Domain 1

Business to customer ( B2B)

when a customer purchases an item from a business

S-corporation

Lower tax rate prevents the company from being double taxed

C- corporation

Best for international business even with being double taxed

LLC= limited liability

Ideal for a single owner seeking low risk

Partnership

More then one person shared financial banking

Non profit

No owner no taxes no ownership, no federal taxes

Sole proprietorship

Easy to create but comes with unlimited liability

Founder

The person that created the company

Chief financial officer ( CFO)

Oversees company finances

Chief executive officer (CEO)

Highest ranking person in a company reports to the board of directors

Chief operating officer ( COO)

Oversees daily operational and administrative functions

Chris technology officer ( CTO)

Oversees technology in a company and makes technology related decisions

Stakeholder

Has a vested interest in the success of the company

Stockholder

Owns stock in the company can remove a CEO

Hourly wage

A payment for the hours a person have worked

Salary

A fixed payment amount for each pay period

Commission

A fee paid for completing a task and usually found in sales positions

Peice work

Employees are compensated for the number of units they produce

Equity

a non cash compensation commonly offered to employee in place of cash in addition to a lower salary

Business life cycle In order

Existence

Survival

Success

Take off

Maturity

Pivot or persist

Exit plan

Existence

Business is up and running

Survival

Reliable number of customers to stay open ( starting to generate income)

Success

The business is economically healthy owner looks for avenues to leverage the company

Take off

Owners decide if they want a big company and decide how to finance it

Maturity

The owner has separated themselves financially and operationally

Pivot or pressit

To make new strategy?

Exit plan

Owner decides to sell their company