tailieunhanh - Lecture Entrepreneurial finance - Chapter 3: Organizing and financing a new venture

This chapter describe the proprietorship, partnership, and corporate forms of business; identify the differentiating characteristics of a limited liability company (LLC); describe the benefits, risks, and basic tax aspects of various organizational forms; discuss the use of patents and trade secrets to protect intellectual property;. | Chapter 3 ORGANIZING AND FINANCING A NEW VENTURE 1 © 2012 South-Western Cengage Learning ENTREPRENEURIAL FINANCE Leach & Melicher Chapter 3: Learning Objectives Describe the proprietorship, partnership, and corporate forms of business Identify the differentiating characteristics of a limited liability company (LLC) Describe the benefits, risks, and basic tax aspects of various organizational forms Discuss the use of patents and trade secrets to protect intellectual property Discuss the use of trademarks and copyrights to protect intellectual property Describe how confidential disclosure agreements and employment contracts are used to protect intellectual property rights Explain how financing is obtained via financial bootstrapping and through business angels Describe first-round financing sources 2 Forms of Business Organization Sole Proprietorships Partnerships General Limited Corporations C corporations S (or Subchapter S) corporations Limited Liability Companies (LLCs) 3 . | Chapter 3 ORGANIZING AND FINANCING A NEW VENTURE 1 © 2012 South-Western Cengage Learning ENTREPRENEURIAL FINANCE Leach & Melicher Chapter 3: Learning Objectives Describe the proprietorship, partnership, and corporate forms of business Identify the differentiating characteristics of a limited liability company (LLC) Describe the benefits, risks, and basic tax aspects of various organizational forms Discuss the use of patents and trade secrets to protect intellectual property Discuss the use of trademarks and copyrights to protect intellectual property Describe how confidential disclosure agreements and employment contracts are used to protect intellectual property rights Explain how financing is obtained via financial bootstrapping and through business angels Describe first-round financing sources 2 Forms of Business Organization Sole Proprietorships Partnerships General Limited Corporations C corporations S (or Subchapter S) corporations Limited Liability Companies (LLCs) 3 Proprietorships Proprietorship: business venture owned by an individual who is personally liable for the venture’s liabilities Unlimited liability: personal obligation to pay a venture’s liabilities not covered by the venture’s assets 4 Partnerships Partnership: business venture owned by two or more individuals who are jointly and personally liable for the venture’s liabilities Joint Liability: legal action treats all partners equally as a group 5 Partnerships (continued) Joint and Several Liability: allows subsets of partners to be the object of legal action related to the partnership Limited Partnership: limits limited partner liabilities in a partnership to the amount of their equity capital contribution to the partnership 6 Corporations Corporation: a legal entity that separates personal assets of the owners (shareholders) from the assets of the business Limited Liability: creditors can seize the corporation’s assets but have no recourse against the shareholders’ personal assets Corporate .

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