Forms of Business Organization
公司理财精要版原书第12版习题库答案Ross12e_Chapter01_TB_AnswerKey
Fundamentals of Corporate Finance, 12e (Ross)Chapter 1 Introduction to Corporate Finance1) Which one of the following functions should be the responsibility of the controller rather than the treasurer?A) Depositing cash receiptsB) Processing cost reportsC) Analyzing equipment purchasesD) Approving credit for a customerE) Paying a vendorAnswer: BDifficulty: 1 EasyTopic: Management organization and rolesLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation2) The treasurer of a corporation generally reports directly to the:A) board of directors.B) chairman of the board.C) chief executive officer.D) president.E) vice president of finance.Answer: EDifficulty: 1 EasyTopic: Management organization and rolesLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: RememberAACSB: Reflective ThinkingAccessibility: Keyboard Navigation3) Which one of the following correctly defines the upward chain of command in a typical corporate organizational structure?A) The vice president of finance reports to the chairman of the board.B) The chief executive officer reports to the president.C) The controller reports to the chief financial officer.D) The treasurer reports to the president.E) The chief operations officer reports to the vice president of production.Answer: CDifficulty: 1 EasyTopic: Management organization and rolesLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: RememberAACSB: Reflective ThinkingAccessibility: Keyboard Navigation4) An example of a capital budgeting decision is deciding:A) how many shares of stock to issue.B) whether or not to purchase a new machine for the production line.C) how to refinance a debt issue that is maturing.D) how much inventory to keep on hand.E) how much money should be kept in the checking account.Answer: BDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation5) When evaluating the timing of a project's projected cash flows, a financial manager is analyzing:A) the amount of each expected cash flow.B) only the start-up costs that are expected to require cash resources.C) only the date of the final cash flow related to the project.D) the amount by which cash receipts are expected to exceed cash outflows.E) when each cash flow is expected to occur.Answer: EDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation6) Capital structure decisions include determining:A) which one of two projects to accept.B) how to allocate investment funds to multiple projects.C) the amount of funds needed to finance customer purchases of a new product.D) how much debt should be assumed to fund a project.E) how much inventory will be needed to support a project.Answer: DDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation7) The decision to issue additional shares of stock is an example of:A) working capital management.B) a net working capital decision.C) capital budgeting.D) a controller's duties.E) a capital structure decision.Answer: EDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation8) Which one of the following questions is a working capital management decision?A) Should the company issue new shares of stock or borrow money?B) Should the company update or replace its older equipment?C) How much inventory should be on hand for immediate sale?D) Should the company close one of its current stores?E) How much should the company borrow to buy a new building?Answer: CDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation9) Which one of the following is a working capital management decision?A) What type(s) of equipment is (are) needed to complete a current project?B) Should the firm pay cash for a purchase or use the credit offered by the supplier?C) What amount of long-term debt is required to complete a project?D) How many shares of stock should the firm issue to fund an acquisition?E) Should a project should be accepted?Answer: BDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation10) Working capital management decisions include determining:A) the minimum level of cash to be kept in a checking account.B) the best method of producing a product.C) the number of employees needed to work during a particular shift.D) when to replace obsolete equipment.E) if a competitor should be acquired.Answer: ADifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation11) Which one of the following terms is defined as the management of a firm's long-term investments?A) Working capital managementB) Financial allocationC) Agency cost analysisD) Capital budgetingE) Capital structureAnswer: DDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation12) Which one of the following terms is defined as the mixture of a firm's debt and equity financing?A) Working capital managementB) Cash managementC) Cost analysisD) Capital budgetingE) Capital structureAnswer: EDifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation13) A firm's short-term assets and its short-term liabilities are referred to as the firm's:A) working capital.B) debt.C) investment capital.D) net capital.E) capital structure.Answer: ADifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: RememberAACSB: Reflective ThinkingAccessibility: Keyboard Navigation14) Which one of the following questions is least likely to be addressed by financial managers?A) How should a product be marketed?B) Should customers be given 30 or 45 days to pay for their credit purchases?C) Should the firm borrow more money?D) Should the firm acquire new equipment?E) How much cash should the firm keep on hand?Answer: ADifficulty: 1 EasyTopic: Financial management decisionsLearning Objective: 01-01 Define the basic types of financial management decisions and the role of the financial manager.