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GENESEE ACADEMY SOCIAL SCIENCE

NOTES LESSON 17

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BY: JEREMY TYLER

Lesson 17

Proprietorship

All your income activity is the businesses and all the businesses activity is yours. You can’t count your labor as expense.

 

Partnership

            There is more then one person.

 

Articles of Incorporation

  It’s an easy process. You have to tell them what you’re going to do, and whether or not you are a profit or non-profit group. You then get a charter which means the state is giving you permission to be a corporation.

 

To get money you can get a loan from the bank. Or you can borrow money from the public via stock. You’re going to transfer ownership of your company to the public. This is also known as going public. The most you want to sell to stockholders is 49%. You want to remain majority owner.

 

Dividend

A dividend is money you receive from your stock. If the company is making a profit then you get money.

 

DBA (Doing Business As…)

     You want to make up your name. You go to the county building and file a DBA, and then you get to do business as whom ever for 10 years. You set up a checking account.

 

PAT (Power of Attorney)

            You can sign someone else’s name legally.

 

Monopoly

            Means you’re the only company in your field of production.

 

Oligopoly

            There are a few businesses in the field of production.

 

Cartel

      - A group of corporations/ people in the same field working together.

         

Franchise

            I own the right to use McDonald’s name.

 
 
 
 
"We hold these truths to be self-evident, that all men are created equal,..." Declaration of Independence, 1776