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Business Organization Check Point Essay

453 words - 2 pages

CheckPoint
Business Organization

A Joint Stock Company is a type of corporation or relationship between two businesses or companies similar to a partnership. Often, certificates of ownership called stock can be issued by the business or company in exchange for additional contributions. The shareholders in these companies or businesses are able to transfer their shares or ownership interest at any time by selling their stock to others. Specifically, there are only two types of joint stock companies. These are private company or open market. Directors and the Company Secretary are the ones who typically hold the shares. A good example of this would be Microsoft. ("Forms Of Business Organization", 2013).

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Owners of a Limited Liability Company usually are called members and the owner can be an individual, corporation, other limited liability company, and even a foreign entity. A good example of this would be Chrysler (Chrysler Group, LLC).

A partnership is another type of business entity where partners share ownership with one another. ("Forms Of Business Organization", 2013). They also share profits and losses of the business in which they have invested. Partnerships are usually favored over larger corporations for tax purposes since a partnership does not generally incur a tax on profits before it is distributed to its partners. In other words, there is no dividend tax levied. Depending on the structure and jurisdiction that the partnership operates, the owners might have greater liability that they would than if they were shareholders of a corporation. A good example of this is 21st Century Fox America, Inc.

A Sole Proprietorship is a business which legally has no separate existence from its owner and what that means is that the limitations of liability do not apply. (Jones 2007) Any and all debt from the business belongs solely to the owner. There are no partners. This is typically a single person doing business in their name. A sole proprietor may do business with a trade name other than their legal name. A good example of this would be “Rafael’s landscaping.”

REFERENCES

Jones, G. R. (2007). Introduction to business: How companies create value for people. New York, NY: McGraw-Hill/Irwin.

Forms of Business Organization. (2013). Retrieved from
http://www.kcsourcelink.com/startup/registrations-licenses-and-permits/forms-of-business-organization

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