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation15) A business owned by a solitary individual who has unlimited liability for the firm's debt is called a:A) corporation.B) sole proprietorship.C) general partnership.D) limited partnership.E) limited liability company.Answer: BDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation16) A business formed by two or more individuals who each have unlimited liability for all of the firm's business debts is called a:A) corporation.B) sole proprietorship.C) general partnership.D) limited partnership.E) limited liability company.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation17) A business partner whose potential financial loss in the partnership will not exceed his or her investment in that partnership is called a:A) general partner.B) sole proprietor.C) limited partner.D) corporate shareholder.E) zero partner.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation18) A business created as a distinct legal entity and treated as a legal "person" is called a(n):A) corporation.B) sole proprietorship.C) general partnership.D) limited partnership.E) unlimited liability company.Answer: ADifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation19) Which one of the following statements concerning a sole proprietorship is correct?A) A sole proprietorship is designed to protect the personal assets of the owner.B) The profits of a sole proprietorship are subject to double taxation.C) The owner of a sole proprietorship is personally responsible for all of the company's debts.D) There are very few sole proprietorships remaining in the U.S. today.E) A sole proprietorship is structured the same as a limited liability company.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation20) Which one of the following statements concerning a sole proprietorship is correct?A) The life of a sole proprietorship is limited.B) A sole proprietor can generally raise large sums of capital quite easily.C) Transferring ownership of a sole proprietorship is easier than transferring ownership of a corporation.D) A sole proprietorship is taxed the same as a C corporation.E) A sole proprietorship is the most regulated form of organization.Answer: ADifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation21) Which of the following individuals have unlimited liability for a firm's debts based on their ownership interest?A) Only general partnersB) Only sole proprietorsC) All stockholdersD) Both limited and general partnersE) Both general partners and sole proprietorsAnswer: EDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation22) The primary advantage of being a limited partner is:A) the receipt of tax-free income.B) the partner's active participation in the firm's activities.C) the lack of any potential financial loss.D) the daily control over the business affairs of the partnership.E) the partner's maximum loss is limited to their capital investment.Answer: EDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation23) A general partner:A) is personally responsible for all partnership debts.B) has no say over a firm's daily operations.C) faces double taxation whereas a limited partner does not.D) has a maximum loss equal to his or her equity investment.E) receives a salary in lieu of a portion of the profits.Answer: ADifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation24) A limited partnership:A) has an unlimited life.B) can opt to be taxed as a corporation.C) terminates at the death of any one limited partner.D) has at least one partner who has unlimited liability for all of the partnership's debts.E) consists solely of limited partners.Answer: DDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation25) A partnership with four general partners:A) distributes profits based on percentage of ownership.B) has an unlimited partnership life.C) limits the active involvement in the firm to a single partner.D) limits each partner's personal liability to 25 percent of the partnership's total debt.E) must distribute 25 percent of the profits to each partner.Answer: EDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation26) One disadvantage of the corporate form of business ownership is the:A) limited liability of its shareholders for the firm's debts.B) double taxation of distributed profits.C) firm's greater ability to raise capital than other forms of ownership.D) firm's potential for an unlimited life.E) firm's ability to issue additional shares of stock.Answer: BDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation27) Which one of the following statements is correct?A) The majority of firms in the U.S. are structured as corporations.B) Corporate profits are taxable income to the shareholders when earned.C) Corporations can have an unlimited life.D) Shareholders are protected from all potential losses.E) Shareholders directly elect the corporate president.