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1、Unit 1,Setting up a Business,Brief Introduction,Forms of business:,1.Sole proprietorship2.Partnership3.Corporation 4.Franchising,Sole proprietorship,A business owned and controlled by one person.,Advantages,Simple to establish.Freer in decision-making.Easy to keep operational and financial secrecy.L
2、ess tax burden.Exclusive use of profits.,Disadvantages,Unlimited liabilityLimited access to capital.Limited managerial expertise.,Partnership,An association of 2 or more persons to carry on as co-owners of a business for profit.,Advantages,Improved access to capital and credit.Greater possibility fo
3、r good management.Definite legal framework.Better prospects for growth.,Disadvantages,Unlimited liabilityInternal conflicts Problem of continuity,Corporation,At least three incoporators(stockholders or shareholders)needed to form a corporation.A corporation is a legal person.,Advantages,Limited liab
4、ilityEasy to expandSeparated ownership from managementContinuous life,Disadvantages,Double taxationHigh organizing costsLack of secrecy,Franchising,A licensing agreement,under which the franchisor grants the franchisee the right to sell or use the formers product,service or method in return for a ro
5、yalty from the latter.,Advantages,Have instant customer recognition but still enjoy some independence as a sole proprietor.Receive training and guidance from the franchisor.Have less difficulty getting bank loans than a sole proprietor of a small business.,Disadvantages,Franchise arrangements may re
6、duce risks,but do not guarantee success.High royalty makes business running with no profits or even at a loss.Franchisee has to sacrifice some independence for most of details of business operation.,Discussion:,1.In which field will you set up your business?Explain your choice.2.Will your business b
7、e a sole proprietorship,a partnership or a corporation?Explain your decision.,Terms:,Sole proprietorship个体经营，个体户Partnership合伙公司 Corporation（股份有限）公司Franchising特许经营,licenses/permits营业执照 sole proprietor个体业主shareholders股东board directors董事.unlimited liability无限责任assets资产(尤指可用来偿债或担保的)financing 融资,personal
8、 property个人资产 withdraw capital撤资 raise capital筹资general partners普通合伙人 limited partners(special partners)责任有限合伙人extend credit提供信贷go broke破产,BOD董事会 legal person法人 bonds债权collateral抵押物Loan against collateral 抵押贷款double taxation 双重征税 income taxes所得税,dividends股息，分红franchisor授予特许者 franchisee获得特许者 royalty特许权，加盟费Listed 上市公司,
