B U S I N E S S O R G A N I Z AT I O N S

CHAPTER 3

M A I N I D E A : B U S I N E S S E S M AY B E O R G A N I Z E D A S I N D I V I D U A L P R O P R I E T O R S H I P S , PA RT N E R S H I P S , O R

C O R P O R AT I O N S

CHAPTER 3 SECTION 1: FORMS OF BUSINESS

ORGANIZATION

VOCABULARY

• Sole proprietorship• Proprietorship• Unlimited liability• Inventory• Limited life• Partnership• Limited partnership• Bankruptcy• Corporation• Charter• Stock

VOCABULARY CONTINUED

• Stockholder• Shareholder• Dividend• Bond• Principal• Interest• Double taxation

NOTES

• What are the characteristics and organization of a sole proprietorship?• What are the advantages and disadvantages of a

partnership?• Copy chart (figure 3.3) on page 64

ASSIGNMENT TO TURN IN

• Think of your 5 most favorite places to shop or get service. List those places of business and tell what kind of formal business structure they are: sole proprietorship, partnership, or corporation

M A I N I D E A : B U S I N E S S E S M E R G E A N D I N V E S T T O P R O D U C E M O R E .

CHAPTER 3 SECTION 2: BUSINESS GROWTH AND

EXPANSION

VOCABULARY

• Merger• Income statement• Net income• Depreciation• Cash flow• Horizontal merger• Vertical merger• Conglomerate• multinational

NOTES

• How can firm generate funds internally to grow and expand?• What are 5 reasons that firms merge?• What are the different ways business can merge?

ASSIGNMENT TO TURN IN

• Research a recent merger (you may use your personal devices for this assignment) What are the names of the companies that merged? What statistics were provided (if any)? What other information did you learn about the two companies?

M A I N I D E A : P R O D U C E R A N D W O R K E R C O O P E R A T I V E S B E N E F I T M E M B E R S

CHAPTER 3 SECTION 3: OTHER ORGANIZATIONS

VOCABULARY

• Non profit organization• Cooperative• Co-op• Credit union• Labor union• Collective bargaining• Professional association• Chamber of commerce• Better Business Bureau• Public utility

NOTES

• What are the purposes of the different types of nonprofit organizations?• How is the government directly and indirectly

involved as an economic institution?

ASSIGNMENT TO TURN IN

• Think of 4 non-profit organizations• Create a chart to include: name of organization,

how it began and what its goals are, what does the organization do with its extra money?• You may use your electronic device to do research