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation28) Which one of the following statements is correct?A) A general partnership is legally the same as a corporation.B) Income from both sole proprietorships and partnerships that is taxable is treated as individual income.C) Partnerships are the most complicated type of business to form.D) All business organizations have bylaws.E) Only firms organized as sole proprietorships have limited lives.Answer: BDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation29) The articles of incorporation:A) describe the purpose of the firm and set forth the number of shares of stock that can be issued.B) are amended periodically especially prior to corporate elections.C) explain how corporate directors are to be elected and the length of their terms.D) sets forth the procedures by which a firm regulates itself.E) include only the corporation's name and intended life.Answer: ADifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation30) Corporate bylaws:A) must be amended should a firm decide to increase the number of shares authorized.B) cannot be amended once adopted.C) define the name by which the firm will operate.D) describe the intended life and purpose of the organization.E) determine how a corporation regulates itself.Answer: EDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation31) A limited liability company:A) can only have a single owner.B) is comprised of limited partners only.C) is taxed similar to a partnership.D) is taxed similar to a C corporation.E) generates totally tax-free income.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation32) Which business form is best suited to raising large amounts of capital?A) Sole proprietorshipB) Limited liability companyC) CorporationD) General partnershipE) Limited partnershipAnswer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation33) A ________ has all the respective rights and privileges of a legal person.A) sole proprietorshipB) general partnershipC) limited partnershipD) corporationE) limited liability companyAnswer: DDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation34) Sam, Alfredo, and Juan want to start a small U.S. business. Juan will fund the venture but wants to limit his liability to his initial investment and has no interest in the daily operations. Sam will contribute his full efforts on a daily basis but has limited funds to invest in the business. Alfredo will be involved as an active consultant and manager and will also contribute funds. Sam and Alfredo are willing to accept liability for the firm's debts as they feel they have nothing to lose by doing so. All three individuals will share in the firm's profits and wish to keep the initial organizational costs of the business to a minimum. Which form of business entity should these individuals adopt?A) Sole proprietorshipB) Joint stock companyC) Limited partnershipD) General partnershipE) CorporationAnswer: CDifficulty: 2 MediumTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: ApplyAACSB: Knowledge ApplicationAccessibility: Keyboard Navigation35) Sally and Alicia are equal general partners in a business. They are content with their current management and tax situation but are uncomfortable with their unlimited liability. Which form of business entity should they consider as a replacement to their current arrangement assuming they wish to remain the only two owners of the business?A) Sole proprietorshipB) Joint stock companyC) Limited partnershipD) Limited liability companyE) CorporationAnswer: DDifficulty: 2 MediumTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: ApplyAACSB: Knowledge ApplicationAccessibility: Keyboard Navigation36) The growth of both sole proprietorships and partnerships is frequently limited by the firm's:A) double taxation.B) bylaws.C) inability to raise cash.D) limited liability.E) agency problems.Answer: CDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation37) Corporate dividends are:A) tax-free because the income is taxed at the personal level when earned by the firm.B) tax-free because they are distributions of aftertax income.C) tax-free since the corporation pays tax on that income when it is earned.D) taxed at both the corporate and the personal level when the dividends are paid to shareholders.E) taxable income of the recipient even though that income was previously taxed.Answer: EDifficulty: 1 EasyTopic: Forms of business organizationLearning Objective: 01-03 Articulate the financial implications of the different forms of business organization.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation38) Financial managers should primarily focus on the interests of:A) stakeholders.B) the vice president of finance.C) their immediate supervisor.D) shareholders.E) the board of directors.Answer: DDifficulty: 1 EasyTopic: Goal of financial managementLearning Objective: 01-02 Explain the goal of financial management.