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Business - Coggle Diagram
Business
Entrepreneurship
Sole proprietorship
Easy to organize
Decisions can be made quickly
Owners receive all profits
Most of them begin small and fail
Limited liability
Personal property
Partnership
Easy to organize
Decisions can be made quickly
Profits are shared with only a few people
Owners are responsible for success or failure of the business
Two or more founders
Equal capital and authority
Unlimited liability
Corporation
Raise the large amount of money needed
Owned by one or more investors
Charter of incorporation
Shares of stock
Stockholders
Dividend
A board of directors
Limited liability
Change models, replace obsolete equipment, build new factories
Investors are liable for the amount of capital they have invested
Assets don't cover the debts in case of bankruptcy
Ways to raise money
Bonds
Stocks
Ownership transfer
Genegal concepts
Hierarchy
Reports
Detailed records
Memorandum of Association
Premises
Articles of Association
Registrar of companies