{"id":1054,"date":"2015-05-09T20:38:09","date_gmt":"2015-05-09T20:38:09","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterybusiness1xngcxmaster\/?post_type=chapter&#038;p=1054"},"modified":"2015-07-11T21:51:48","modified_gmt":"2015-07-11T21:51:48","slug":"why-it-matters-7","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/chapter\/why-it-matters-7\/","title":{"raw":"Why It Matters: Legal Ownership","rendered":"Why It Matters: Legal Ownership"},"content":{"raw":"<h2>Why distinguish among the legal forms of ownership for a business?<\/h2>\r\nIt may seem that learning about the various ways that businesses can be formed and operate under the legal system is something that should be left to the lawyers and students of the law. However, the way\u00a0a business is formed as a legal entity has implications far beyond the business. Did you know that if your business fails and you can't\u00a0pay your business creditors the money you owe them that you can lose your home, car, and most of your personal belongings? Or, if you select the wrong legal form of ownership, you can find yourself in a position of owing a large sum of money to the Internal Revenue Service? Did you realize that if your business has not been formed in a way that protects you if someone slips and falls in your store that you could be personally liable for their pain and suffering?\r\n\r\nNOW, do you still think that the legal side of forming a business is just for lawyers? If not, then you are getting the idea behind this module. If you're not sure, take a look at the video below and see what happened to a family who ran their own business as a sole proprietorship and experienced\u00a0the impact of the recent recession. After watching the video, you will spend the remainder of this module learning about forms of ownership, options available to business owners, and even places where you can get assistance.\r\n\r\nhttps:\/\/www.youtube.com\/watch?v=xdg6pR4hDJ0\r\n<h3>Learning Outcomes<\/h3>\r\n<ul>\r\n\t<li>Recognize the advantages and disadvantages of the various forms of business ownership relative to a business opportunity<\/li>\r\n\t<li>Differentiate among the different types of corporations available to business owners (C, S, B)<\/li>\r\n\t<li>Explain the concept of franchising and the associated risks and benefits to the franchisor and franchisee<\/li>\r\n\t<li>Explain how a business can expand market share and diversify through mergers and acquisitions<\/li>\r\n\t<li>Identify sources of assistance available to individuals to start a business<\/li>\r\n<\/ul>","rendered":"<h2>Why distinguish among the legal forms of ownership for a business?<\/h2>\n<p>It may seem that learning about the various ways that businesses can be formed and operate under the legal system is something that should be left to the lawyers and students of the law. However, the way\u00a0a business is formed as a legal entity has implications far beyond the business. Did you know that if your business fails and you can&#8217;t\u00a0pay your business creditors the money you owe them that you can lose your home, car, and most of your personal belongings? Or, if you select the wrong legal form of ownership, you can find yourself in a position of owing a large sum of money to the Internal Revenue Service? Did you realize that if your business has not been formed in a way that protects you if someone slips and falls in your store that you could be personally liable for their pain and suffering?<\/p>\n<p>NOW, do you still think that the legal side of forming a business is just for lawyers? If not, then you are getting the idea behind this module. If you&#8217;re not sure, take a look at the video below and see what happened to a family who ran their own business as a sole proprietorship and experienced\u00a0the impact of the recent recession. After watching the video, you will spend the remainder of this module learning about forms of ownership, options available to business owners, and even places where you can get assistance.<\/p>\n<p><iframe loading=\"lazy\" id=\"oembed-1\" title=\"An American Family Faces Poverty\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/xdg6pR4hDJ0?feature=oembed&#38;rel=0\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h3>Learning Outcomes<\/h3>\n<ul>\n<li>Recognize the advantages and disadvantages of the various forms of business ownership relative to a business opportunity<\/li>\n<li>Differentiate among the different types of corporations available to business owners (C, S, B)<\/li>\n<li>Explain the concept of franchising and the associated risks and benefits to the franchisor and franchisee<\/li>\n<li>Explain how a business can expand market share and diversify through mergers and acquisitions<\/li>\n<li>Identify sources of assistance available to individuals to start a business<\/li>\n<\/ul>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-1054\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Why It Matters: Legal Ownership. <strong>Authored by<\/strong>: Linda Williams and Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>An American Family Faces Poverty. <strong>Provided by<\/strong>: BBC. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/youtu.be\/xdg6pR4hDJ0\">https:\/\/youtu.be\/xdg6pR4hDJ0<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-nc-nd\/4.0\/\">CC BY-NC-ND: Attribution-NonCommercial-NoDerivatives <\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":128,"menu_order":1,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Why It Matters: Legal Ownership\",\"author\":\"Linda Williams and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"An American Family Faces Poverty\",\"author\":\"\",\"organization\":\"BBC\",\"url\":\"https:\/\/youtu.be\/xdg6pR4hDJ0\",\"project\":\"\",\"license\":\"cc-by-nc-nd\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"c4bd0eb2-06e4-4180-a50a-cef2630cd46e","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-1054","chapter","type-chapter","status-publish","hentry"],"part":86,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapters\/1054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/users\/128"}],"version-history":[{"count":14,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapters\/1054\/revisions"}],"predecessor-version":[{"id":4982,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapters\/1054\/revisions\/4982"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/parts\/86"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapters\/1054\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/media?parent=1054"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/pressbooks\/v2\/chapter-type?post=1054"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/contributor?post=1054"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/clinton-introbusinesswmopen\/wp-json\/wp\/v2\/license?post=1054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}