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Corporation - Coggle Diagram
Corporation
may make:
hire and fire workers
legal contracts
be sued,
fined and taxed
set prices
Various business forms, their advantages and disadvantages
Partnership
Equal capital
Unlimited liability
Limited life (of business)
Responsible for the debts of the business
Equal authority
in management
Shared profits or losses
Easy to organize
Decisions can be made quickly
Profits are shared with only a
few people
the owners are responsible for success or failure of the business
Sole proprietorship
Еasy to organize
Decisions can be
made quickly,
Owners receive all profits
Limited
resources
Personal property
The limited life of the business
Owned by one or more investors
Legally has the rights and duties of an individual
Charter of incorporation
Shares of stock
Limited liability
Ability to raise very large
amounts of money
An unlimited life (of business)
Ease of ownership transfer
Owners do not directly control the business