load between each other
corporations:
- acts like a person
- can own things in its name
- limited liability
2. Small businesses are important to Canada because it is a large part of Canadas economy because small businesses are 98% of all businesses in Canada this employs many people in Canada and that's what helps the economy grow.
3.if i started a business tomorrow i would probably choose to do a sole proprietorship because they are simple and easy to set up in a short period of time. this would also allow me to have full control over what im doing i would also get 100 percent of the profit.
Sole prop is when you own a business by y0ourself and you have unlimited liability and you can loose your personal items to pay off the money you owe
ReplyDeletefranchise is when you buy a busniess like mcdonaads you use their uniforms and they do the marketing and you have to do everything to same to be the company you use run it you buy the brand from the big boss then you run mcdonalds
partnership is when 2 or more people do a business and you use eachothers strenghts to make the business succesful you can cook then your friend can do the marketing, you have to sign this contact so you guys dont have dissagreements
small business is not really small because it makes up 98% is business in canada
i would probally be a franchise because its easier on you, you dont have to do the marketing and you have everything already set dfor you the uniforms and stuff and you just have to run it rather than in a sole prop when you do EVERYTHING
1. Sole Proprietorship.
ReplyDelete~ one owner.
~ unlimited liability - creditors can take your personal things in order to pay off debt.
~ You make all the decisions.
Partnership.
~ two or more owners.
~ unlimited liability - creditors can take your personal things in order to pay off debt, but you can split it up the costs.
~ you can split up the job to what you can do better.
Corporations.
~ Big businesses
~ Limited liability - they cannot go after your personal belongings. They can only take out the amount you started with.
~ Well known
2. No, because small businesses in Canada make up 98% of businesses, without small businesses the economy would die.
3. I would choose a partnership because you could have help running the business. You can also have more capital and have more skills running the business.
1.
ReplyDeleteSole Prop- It has only 1 owner, and that owner gets to make all of the decisions, but work long hours at the same time. It also has unlimited liability, which means that if you are in debt, the creditors could come after your personal belongings.
Partnership- There is 2 or more owners in the business, and you could work to each others strengths, so you could run the business as efficiently as possible. there is also unlimited liability with this kind of business.
Corporation- These are very well known and respected businesses, and they meet the quality and expectations of the customer/consumer. There are usually many employees, and different branches scattered all across the city.
2. No, small businesses are not "small" because they make up 98% of the total businesses in Canada. If these businesses went bankrupt, or decided to stop functioning, then Canada and the economy would die.
3. If I were to start up a business tomorrow, I would choose to run a sole prop because I would have friends to help me out and work to their strengths. By working to their strengths the business can function properly, and make a lot of money.
This is from Julia Sturk, forgot my password swagswagswag
ReplyDelete1. A sole proprietorship is a business that only has one owner. Not a lot of money is available for resources and expansion which is also recognized by the term "little capital". The sole owner must take on all or most responsibilities associated with the business, as well as making all the decisions. This poses as a potential risk to the success of the business because the "owner assumes". In the event that the business was to go in debt, creditors are able to claim any personal belongings in order to pay off the debt. One may go into a business and come out with much less than they started with, making a sole proprietorship a very risky business to start.
Partnerships are businesses owned by two or more people. In this business, there are two different classifications of owners: managing and silent. Managing owners are those who actually participating in the work for the business while silent owners simply provide financial assistance through shares.
These kinds of businesses are normally formed based off of similar interests/skills between the owners. There is much more money available for the business because of money pooling and sharing of expenses (more capital). Instead of one person making all decisions, input from all owners is incorporated into decision making, lessening a risk to the business. Although there is more capital, this capital is limited for only partners can save and share. On the downside, not all partners may agree on decisions taking place within the business and conflicts may occur. Plus, each owner is subject to unlimited liability.
Unlike the first two businesses, corporations have many owners that are referred to as shareholders. Corporations sell shares of the company to generate capital that is later used to purchase equipment, property and inventory. A charter is used to set out the rules for how the corporation is to be run and includes basic information about the company. Some profits from the corporation are used to expand and better the organization, while other profits are given to shareholders in the form of a payout.
2. Small businesses are not small at all. While they employ 100 people or less, these businesses make up 98% of businesses. This large portion greatly controls the economy. Although the businesses themselves are small, the impact they have on society are not.
