Lesson 23: Types of Business Ownership
Duration of Days: 2
Lesson Objective
Students will learn about the types of business ownership and provide students with a clear understanding of the various forms of business structures, their advantages and disadvantages, and how they impact business operations and decision-making.
What are the main types of business ownership structures?
How does each type of business ownership differ from others?
What are the advantages of a sole proprietorship?
What are the disadvantages of a partnership?
What is an LLC and the benefit of this type of business?
liability, limited liability, unlimited liability, sole proprietorship, partnership, corporation, shareholders
HS.CTE.1D - 1D. Communicate effectively using course content.
POG:
I am a LEARNER: Master fundamental skills in core subject areas
I am a THINKER: Critical thinking, independent thinking
Evidence-based reading and writing sections that require analyzing arguments and identifying logical flaws.
SAT Math sections that require logical reasoning and the ability to solve complex problem
Purpose: students will learn types of business ownership and this will equip students with a comprehensive understanding of the various business structures and their implications. This foundational knowledge will help students make informed decisions about starting, managing, and operating a business
DOK 1:
Define the four main types of business ownership
List the advantages and disadvantages of sole proprietorships.
Identify key characteristics of partnerships.
Recall what a corporation is and how it differs from other business types
DOK 2:
Compare and contrast sole proprietorships and partnerships in terms of liability and taxation.
DOK 4
Analyze a case study of a successful business and critique its choice of ownership structure
Choosing the correct business structure is a vital decision for a businesses success.
Students might believe that all types of business ownership are essentially the same and that the differences between them are negligible.
Modeling, one on one instruction, Google classroom or Moodle. Online instructional tools, videos, real world application of information, textbook, online or paper assignments, Spanish version available for ELL students
Guided Notes, worksheet, Business type analysis worksheet
Entrepreneurship, 6th edition, online/paper edition. Online working papers (MindTap), class notes, Do Now, Exit Tickets