20181204【充实计划】第910期

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Corporate Finance : four types of firms :
        Sole proprietorship is a business owned and run by one person.
        Sole proprietorships share the following four key characteristics:
1.        Sole proprietorships are straightforward to set up;
2.        The principle limitation of a sole proprietorship is that there is separation between the firm and the owner;
3.        The owner has unlimited personal liability for any of the firm’s debt, that is if the firm defaults on any debt payment, the lender can require the owner to repay the loan from personal assets. An owner who cannot afford to repay the loan must declare personal bankruptcy.
4.        The life of a sole proprietorship is limited to the life of the owner. And it is difficult to transfer ownership of a sole proprietorship.
        Partnerships: a partnership is identical to a sole proprietorship except it has more than one owner.  The following characteristics are key features of a partnership:
        All partners are liable for the firm’s debt.  That is , a lender can require any partner to repay all the firm’s outstanding debts;
        The partnership ends on the death or withdrawal of any single partner, although partners can avoid liquidation if the partnership agreement provides for alternatives such as a buyout of a deceased or withdrawn partner.
A limited partnership is a partnership with two kinds of owners, general partners and limited partners. General partners have the same rights and privileges as partners in a general partnership they are personally liable for the firm’s debt obligations. Limited partners however have limited liability that is their liability is limited to their investment. A limited partner has no management authority and can not legally be involved in the managerial decision making for the business.
        Limited liability companies: a limited liability company (LLC) is a limited partnership without a general partner. That is all the owners have limited liability but unlike limited partners, they can also run the business. LLCs rose to prominence first in Germany over 100 years ago as a Gesellschaft mit beschrankter hafting GmbH and then in France as a Societe a responsabilite limitee and by SRL in Italy and SL in Spain.
        Corporations: the distinguishing feature of a corporation is that it is a legally defined, artificial being (a judicial person or legal entity) separate from its owners. Because a corporation is a legal entity separate and distinct from its owners, it is solely responsible for its own obligations. Consequently, the owners of a corporation or its employees, customers etc are not liable for any obligations the corporation enters into. Similarly, the corporation is not liable for any personal obligations of its owners.
        Formation of a corporation. Corporations must be legally formed which means that the state in which it is incorporated must formally give its consent to the incorporation by chartering it. Setting up a corporation is therefore considerably more costly than setting up a sole proprietorship. The corporate charter specifies the initial rules that govern how the corporation is run.
        Ownership of corporation. There is no limit on the number of owners, which a corporation can have. The entire ownership stake of a corporation is divided into shares known as stock.

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