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19 Cards in this Set
- Front
- Back
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Sole Proprietorship
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-Most common form of business organization in U.S.
-A business owned and operated by a single person |
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Financial Capital
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money needed to run a business or enable it to grow larger
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Partnership
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-Owned by two or more people
-Fewer than any other business -No corporate income tax -Legal stucture is complex |
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Corporation
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-Business recognized by law that has many of the rights and responsibilities of an individual
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Charter
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-Must get one to have a corp.
-Gov doc granting permission to organize |
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Board of directors
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stockholders elect to act on their behalf
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Double taxation
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paying twice on corporate profits
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Cooperatives
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non profit organization.
-A voluntary associaton of people formed to carry on some kind of economic activity that serves to benefit its members |
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Labor union
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group of workers who ban together to work to get better pay and conditions
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International unions
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canada/mexico
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Closed shop
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must be in union to be hired
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Union shop
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have to become part of union once u begin working
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Right to work laws
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Prevent unions from forcing u to join union
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Modified union shop
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ur choice to join
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collective bargaining
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process by which unions and employers negotiate the conditions of employment
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Mediation
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bring in 3rd party to listen to argument and tries to help meet an agreement
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Arbitration
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3rd party listens to both sides then decides how to settle agreement
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Strike
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All workers dont come to work
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Lockout
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Company blocks workers from entering building until they agree to accept its contract terms
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