Business Structures and Practices Flashcards
Employee discipline is?
Action taken by a company representatives to enforce company policies.
Especially true in regards to safety infractions. taking action can be crucial to the wellbeing of other employees
What is a Job description?
Written statement that define an employees role and responsibilities so that there is no doubt of an employees role.
Three forms of business ownership used in the wood industry?
Sole Proprietorship
Partners
- Genral partnership
- Limited Partnership
Corporations
Corporations are regarded as being?
Separate and distinct from there shareholders, and they have all the liability for contracts and debts entered into under the corporations name, which eliminates and personal liability of the shareholders.
All legal action is undertaken using the corporations name
Private shareholders vs Public shareholders?
Private - No more than 50
Public - No limit to the number of shareholders.
Advantage of incorporating and Disadvantage ?
Easy provision of multiple ownership and the transferability of ownership.
High cost of establishing corporation
What is “Leadership”
Ability to get a group to work on tasks and achieve something.
Effective leaders are able to encourage others and adopt goals and to work towards attaining those goals.
Four basic traits identified in traditionally leadership training are?
Self Confidence
Enthusiasm
Intelligence
Honesty and Integrity
Three basic methods of supervising people?
Autocratic
Team-centered democratic technique
Laissez-faire method - which means - Leave to do
Most common method of supervision?
Autocratic
What is Autocratic method of supervision
Oldest type of supervision dating back thousands of years.
Found in most homes in the early parent relationship
Supervisor tells employees What, Where, When and how to do something.
What is Team-centered democratic supervision?
Team is self directed
Pool ideas, interests, and abilities, and focus them on goals they share.
Laissez-Faire?
Individuals work independently, developing there own approach at work.
Supervisor works with individuals separately and allows them to free reign to do their work in their own way
Financing of a corporation can be achieved by?
Equity financing
Debt financing
What is Debt Financing?
Raising of capital funds by selling bonds or obtaining loans
Loans are obtained in same manner as personal loans. Personal guarantees are often required
