Partnerships and Their Dynamics

<p>The distribution may not accurately reflect each partner's contributions. (D)</p> Signup and view all the answers

<p>There is uncertainty in the valuation of partnership shares for potential partners. (B)</p> Signup and view all the answers

<p>Engaging in activities that are not necessary for the job (D)</p> Signup and view all the answers

<p>Abusive and intimidating behavior (D)</p> Signup and view all the answers

<p>Excessive personal use of company resources (A)</p> Signup and view all the answers

<p>Choosing between personal interests and business interests (B)</p> Signup and view all the answers

<p>By implementing a good monitoring system and employee training (A)</p> Signup and view all the answers

<p>Fairness and honesty (A)</p> Signup and view all the answers

<p>Legal repercussions and loss of resources (D)</p> Signup and view all the answers

<p>Ignoring someone's contributions (B)</p> Signup and view all the answers

<p>All profits belong exclusively to the owner (B)</p> Signup and view all the answers

<p>To generate revenue and protect domestic industries (C)</p> Signup and view all the answers

<p>They rely on limited sources of funds (B)</p> Signup and view all the answers

<p>They benefit domestic suppliers but increase consumer prices (A)</p> Signup and view all the answers

<p>Profits are considered personal income and taxed as such (A)</p> Signup and view all the answers

<p>Selling goods below production cost to gain market share (D)</p> Signup and view all the answers

<p>The business's lifespan is tied to the owner's life (D)</p> Signup and view all the answers

<p>To counteract the sale of goods below production cost (A)</p> Signup and view all the answers

<p>Managing a team of qualified employees (C)</p> Signup and view all the answers

<p>To completely ban trade with specific countries or goods (C)</p> Signup and view all the answers

<p>They enjoy significant freedom from government regulation (D)</p> Signup and view all the answers

<p>It directly affects their credit standing (A)</p> Signup and view all the answers

<p>They influence trade based on political events and relationships. (A)</p> Signup and view all the answers

<p>Protection of local industries from foreign competition (A)</p> Signup and view all the answers

<p>It can be dissolved easily with no need for approvals (D)</p> Signup and view all the answers

<p>Higher prices for consumers due to limited supply (D)</p> Signup and view all the answers

<p>The corporation’s objectives (B)</p> Signup and view all the answers

<p>Corporate charter (B)</p> Signup and view all the answers

<p>It is owned by a few individuals closely involved in managing the business. (D)</p> Signup and view all the answers

<p>To define the rules and procedures for company operation (A)</p> Signup and view all the answers

<p>Outside the nation in which it is incorporated (D)</p> Signup and view all the answers

<p>Public corporation (A)</p> Signup and view all the answers

<p>The corporation's marketing plan (B)</p> Signup and view all the answers

<p>A corporation that does business in the state in which it is chartered (C)</p> Signup and view all the answers

<p>Managing multiple roles (C)</p> Signup and view all the answers

<p>Undercapitalization (D)</p> Signup and view all the answers

<p>Strain cash flow (D)</p> Signup and view all the answers

<p>Neglecting operational management (A)</p> Signup and view all the answers

<p>Difficulty in delegating authority (D)</p> Signup and view all the answers

<p>A thorough analysis of the competition (C)</p> Signup and view all the answers

<p>As a flexible guide that adapts to changes (A)</p> Signup and view all the answers

<p>Damage to reputation (A)</p> Signup and view all the answers

Using company resources, like computers and internet, for personal activities that are not work-related. This can include excessive personal email, social media browsing, or online shopping.

Offensive behavior that creates a hostile work environment. This includes physical threats, insults, yelling, and ignoring colleagues.

Using company resources, like company phones, computers, or money, for personal gain. This includes submitting personal expenses on company reports or using company copiers for personal use.

When an individual has to choose between their personal interests and those of the company. This can include insider trading or accepting bribes.

Acting in a way that aligns with ethical principles, such as honesty, fairness, and transparency.

Dishonesty in business can take many forms, including lying, hiding information, and not fulfilling promises.

Understanding and respecting the values and customs of the culture in which a business operates.

Acting in accordance with the values and policies of global business practices. This includes respecting international laws, human rights, and environmental regulations.

Taxes imposed on goods entering a country, often used to protect domestic industries or for political purposes.

Limits on the amount of goods allowed to enter a country, benefiting domestic suppliers but potentially raising prices for consumers.

Complete bans on trade with specific countries or goods, often motivated by political reasons.

Selling goods below their production cost to gain market share, often used to undercut competitors.

Measures taken to counter dumping practices, such as tariffs or quotas, aimed at protecting domestic industries.

Government policies that influence international trade, often through tariffs, embargoes, or other measures.

Steps companies take to protect their intellectual property, such as patents, trademarks, or copyrights, especially when operating internationally.

A business structure where one person owns and manages the entire business, taking on all the risks and rewards.

The owner's personal finances are directly linked to the business, meaning they are responsible for all debts and obligations.

The owner has complete freedom to make decisions and run the business without needing approval from anyone else.

The business owner keeps all the profits after paying taxes and expenses.

The owner needs to be skilled in various areas like sales, marketing, finance, and operations.

The business's life is tied to the owner's lifespan and ability to work. If the owner dies or can't work, the business may end.

The business has limited access to funding, relying on personal savings, family, friends, or small business loans.

The business is subject to fewer government regulations compared to larger corporations.

Smaller partnerships can react quickly to changes in the business environment because their structure allows them to make faster decisions.

The distribution of profits in a partnership follows the agreement outlined in the Articles of Partnership. This split can sometimes be unfair if the work contribution of each partner isn't properly reflected.

Partnerships face fewer regulatory controls and bureaucratic procedures compared to corporations. This can make them more agile and responsive.

Partnerships, being quasi-taxable, don't pay taxes directly. Instead, the partners themselves pay taxes on their individual share of the profits.

The value of a partnership share can be difficult to assess because there's no public trading of shares. Third-party evaluations may be needed to determine the value.

A corporation formed in the state where it is registered and operates.

A corporation established in one state but doing business in another.

A corporation established in one country but doing business in another country.

A corporation owned by one or a few individuals who are closely involved in the business.

A corporation whose stock is available for anyone to buy, sell, or trade.

A legal document issued by a state to a company after it fulfills the requirements of incorporation.

Internal rules and procedures governing a corporation's operations, including board committees and their roles.

The process of a corporation selling its shares to the public for the first time, allowing the company to raise capital and be traded on stock exchanges.

A precise statement outlining a business's purpose, goals, and how it will achieve success. It includes an analysis of competition, income/expense estimates, and a funding strategy.

Insufficient funds to sustain operations during low sales periods. Often stems from over-reliance on personal savings and limited access to external funding.

The ability of a business to adapt its goals and strategies to changing market conditions. Involves periodic review and adjustment of the business plan.

When businesses struggle to delegate authority and manage increasing complexity as they grow. It often leads to inefficiencies and strained relationships with customers.

The ability to manage various aspects of a business successfully, such as finance, operations, and human resources. It requires a combination of skills and experience.

The percentage of businesses that fail within their first five years of operation. Caused by factors like undercapitalization, managerial inexperience, and failure to manage growth.

Long working hours and psychological stress experienced by owners as they juggle different roles, face market pressure, and manage finances. It's common in small businesses.

A business plan should be a resource, not a rigid constraint. It should guide decisions without stifling flexibility and responsiveness to change.