3. From the information I have on the previous businesses, the risks seem to decrease as the business gets larger. For this reason, I would start a corporation because of the large amounts of capital and low liability.
1. Sole proprietorship is a business owned by one person and performs most of the functions for the business. a good thing about sole prop. is that the owner makes all decisions for the business and gets all the profits. a bad thing about sole prop. is s/he has unlimited liability which means they can take away your personal belongings, also there is little capital which means hard to replace equipment and expand. A partnership is a business owned by two or more people. A good thing is owners share decision making a knowledge of the other(s). A bad thing is that disagreements and conflicts can occur between the partners. A corporation has many owners and those are called shareholders. A good thing is limited liability which means owners only responsible for their investment in the company.
ReplyDelete2. Yes, small businesses can be small because they expand in that city but they do not expand in different countries and it is limited to the number of employees. They also sell the same product all the time. Small businesses are significant to Canada because it takes up 98% of Canada's business industries and if they were to shut down Canada's business industries would be so low we'd have to live somewhere else.
3. If i were to start a business tomorrow i would start a partnership because it has limited liability and you could share each others knowledge and decision making won't be alone. Also there is more capital in partnerships than sole proprietorship.
1.Sole proprietorship are businesses that have only 1 owner, the owner performs all of the of the business functions.Advantages of a sole proprietorship is that you get to be your own boss and make decisions without permission from someone else. A disadvantage of a sole proprietorship is the owner must carry out all the duties and must work long hours even if they are ill.Partnership is a business with 2 more owners, the owners share the expenses and share their skills. The advantage of being in a partnership is more capitol because they get to borrow more money from the bank.A disadvantage of partnership is You may not agree with your partners ideas. Partnership have partnership agreement which is like a contact and must be signed by all the owners. Corporations have many owners called share holders .Every cooparation must have a charter which sets out the rules of how the corporation will do as a business. Advantages of a corporation is limited liability a disadvantage of a corporation is shareholders with a little amount of shares don't really have a say on how the corporation is runned.
ReplyDelete2.yes , a small business is always small because it only expands in a city and makes the same product.
3.If i started a business tomorrow i would want to be in a partnership because you can share your ideas and skills with your partners and also have a limited liability which means creditors can't take away your personal belongings to pay back the borrowed money.
1.
ReplyDeleteSole Proprietorship - It has one owner, unlimited liability which means that is the business in in debt that the creditors can take your personal possessions. the owner makes all the decisions and there is no arguments over the decisions.
Partners - this business have 2 or more owners, the capital is bigger because the owners pool money to start the business. there now has to be a partnership agreement so that the owners have to do there part and there is less arguments. there is still unlimited liability.
Corporations - these types of businesses are relatively bigger and for the capital they sell shares to shareholders. there is limited liability so that the owners can only use what they put into the business if it went in debt.
2. No, small business in Canada makes up for 98% of the business so without the small business the economy would be terrible because there would be a lot of people without jobs. the only reasons that the big corporations and franchises seem to be everywhere is because they have more money to advertise and to build the business where they want. that is why we see big businesses more often the small businesses.
3. i would start a corporation because this would keep all my personal stuff safe and i would only lose what i put into the business, so if the business did fail i wouldnt lose everything i own.
1. Sole Proprietorship: Owned by one person. Unlimited liability (personal items can be taken to pay off debt). Advantage is you make all of the decisions. Disadvantage is there is low capital (you don't make much money and have to put a lot into it).
ReplyDeletePartner: Owned by two or more people. Unlimited liability. Advantage is liability can be shared with another person. Disadvantage is you may have arguments with your partner(s).
Corporation: Owned by many people who have bought shares (shareholders). Limited liability (you only lose what you put into the business). Advantage is there is high capital (a lot of money can be made). Disadvantage is you have little say in what happens in the business.
2. Although individually small businesses are considered small, altogether they make up around 98% of all businesses in Canada. They are a very important part of the Canadian economy, without them it would crash, therefore small businesses, as a whole, are not very small at all.
3. If I were to start a business tomorrow, I would probably start up a photography business (sole proprietorship). I would take pictures of anybody who would like them and do everything myself (photography, editing, dealing with clients, etc.), I think this would be easiest because I would be able to make all of the decisions and not have to worry about what other people may be doing.