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Lecture One:Company Management Forms of Business Ownership (企业产权形式) 1. Sole proprietorships （个人企业） 2. Partnerships（合伙企业） 3. Corporations（公司） 1. Sole proprietorships（个人企业） owned and managed by one person all responsibilities, liabilities, risks and profits no existence apart from the owner liability --- obligation负债，责任义务 Advantages: easiest form of business You are your own boss. Disadvantages: unlimited liabilities （legal responsibilities and debts） no fringe benefits (附加福利) 2. Partnerships（合伙企业） two or more individuals own the business (law firms) Common ownership Shared profits and losses Right to participate in managing the operation of the business Advantages: Combined skills and resources provide greater success Easier to raise capital Disadvantages: Shared risks and losses Division of benefits and disagreements of opinions 3. Corporations（公司） Owned by stockholders/shareholders Life separate from owners Has its own rights and duties Liable for its own debts and taxes Stockholder--- one who owns shares of stocks 股东 （open or closed corporation: whether stocks are sold on the stock market） 3. Corporations（公司） Advantages： Limited liability 有限责任 Skilled management team: professional managers Transfer of ownership（所有权转让）: shareholders have right to sell shares Stability: corporation has unlimited life Disadvantages： Double taxation双重税制： taxes on profits; taxes on dividends (分红) Lack of secrecy（保密）: annual report, public disclosure of data 3. Corporations（公司） Co., Ltd. ----- Corporation limited Corporation: 公司，股份有限公司，法人 LLC--- limited liability company 责任有限公司 Tax advantage: no double taxation Joint Ventures 合资公司 An association of two or more companies engaged in a solitary business enterprise (project) for profit without actual partnership or incorporation(成立有法人地位的公司). Combination of know-how and means 一汽大众 上海通用 东风日产 长安福特 Franchise特许经营 The right to use