乔森奈公司金融.ppt

Chapter 1 The Corporation 1-2 Chapter Outline 1.1 The Types of Firms 1.2 Ownership Versus Control of Corporations 1.3 The Stock Market 1-3 Learning Objectives 1. List and define the major types of firms; describe major characteristics of each type, including the means for distributing income to owners. 2. Distinguish between limited and unlimited liability, and list firm types that are subject to each type of liability. 3. Describe the taxation consequences for corporate forms. 1-4 Learning Objectives 4. Discuss the division of corporate ownership into shares of stock; evaluate the implications of that division for corporate decision making. 5. Explain how corporate bankruptcy can be viewed as a change in firm ownership. 6. Compare and contrast the characteristics of shares that are publicly traded and the characteristics of those that are not. 1-5 1.1 The Types of Firms ? Sole Proprietorship ? Partnership ? Limited Liability Company or Corporation 1-6 Figure 1.1 Types of U.S. Firms Source: 1-7 1.1 The Types of Firms (contd) ? Sole Proprietorships – Business is owned and run by one person – Typically has few, if any, employees – Advantages ? Easy to create – Disadvantages ? Unlimited personal liability ? Limited life 1-8 1.1 The Types of Firms (contd) ? Partnerships – Similar to a sole proprietorship, but with more than one owner – All partners are personally liable for all of the firms debts. A lender can require any partner to repay all of the firms outstanding debts. – The partnership ends with the death or withdrawal of any single partner. 1-9 1.1 The Types of Firms (contd) ? Partnerships – Limited Partnership has two types of owners. ? General Partners – Have the same rights and liability as partners in a (general) partnership – Typically run the firm on a day-to-day basis ? Limited Partners – Have limited liability and cannot lose more than their initial investme