CHAPTER 3

Name _________________

3.1 TYPES OF BUSINESS

Date

_________________
3.2 TYPES OF BUSINESS OWNERSHIP

5 MINUTES ON YOUR OWN

(1) When I think of

Class _________________

5 MINUTES ON YOUR OWN

business, what type of business do I think of first?

__________________________________________________________________________________________________
(2) What is a good

definition of business?

__________________________________________________________________________________________________
__________________________________________________________________________________________________

categories that could be used to describe business (for example,

(3) Name some

large or small)

sell their goods or services

(4) Do you think most businesses

to other
businesses or to the general public? Explain why you chose your answer:
__________________________________________________________________________________________________
__________________________________________________________________________________________________
__________________________________________________________________________________________________

3.1 TYPES OF BUSINESS

TYPE

DEFINITION

PICTURE

2 Examples:

2 Examples:

2 Examples:

2 Examples:

With a partner find 2 examples of each type of business in the

textbook (pages 51-53)
Fill in the

195
0

timeline below based on the slide Trends in Business Startups

196
0

197
0

198
0

Now and in the

future
What
types of business were the
What was the
what
is
the
dominant
majority
of the American
dominant industry in
type of business?
economy by 1970?
the 1950s?

199
0

200
0

CHAPTER 3

Name _________________

3.1 TYPES OF BUSINESS

Date

_________________
3.2 TYPES OF BUSINESS OWNERSHIP

5 MINUTES AS A
MINUTES AS A CLASS

Class _________________

CLASS

THINK TO YOURSELF:

If a business fails, should the owner be

responsible for paying its debts, even if it means
selling or a home or a car?
Answer

YES
NO

If YES, BE READY to explain why you believe a business owner

should be personally responsible for the debts of his or her
business.
If NO, BE READY explain why you believe a business owner
should not be personally responsible for debts of his or her
business.

WHOSE fault is it if a business fails? Explain.

(write as we discuss)
__________________________________________________________________________________________________
__________________________________________________________________________________________________
__________________________________________________________________________________________________

3.2 TYPES OF BUSINESS OWNERSHIP

Liability -

Unlimited Liability

Limited Liability

TYPE

DEFINITION

Advantages/Disadva
ntages

Sole
Proprietorsh
ip

Partnerships

Corporations

Cooperatives

With a partner find 2 advantages & 2 disadvantages of each type of

business ownership (pages 56-62)