Forms of business ownership mindmap Brandon F

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Types of Business

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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