Business Organization

Business Organization

A joint –stock company is “a forerunner of the modern corporation that was organized for undertakings requiring large amounts of capital” ("Joint-stock company," 2006). The Virginia Company was founded in 1606 and is one of the earliest joint-stock companies in history. It was founded by King James I with the goal of colonizing the eastern coast of North America. The shareholders were mainly from London and in December of 1606 they sent three ships that reached Virginia in May of 1607 and the colonist founded Jamestown Colony.

A limited liability corporation means that if a company goes out of business the wealth and possessions of the owners can’t be taken to repay any debts of the business, only assets in the name of the business can be used to pay off the debt. Chrysler Group LLC was established in 2009 to form an Alliance with Fiat S.p.A., the company’s headquarters are in Auburn Hills, Michigan where they produce vehicles for Chrysler, Jeep, Dodge, Ram, SRT, Fiat and Mopar vehicles and products ("About Us - Chrysler Group LLC", 2012).

A partnership is exactly that two or more people own a business equally. They share all of the responsibility for the business between them. An example of a partnership would be the original Johnson and Johnson Company. Now it is an LLC and sells stock, but originally it was a small company started by three brothers in 1886 making surgical dressings. ("Johnson & Johnson History", 2013).

A sole proprietorship is a one man show, it is owned, operated and responsible for all debts by one person. They may have employees that work for them, but all of the responsibilities of the business fall on this one person. Sole proprietors own businesses in several different industries and can be home-based businesses as well. My mother owned and operated a used book store for several years before eventually retiring due to health issues. She was responsible for filing the taxes along with her own personal...