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20 Cards in this Set
- Front
- Back
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Limited partnership
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Limits liability for one or more partners according to thier invesment
General partner still at full risk Limited partners are silent and can't be involved in day to day operations General partner has full control |
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What is a corporation
Types? |
Seperates a business from the owner
Has an elected Board of Directors tha controls the organization Four types: C corp, S corp, Personal Service corp, Limited liability corp (LLP) |
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What is a C corp?
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Legal entinity seperate from owners
Easy to transfer ownership and easier to raise money Corp tax of 15% and individual tax on profit (HIGH) More regulation and legal restrictions than patnerships Shareholders are passive |
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What is a S corp?
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Pass thru tax for federal income tax b/c owners are shareholders
wners taxed at individual tax rate Shareholders are limited to 35 percent Owners are shareholders -- this is how they avoid corp tax |
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What is a personal service corp?
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Members of a preofession can form these
They are for persons who are owners and providers of service Benefits can be deducted as expenses of the org Mileage, salaris, business expenses all deducted Owner-service providers must be members of the same profession No personal liability |
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What is a limited liability corp?
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Members of the compan govern and own this type of corp; they are essentially shareholders
Taxed like partnership (individiual tax rates) Can have limited liability for limited partner, limited to amt of investment Not limited in number of stakeholders; 1 person can for an LLR More complexity, more formality, and more cost to set up the partnership |
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Common organizations structures?
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"Specialization"
Mgt Operating core: actually perform the work Support services: legal, acct, tech support: development of work standard Non-tech: marketing, public reltions, receptionist |
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What is an organizational chart? Solid vs. dotted lines?
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Graphic representation of an organizational structure
Solid lines indicate direct reporting relationship (PTA to PT) Dotted lines represent communication/indiret control, but not you're immediate superior |
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What does an organizational chart typically look like?
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Pyramidal.. can also be flat if owne is at top and everyone below
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4 stages of an organization
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Craft Stage
Entrepreneurial stage Bureaucratic stage Divisional stage |
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What is the Craft Stage?
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One or more workers
All workers can perform almost all duties within org. If supervision, then working supervision |
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What in Entrepreneurial tage?
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Supervision req'd; mutual accomidation and standardization alone don't work
Divison of labor starts here Owner, manager, and employees |
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What is Bureaucratic stage?
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Division of labor increases
More omplex work, coordination system is needed Highly specialized employees Larger, more complex mgt sx Distinct dpt's sx'd along lines of specialization |
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What stage is difficult to respond to change?
ADV of this stage? |
Bureacratic stage b/c a change affects all the different specialties
ADV: if one dep is not making money, others can pick up the slack |
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What is Divisional stage?
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Expand thru produce diversification and or market expansin
Vertical or horizontal integration |
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Horizontal integration
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Expansion into new markets
Aquire or develop add'n practices to cover larger geographical areas |
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Vertical integration
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Product diversification
Broadeninig services to same customer or adding new customer bad... ie add DME or vestibular rehab |
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Centralization vs. decentralization?
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Centralization means new clinic exactly like the last one
ADV = buying power and great deal on equipment Decentralization gives more flexibility b/c not exaclty the same |
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Matrix org?
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Hybrid btw product line and traditional bureaucratic
Maintains a dept. sx but overlays a product line sx ie. PT belong to PT dept, but also part of team One service reports to one of the VPs who reports to president |
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What is included in job description?
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Specific job duties
Personal/pysical req's Minimal education, skills, experience Performance expectations Standard by which the work will be evaluated Relationship to manager and other employees ... who supervises who Hihgly specialized job = few focused defined tasks |