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation39) Which one of the following best states the primary goal of financial management?A) Maximize current dividends per shareB) Maximize the current value per shareC) Increase cash flow and avoid financial distressD) Minimize operational costs while maximizing firm efficiencyE) Maintain steady growth while increasing current profitsAnswer: BDifficulty: 1 EasyTopic: Goal of financial managementLearning Objective: 01-02 Explain the goal of financial management.Bloom's: RememberAACSB: Reflective ThinkingAccessibility: Keyboard Navigation40) Which one of the following best illustrates that the management of a firm is adhering to thegoal of financial management?A) An increase in the amount of the quarterly dividendB) A decrease in the per unit production costsC) An increase in the number of shares outstandingD) A decrease in the net working capitalE) An increase in the market value per shareAnswer: EDifficulty: 1 EasyTopic: Goal of financial managementLearning Objective: 01-02 Explain the goal of financial management.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation41) Financial managers should strive to maximize the current value per share of the existing stock to:A) guarantee the company will grow in size at the maximum possible rate.B) increase employee salaries.C) best represent the interests of the current shareholders.D) increase the current dividends per share.E) provide managers with shares of stock as part of their compensation.Answer: CDifficulty: 1 EasyTopic: Goal of financial managementLearning Objective: 01-02 Explain the goal of financial management.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation42) Decisions made by financial managers should primarily focus on increasing the:A) size of the firm.B) growth rate of the firm.C) gross profit per unit produced.D) market value per share of outstanding stock.E) total sales.Answer: DDifficulty: 1 EasyTopic: Goal of financial managementLearning Objective: 01-02 Explain the goal of financial management.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation43) The Sarbanes-Oxley Act of 2002 is a governmental response to:A) decreasing corporate profits.B) the terrorist attacks on 9/11/2001.C) a weakening economy.D) deregulation of the stock exchanges.E) management greed and abuses.Answer: EDifficulty: 1 EasyTopic: Ethics, governance, and regulationLearning Objective: 01-04 Explain the conflicts of interest that can arise between managers and owners.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation44) Which one of the following is an unintended result of the Sarbanes-Oxley Act?A) More detailed and accurate financial reportingB) Increased management awareness of internal controlsC) Corporations delisting from major exchangesD) Increased responsibility for corporate officersE) Identification of internal control weaknessesAnswer: CDifficulty: 1 EasyTopic: Ethics, governance, and regulationLearning Objective: 01-04 Explain the conflicts of interest that can arise between managers and owners.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation45) A firm which opts to "go dark" in response to the Sarbanes-Oxley Act:A) must continue to provide audited financial statements to the public.B) must continue to provide a detailed list of internal control deficiencies on an annual basis.C) can provide less information to its shareholders than it did prior to "going dark".D) can continue publicly trading its stock but only on the exchange on which it was previously listed.E) ceases to exist.Answer: CDifficulty: 1 EasyTopic: Ethics, governance, and regulationLearning Objective: 01-04 Explain the conflicts of interest that can arise between managers and owners.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation46) The Sarbanes-Oxley Act of 2002 holds a public company's ________ responsible for the accuracy of the company's financial statements.A) managersB) internal auditorsC) external legal counselD) internal legal counselE) Securities and Exchange Commission agentAnswer: ADifficulty: 1 EasyTopic: Ethics, governance, and regulationLearning Objective: 01-04 Explain the conflicts of interest that can arise between managers and owners.Bloom's: UnderstandAACSB: Reflective ThinkingAccessibility: Keyboard Navigation。
会计学英语电子版ppt课件
15
Operating Activities
Primary activity of business
Selling goods Providing services Manufacturing Cost of Sales Advertising Paying employees Paying utilities
3. Explain the three principal types of business activity.
4. Describe the content and purpose of each of the financial statements.
3
Study Objectives
5. Explain the meaning of assets, liabilities, and stockholders’ equity, and state the basic accounting equation.
6. Describe the components that supplement the financial statements in an annual report.
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111 Forms of Business Organization
Sole proprietorship Partnership Corporation
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Users of Financial Information
External Users Ask?
12
311
Types of Business Activity
商务英语综合教程第四册Unit 1 Business Organizations
Notes of Text
1. Sole Proprietorship: a type of business entity that is owned and run by one individual and in which there is no legal distinction between the owner and the business 独资（经营） 2. Partnerships: A partnership is an arrangement where parties agree to cooperate to advance their mutual interests. 合伙人企业
must ________ the workers.
