The disadvantages for each type of business organization include...
Sole Proprietorship:
Partnership:
Corporation:
The characteristics of franchises in the United States economy are...
Contract negotiations between labor and management include...
The wages of labor are influenced by...
Disadvantages of each type of business organization:
1. Sole Proprietorship: Limited access to capital, unlimited personal liability, lack of continuity, heavy workload and responsibility on owner.
2. Partnership: Potential for disagreements and conflicts among partners, shared liability among partners, potential for disputes over profit sharing, and potential for difficulty in decision making due to multiple decision makers.
3. Corporation: Double taxation, complex legal requirements and regulations, separation of ownership and control leading to potential conflicts of interest, and potential for corporate governance issues.
Characteristics of franchises in the United States economy:
Franchises are a popular business model in the United States, offering a proven business concept, branding and marketing support, operational support, and access to a larger customer base. Franchises also typically have higher success rates compared to independent businesses, as they benefit from the brand recognition and support provided by the franchisor.
Contract negotiations between labor and management include:
Negotiations over wages, benefits, working conditions, hours of work, overtime pay, grievance procedures, and other terms and conditions of employment. Both labor unions and management representatives participate in these negotiations, with the goal of reaching a mutually acceptable agreement that balances the interests of both parties.
The wages of labor are influenced by:
Various factors including supply and demand for labor, level of education and skill required for the job, productivity of workers, cost of living in the area, prevailing wage rates in the industry, government regulations such as minimum wage laws, and the bargaining power of labor unions. Additionally, economic conditions, technological advancements, and the overall business environment can also impact wage levels.