TAILIEUCHUNG - Lecture Fundamentals of financial management: Chapter 2 - Gregory A. Kuhlemeyer, Carroll College, Waukesha

Chapter 2 - The business, tax, and financial environments. In this chapter, we will explore the advantages and disadvantages of the various alternative forms of business organization. Next, we will look at the tax environment in order to gain a basic understanding of how tax implications may impact various financial decisions. Finally, we investigate the financial system and the everchanging environment in which capital is raised. | Chapter 2 The Business, Tax, and Financial Environments © 2001 Prentice-Hall, Inc. Fundamentals of Financial Management, 11/e Created by: Gregory A. Kuhlemeyer, . Carroll College, Waukesha, WI The Business, Tax, and Financial Environments The Business Environment The Tax Environment The Financial Environment The Business Environment Sole Proprietorships Partnerships (general and limited) Corporations Limited liability companies The . has four basic forms of business organization: The Business Environment Oldest form of business organization. Business income is accounted for on the owner’s personal income tax form. Sole Proprietorship -- A business form for which there is one owner. This single owner has unlimited liability for all debts of the firm. Summary for Sole Proprietorship Advantages Simplicity Low setup cost Quick setup Single tax filing on individual form Disadvantages Unlimited liability Hard to raise additional capital Transfer of ownership difficulties The Business Environment Business income is accounted for on each partner’s personal income tax form. Partnership -- A business form in which two or more individuals act as owners. Types of Partnerships Limited Partnership -- Limited partners have liability limited to their capital contribution (investors only). At least one general partner is required and all general partners have unlimited liability. General Partnership -- All partners have unlimited liability and are liable for all obligations of the partnership. Summary for Partnership Advantages Can be simple Low setup cost, higher than sole proprietorship Relatively quick setup Limited liability for limited partners Disadvantages Unlimited liability for the general partner Difficult to raise additional capital, but easier than sole proprietorship Transfer of ownership difficulties The Business Environment An artificial entity that can own assets and incur liabilities. Business income is accounted for on the income tax form of the .

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