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Forms of business organization, imports, and the family

1. Give three examples of operating company formed as: sole proprietorship, partnership and corporation. Explain how you decided on categorizing them.

2. List a few imported products that you purchase on regular basis. Do you have mixed feelings when you purchase products manufactured in a foreign country? How do your decisions affect the net exports?

3. Is family a household? Is your household a family?

Solution Preview

1. Give three examples of operating company formed as: sole proprietorship, partnership and corporation.

Explain how you decided on categorizing them.

Sole Proprietorship

This is a form of business organization where there is only one owner. The sole owner has full control/authority of its own and owns all the assets, as well as personally answers all liabilities or losses. (http://jlp-law.com/blog/forms-of-business-sole-proprietorship-partnership-corporation/)

Examples:
Freelance Photographers
Cake selling delivery
Entertainers
Or any other business as long as it is owned and managed by a single person.

Partnership

A form of business where there are two or more owners. A partnership consists of two or more persons who bind themselves to contribute money or industry to a common fund, with the intention of dividing the profits among themselves. ...

Solution Summary

This solution discusses and identified examples of the forms of business organization-- sole proprietorship, partnership and corporation. A categorized examples are included.

Included also are discussions on the effects of imported products to the countries net exports.

Another discussion was the differentiation of a family and a household.

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