Accounting and Finance Foundations

Unit 4

Accounting and Finance Foundations Unit 4: Ownership Structures 282

Ownership Structures

Lesson 11.4

Chapter 11

Lesson 11.3

Student Assignment

Critical Thinking—Assignment 2

This assignment can be completed in groups or as an individual.

1. Martha Collinsberry and her partner, Wesley Allen, failed in their business venture. The debts are
   about $8,000 greater than the value of the business. Martha has personal property worth more
   than $10,000, but Wesley owns nothing. Could Martha’s personal property be taken to settle the
   debts of the business? Explain.


2. Which of the types of businesses described in this chapter would have the easiest time obtaining
   money to expand? Why?

Local Business Profile—Assignment 3

Interview an owner at a local business in the community. The business can be organized as a sole propri-

etor, partnership, corporation, or any of the specialized forms of business.

You must include the following information:

1. Name of Business


2. History of Business: Year of Establishment, How it evolved


3. Name(s) of Owner(s)


4. Business Address


5. Phone Number/Email Address/Website


6. Type of business: service, retail, or manufacturer


7. Number of Employees


8. Company logo and/or slogan


9. What does s/he enjoy about the job?


10. What does s/he find difficult in running his/her business?


11. What is the business structure? How was the business structure chosen?


12. What are the advantages and disadvantages for the company’s business structure?


13. What business structure would you recommend for someone just starting a new business? Why?


14. Optional...picture of business