Economics: Today and Tomorrow © 2012Chapter 8:
Business OrganizationsChapter OverviewsSection 1: Starting a Business
People decide to start a business to gain profits, to "do something on their own," or to be their own boss. When individuals decide to take a risk and start a business, their success is greatly influenced by the amount of research and planning they do before they begin producing their goods or services. There are four basic elements of business operation: expenses, advertising, record keeping, and risk. Section 2: Sole Proprietorships and Partnerships
Choosing the type of business organization is one of the decisions that entrepreneurs must make. Sole proprietorships and partnerships are two ways of organizing businesses. A sole proprietorship is a business owned and operated by one person. A partnership is a business owned and operated by two or more individuals. Section 3: The Corporate World and Franchises
A corporation is an organization owned by many people but treated by law as though it were a person. Stock represents ownership rights to a certain portion of a corporation’s profits and assets. A franchise is an arrangement in which a person or group obtains the right to use the name and sell the products of another business. Various advantages and disadvantages impact the avenue people choose take.  | 