8. He ________ his political view on the radio.
9. ________ things you want to keep and throw everything else away.
10. However, its ________ is indefinite.
There are many ways of defining success. It is accurate to say that each of us has our own concept of success to the extent that each of us is responsible for setting our own goals and determining whether we have met these goals satisfactorily. Because each of us possesses unique differences in genetic ability and favorable environments in which to express these abilities, it is necessarily true that we must define success broadly.
Types of Business Organization
Advantages:
Ease of Establishment（易于成立） Independence（独立性） Flexibility（灵活性） Secrecy（隐蔽性） Pride of Ownership（对所有权的满足感） Tax Advantages（税务优势）
Disadvantages:
Disadvantages:
Unlimited Liability（无限责任） Interpersonal Problems（人际问题） Management Difficulties （管理上的困难） Difficult to Terminate（很难终止） Life Span（寿命）
允许被特许经营者有偿使用其名称、商标、专有技术、产品及运作管 理经验等从事经营活动的商业经营模式。）
10134214林丽兵 10134217林于莉 10134223王曼佳 10134224吴仰珊
技术合作企业是一个公司买另一个公司的股份从而两家公司联手开发新的技术以及产品syndicates联合企业辛迪加aretemporaryassociationsmorefirmsusuallymutualinvestmentcooperative合作社peoplewhouseproducersconsumerssimilarneedswhopoolmutualgain
三．Corporation(有限公司)
Definition: A corporation is a body formed and authorized by law to act as a single person although constituted by one or more persons and legally endowed with various rights and duties.（股东以其出资额为限对公 司承担责任，公司以其全部资产对公司的债务承担责 任。 ） To form a corporation, at least three incorporators /shareholders/ stockholders （公司股东）are needed.
Unit 2 Forms of business Orgonization
信贷可获量
Since a sole proprietorship may end with the death of the proprietor, if the business activities are to continue, a new business must be established by the survivors. In a sole proprietorship, it is difficult to measure financial performance and profitability because the business and household finances are often mixed. It may lead to loss of equity that is not recognized until the business is in serious financial difficulty.
Sole Proprietorship A business owned by one person is called a sole proprietorship or a single proprietorship. The sole proprietorship is a popular and frequent used form of business organization. The sole proprietorship is prevalent in the retail industry, handcrafts, agriculture, forestry, fishery, and other service and family workshops.
第一册-职通商务英语-综合教程-全书教案
• to persuade • to inform • to request • to express thanks • to remind • to recommend • to apologize • to congratulate • to reject a proposal or offer • to introduce a person or policy • to invite or welcome • to follow up • to formalize decisions
• letter • memo • fax • email
Who writes Business Letters? Most people who have an occupation have to write business letters. Some write many letters each
6th -7th period * Listening and Speaking: Business Telephoning 1. Ask students to listen to the dialog and finish Exercise 3. 2. Have students to study the sample dialog and do Exercise 3 about expressing opinions.
2
教学内容及过程： Teaching Procedures：
chapter-11Forms-of-Business-EnterprisePPT课件
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• In limited partnerships, one or more people act as general partners and run the business. The remaining partners are called limited to the amount of their capital contribution.
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disadvantage
• A fundamental drawback of a general partnership arrangement is the unlimited liability of the active partners.
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• The major disadvantage is the proprietor’s unlimited liability, form a legal standpoint, the owner and the business are one and the same.
• A final disadvantage is that proprietorships often have a limited life.
• The three most common forms of business ownership are sole proprietorship, partnership, and corporation. Each from of ownership has a characteriss of Business Enterprise
Chapter 1 Forms of Business Ownership(企业产权形式)(briefing ed.)
