Can you please help me in better understanding these different types of business'?
o Joint-stock company
o Limited liability company
o Partnership
o Sole proprietorship
For this assignment...
Describe a business scenario, either real or fictional, that depicts each of the following
forms of business organization: See above.
Well what do you expect when you try and plagiarize an assignment online? You are mad because the assistant told you exactly what you teacher would have told you.
Maybe you misunderstood me, I was looking for help to better understand the concept of them. Our assignment gave huge definitions for each. It is not difficult to search the internet in return you may get 100 different answers for each. I was hoping this forum would help to assist in me completing an assignment. I thank you for the time you took in responding. It is kind of disheartening when I look and see others get real assistance and I get "It looks as if what you need to do is learn how to conduct thorough and effective searches for yourself." How do you think I found this site...I searched. One last point No time to go to the library when I leave for work at 8am and usually get home at 8pm. I also have a family. The reason I posted the assignment criteria was so not that you would answer the assignment but understand I was searching for better definitions that I could more easily understand. Perhaps you should read questions more thoroughly before jumping to conclusions.
Certainly! I would be happy to help you better understand these different types of businesses and provide scenarios to illustrate each form of business organization.
1. Joint-stock company:
A joint-stock company is a form of business organization in which the capital is divided into shares and the owners are known as shareholders. These shareholders have limited liability, meaning they are not personally responsible for the debts or obligations of the company. A scenario for a joint-stock company could be:
Scenario: XYZ Corporation is a multinational conglomerate with operations in various industries such as technology, healthcare, and financial services. It is listed on a stock exchange, and thousands of individuals and institutional investors own shares in the company. These shareholders invest in the company's shares and participate in its profits and losses.
2. Limited liability company (LLC):
A limited liability company is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability protection of a corporation. In an LLC, the owners are called members. They have limited liability, which means their personal assets are protected from the company's debts and liabilities. Here's an example scenario:
Scenario: ABC Tech Solutions LLC is a software development company founded by three partners. The company provides custom software solutions to small and medium-sized businesses. The partners, who are the members of the LLC, are actively involved in managing the day-to-day operations and decision-making. If the company faces financial difficulties, the members' personal assets, such as their homes or savings, are protected.
3. Partnership:
A partnership is a business structure in which two or more individuals share ownership, responsibilities, and profits. Partnerships can be general partnerships or limited partnerships, depending on the level of liability assumed by the partners. Here's a scenario for a partnership:
Scenario: Smith & Johnson Law Firm is a partnership where two experienced lawyers have come together to provide legal services in their community. They share the workload, expenses, and profits equally. The partners have complementary expertise, with one specializing in corporate law and the other in family law. However, each partner is personally liable for the debts and legal obligations of the firm.
4. Sole proprietorship:
A sole proprietorship is the simplest form of business organization, in which an individual is the sole owner and operator of the business. The owner has complete control and assumes all the profits and losses personally. Here's an example scenario:
Scenario: Jane's Flower Shop is a sole proprietorship owned by Jane, an experienced florist. She runs the shop independently, handling everything from managing the inventory, arranging flowers, customer service, and accounting. Jane enjoys the flexibility of making decisions and keeping all the profits for herself. However, as a sole proprietor, Jane is personally liable for all the financial obligations and legal issues of the business.
I hope these scenarios help you better understand the different types of businesses and their specific characteristics.