7-Eleven
McDonalds, Tim Hortons
Toronto energy renewal
Intel, Walmart
Examples
Lemonade stands, Little bit of Britian
The different forms of businesses
Franchise
Pay a monthly fee
Training required for all workers
Has brand recognition
Easy to follow
Make a lot of money
Corporation
Need a lawyer
More complex
Have share holders
Higher protection
You are seperate from the business
Co-operative
Limited liability
Expensive to setup
Consensus must be had
Works well in specific areas
Business continues to be operational until co-op closes down
Partnership
An agreement is required
You have personal liability
If one person is in trouble, everyone is in trouble
Everyone has shared cost and responsibility
Easy to setup
You work together
Sole proprietorship
Advantages
-You get all the money
-Easy to sell the business
-Only 1 level of taxation
Disadvantages
-Liable for debts
-You do everything yourself!
-Liable for wrongful acts