Chapter1 Forms of Business Ownership（企业产权形式）Sole Proprietorships 个人企业Partnerships 合伙企业Joint Ventures 合资企业Corporations 公司Limited Liability Companies 有限责任公司Mergers & Acquisitions 企业兼并和收购Franchises 特许经营⒈ Sole ProprietorshipsAn organization that is owned, and usually managed, by one person is called a sole proprietorship.The sole proprietor is usually an active manager, working in the shop every day. He or she controls the operation of the business, supervises the employees, and makes the decisions. He or she also assumes complete responsibility for any of its liabilities or debts.Advantages(the sole proprietor’s)⑴you can be your own boss；⑵you can make business decisions without having to ask anyone else；⑶you also get to keep the profits from the business and have the freedom to wind up your business whenever you want；(4) A sole proprietorship is the easiest from of business to start;(5) There is nothing like the pleasure of knowing that you can earn as much as possible and donot have to share that money with anyone else.Disadvantages⑴It is often difficult for the owner to raise capital. The owner is personally responsible for all aspects of the business. He or she has unlimited liability.⑵The owner must spend long hours working.⑶It is also difficult to hire and keep high-achievement employees.⒉PartnershipsA partnership is a legal relationship between persons carrying on a profit-motivated business. The three key elements of any general partnership are:⑴common ownership;⑵shared profits and loses;⑶the right to participate in managing the operations of business.A general partnership is a business with at least one general partner who has unlimited liability for the debts of the business.A limited partnership is an arrangement where a person can contribute to a business without being involved in the affairs of the partnership.The general partners arrange and run the business, while the limited partners are investors only.Advantages(to form a partnership)① a partnership allows two or more people to work together and bring different skills andresources to the business;②when two or more people pool their money and credit, it is easier to pay the rent, utilities andother bills incurred by a business. A limited partnership is specially designed to help raise capital.Disadvantages①The partnership is not considered to be separate from its owners, the partners are personallyresponsible for liabilities of the partnership;②Three exists division of profits;③There may be disagreements among partners;④Tt is usually difficult to terminate.⒊ Joint VenturesA joint venture is the pooling of resources and expertise by two or more businesses, typically from different areas or countries to achieve a particular goal.The reasons behind the formation of a joint venture often include business expansion, development of new products or moving into new markets, particularly overseas.AdvantagesIf successful, a joint venture can offer:·access to new markets and distribution networks;·increased capacity;·the sharing of risks with a partner;·access to specialized staff and technology.It isn’t as final as a merger or takeover.Disadvantages·If the objectives of the venture are not 100 per cent clear, or not communicated to all the staff involved, problems are likely to arise;·There is an imbalance in levels of expertise, investment or assets brought into the venture by the different partners;·Different cultures and management styles result in poor integration and coo-operation between the partners;·The parent businesses don’t provide sufficient leadership and support in the early stages.Success in a joint venture depends on thorough research and analysis of aims and objectives. This should be followed up with effective communication of the business plan to everyone involved.4. corporationThe corporation is a legal entity(法人实体), allowed by legislation，which permits a group of people,as shareholders(股东)（for-profit companies）or members(non-profit companies), to create an organization,Corporations are owned by shareholders, each of whom owns a percentage of the entire corporation through their shares.Advantages(to incorporating a business)⑴Limited liability: a major advantage of corporations is the limited liability of owners. Limited liability means that the owners of business are responsible for losses only up to the amount they invest.⑵Skilled management team:The board of directors has the duty of hiring professional managers, and the owners delegate their power of operating the business to these managers.⑶Transfer of ownership: shareholders have the rights to sell their shares of a corporation’s stock to whomever they please, barring(不包括)a legal restriction on some closed corporations. Thus, shareholders can freely buy and sell shares of stock.⑷Greater capital base: The corporate from of business makes it easier for a business to grow and expand; easier to obtain loans since lenders find it easier to place a value on the company when they can review how the stock is trading.