Chapter 4 - Forms of ownership HW

Read Chapter 4 about forms of business ownership. Links to an external site.

Copy the following questions into a Google Doc called "Forms of Ownership - Chapter 4." Answer each question thoroughly using your own words. This doc is your study guide for Chapter 4.

1. What are the advantages and disadvantages of the sole proprietorship form of business organization?
2. What are the advantages of operating as a partnership, and what downside risks should partners consider?
3. Define the following terms: 
   a.    Partnership
   b.    General Partnership
   c.    Limited Partnership
4. What is the difference between a limited partnership, a limited liability partnership (LLP), and a limited liability limited partnership (LLLP)?
5. How does the corporate structure provide advantages and disadvantages to a company?
6. How is the board of directors formed? What are the board of director’s duties?
7. What is the difference between a stockholder and a shareholder?
8. What are the three different types of corporations, and how are they different?
9. Define the following terms
   1. Cooperative
   2. Buyer Cooperative
   3. Seller Cooperative
   4. Joint Venture
10. Why might a business choose to be a franchisee over being a sole proprietor, partner, or corporation?
11. Why are mergers and acquisitions important to a company’s overall growth?
12. Define the following terms:
    1. Merger
    2. Define Acquisition
    3. Vertical Merger
    4. Horizontal Merger
    5. Conglomerate Merger
    6. Leveraged Buyout
13. What current trends will affect the business organizations of the future?