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Chapter 1 Forms of Business Ownership Introduction to Business English 1 This chapter is easy to read. Please follow the instructions to read the text. 本章重點(diǎn): 1. 各種企業(yè)產(chǎn)權(quán)形式的定義 2. 各種產(chǎn)權(quán)形式的優(yōu)劣勢 3. 股份公司與有限公司的區(qū)別 2 Please find the definitions of the following terms in your textbook. ? Sole Proprietorships ? Partnerships ? Corporations ? Limited Liability panies ? Joint Venture ? Mergers Acquisitions ? Franchises 3 Sole Proprietorship 個(gè)人企業(yè) ? An anization that is owned, and usually managed, by one person is called a Sole Proprietorship. ? 個(gè)人企業(yè)即獨(dú)資經(jīng)營企業(yè),是由一名出資者單獨(dú)出資并從事經(jīng)營管理的企業(yè)。 Owner=Business 4 Store or supermarket? ? One can of Coca Cola is sold at ¥ in the convenient store on campus, while the same product is sold at ¥ in the supermarket in the downtown 3 kilometers away. Why do some people prefer patronizing the store rather than the supermarket? 5 Sole Proprietorship Advantages: ? Can make decisions quickly ? Keeps all the rewards ? Easy to set up ? Privacy of business affairs Disadvantages: ? Limited sources of finance (e. g. own funds) ? Unlimited liability, . can lose personal assets ? Often has limited managerial skills ? No one to share workload and ideas with 6 Partnerships ? A partnership is a legal relationship between at least two persons carrying on a profitmotivated business. ? 合伙企業(yè)是由兩人以上組成,在合伙人之間訂立合伙協(xié)議,共同出資、合伙經(jīng)營、共享收益、共擔(dān)風(fēng)險(xiǎn),并對合伙企業(yè)債務(wù)承擔(dān)無限連帶責(zé)任的營利性組織。 7 Types of partnerships ? General partnership(普通合伙) A business with at least one general partner who has unlimited liability for the debts of the business. ? Limited partnership(有限合伙) ? An arrangement where a person can contribute to a business without being involved in the affairs of the partnership. What’s the difference between the general partners and the limited partners? (P4) 8 What are the three key elements of partnership? ? Common ownership ? Shared profits and losses ? The right to participate in managing the operations of the business 9 Read the sample of partnership agreement and finish the task on P16. 10 partnership Advantages ? Share resources / ideas ? Can cover for each other. . during holidays ? More sources of finance than sole trader ? Partners can specialize, . one may specialize in pany law, another may focus on criminal law Disadvantages ? Usually unlimited liability ? Limited sources of finance ? Profits must be shared between partners ? Slower decision making than sole trader 11 Corporations 公司 The corporation is a legal entity(法人實(shí)體) , allowed by legislation, which permits a group of people, as shareholders (forprofit panies) or members (nonprofit panies), to create an anization, which can then focus on pursuing set objectives, and empowered(授權(quán)與) with legal rights which are usually only reserved for individuals, suc