⑸Stability: A corporation has an unlimited life.Disadvantages(to incorporating a business)①.Multiple taxation(多重税收): The corporation has to pay taxes on its profits.②.Difficulty and expense of starting:③.Government involvement(干预):④.Lack of secrecy: a corporation must provide each shareholder with an annual report.⑤.Lack of personal interest: in most corporations except the smaller ones,management andownership are separate.⑥.Credit limitations(信用缺陷): banks and other lenders have to consider the limited liability ofcorporations.5. Limited liability companiesA limited liability company(LLC) is a type of business ownership combining several features of corporation and partnership structures.(But, it is not a corporation or a partnership.)Advantages①.Limited liability: owners of an LLC have the liability protection of a corporation.Flexible profit distribution(灵活的利益分配): Limited liability companies can select varying forms of distribution of profits.②.No minutes(会议纪要): Corporations are required to keep formal minutes, have meetings, andrecord resolutions.③.Flow-through taxation:all the business losses, profits, and expenses flow through thecompany to the individual members.Disadvantages①.Limited life:②.Going public(上市):③.Added complexity6. Mergers & Acquisitions(兼并和收购)A merger is the result of the combination of two companies to form a new company.An acquisition is one company buying the property and obligations of another company.A horizontal merger(横向) joins firms in the same industry and allows them to diversify or expand their products. in a horizontal merger, the acquisition of a competitor could increase market share.the business can now supply a variety of cycling products.A vertical merger(纵向) is the joining of two firms involved in different stages of related business —a manufacturer merging with a supplier of component products, or a manufacture merging with a distributor of its products.A potential competition merger(conglomerate)(混合兼并): unites firms in completely unrelated industries. the primary purpose of a conglomerate merger is to diversity business operations and investments.Mergers can lead to higher prices, reduced availability of goods or services, lower quality of products, and less innovation(创新).7.Franchises(特许经营)A franchises is the right to use a business name and sell products or services, usually in a specific geofraphical territory.A franchises can be formed as a sole proprietorship, partnership, or corporation.The method of doing business involves a standardized approach to delivering a product or service.AdvantagesBuying a franchises is a popular choice for starting a business. it is a way to reduce risk and receive support from a large network. The franchiser usually provides management assistance and training and may offer financial support. The failure rate for franchises has been lower than that of other business ventures.DisadvantagesA franchise offers less freedom than an independent business. The franchise may lose the spirit and incentive of being their own boss with own business. The owner cannot change products and services. Initial franchise fees may be expensive.The franchiser often demands a large share of the profits, referred to as royalty payments(专利权税).Many franchisees face restrictions in the reselling of their franchises with transfer of ownership possibly requiring approval of the franchiser.。
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Forms of Business Organization
Sole proprietorships General partnerships Limited partnerships Corporations Limited liability companies/partnerships Business combinations
It provides the most flexible possibilities for investors.
公司为投资者提供最灵活的可能性。
Limited liability companies/partnerships
It is relatively new forms of entity that combine favorable tax treatment with limited legal liability for the owners.
Sole proprietorships
It is the simplest businesses to form,but equity financing is limited to the owner's asset.
独资企业是最简单的企业形式，但股权融资仅限于所有者的 资产。
General partnerships
有限责任公司和有限责任合伙是相对较新的实体形式,良好的 税务处理与有限法律责任相结合。
Business combinations
It is way of leveraging your business's assets through contractual arrangements with other companies.
Forms of Business Organization
袁陈勇 叶煜强 曹巍凯 赵海
姚苗苗 黄丽娟 黄丽彬 韩珍
The specific types of equity financing available to you are,to some extent,determined by the organizational form of your small business. While your choice of business form or "entity" for your small business involves a wide spectrum of other important issues—such as the degree of personal risk involved in the type of business,tax considerations,and the need to attract good business managers.
企业合并是通过合同协议将企业自身的资产和其他公司的资 产合并。
which m is the best for you? No formula exists for making the determination of which entity is best for your business.
It can provide limited liability to some of the owners,if they're not active partcipants in the business.
有限责任合伙可以提供有限的责任给一些业主,如果他们不积极 参与公司业务。
Corporations
It requires at least two owners,so equity financing possibilities are greater than in proprietorships.
普通合伙企业至少需要两个所有人,所以股权融资的可能性 大于独资企业。
Limited partnerships
THE END
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