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Ebook The legal environment of business (9th edition): Part 2

(BQ) Part 2 book "The legal environment of business" has contents: Small business organizations, limited liability business forms, employment relationships, employment discrimination, consumer protection, environmental law, investor protection and corporate governance,.and other contents. | Unit Four The Business Environment Contents 17  Small Business Organizations 18  Limited Liability Business Forms 19 Corporations Copyright 2013 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Chapter 17 Small Business Organizations O ne of the goals of many business students is to become an ­entrepreneur, one who initiates and assumes the financial risk of a new business enterprise and undertakes to provide or control its management. One of the first decisions an entrepreneur must make is which form of business organization will be most appropriate for the new endeavor. In selecting an organizational form, the entrepreneur will consider a number of factors, including (1) ease of creation, (2) the liability of the owners, (3) tax considerations, and (4) the ability to raise capital. Keep these factors in mind as you read this unit and learn about the various forms of business organization. You may find it helpful to refer to Exhibit 19–3 in Chapter 19, which compares the major business forms in use today. Remember, SECTION 1 Sole Proprietorships The simplest form of business is a sole proprietorship. In this form, the owner is the business. Thus, anyone who does business without creating a separate business organization has a sole proprietorship. More than two-thirds of all U.S. businesses are sole proprietorships. They are usually small enterprises—about 99 percent of the sole proprietorships in the United States have revenues of less than $1 million per year. Sole proprietors can own and manage any type of business from an informal, home-office or .