企业组织形式

1Chapter3ORGANIZINGANDFINANCINGANEWVENTUREENTREPRENEURIALFINANCE2Chapter3:LearningObjectivesDescribetheproprietorship,partnership,&corporateformsofbusinessIdentifyalimitedliabilitycompany(LLC)Describethebenefits,risks,&basictaxaspectsofvariousorganizationalformsDiscusstheuseofpatents&tradesecretstoprotectintellectualproperty3Chapter3:LearningObjectives(continued)Discusstheuseoftrademarks©rightstoprotectintellectualpropertyDescribehowconfidentialdisclosureagreements&employmentcontractsareusedtoprotectintellectualpropertyrightsExplainhowfinancingisobtainedviafinancialbootstrapping&throughbusinessangels4FormsofBusinessOrganization企业组织形式Proprietorships（独资企业）Partnerships（合资企业）•General•LimitedCorporations（股份公司）•Ccorporations•S(orSubchapterS)corporationsLimitedLiabilityCompanies(LLCs)（有限责任公司）5Proprietorships独资企业Proprietorship:独资企业定义businessventureownedbyanindividualwhoispersonallyliablefortheventure’sliabilitiesUnlimitedliability:personalobligationtopayaventure’sliabilitiesnotcoveredbytheventure’sassets6Partnerships合伙（资）企业Partnership:合伙（资）企业定义businessventureownedbytwoormoreindividualswhoarejointlyandpersonallyliablefortheventure’sliabilitiesJointLiability:legalactiontreatsallpartnersequallyasagroup7Partnerships(continued)合伙（资）企业JointandSeveralLiability:allowssubsetsofpartnerstobetheobjectoflegalactionrelatedtothepartnershipLimitedPartnership:limitslimitedpartnerliabilitiesinapartnershiptotheamountoftheirequitycapitalcontributiontothepartnership8Corporations股份制公司Corporation:股份制公司定义alegalentitythatseparatespersonalassetsoftheowners(shareholders)fromthefirm’sassetsLimitedLiability:creditorscanseizethecorporation’sassetsbuthavenorecourseagainsttheshareholders’personalassetsCorporateCharter:股份制公司章程legaldocumentthatestablishesthecorporationSCorporation:小股份制公司provideslimitedliabilityforshareholderspluscorporateincomeistaxedlikepersonalincometotheshareholders9LimitedLiabilityCompanies(LLCs)有限责任制公司LimitedLiabilityCompany(LLC):有限责任制公司定义abusinessorganizationownedby“members”(shareholders)withlimitedliabilityMajorIncentiveforOrganizingasanLLC•earningscanbetaxedatthepersonalincometaxratesofthemembers10BasesforComparingVariousBusinessOrganizationalForms各类企业组织形式比较基数NumberofOwners&EaseofStartup（企业所有者数量及是否容易组建）InvestorLiability（投资者的偿债责任）EquityCapitalSources（股权资本来源）FirmLife&LiquidityofOwnership（企业的生命周期与所有权的流动性）Taxation（企业所得税）11NumberofOwners&EaseofStartup企业所有者数量及是否容易组建Proprietorshipone;lowtime&legalcostsPartnership(general)twoormore;moderatetime&legalcostsLimitedPartnershiponeormoregeneral&oneormorelimitedpartners;moderatetime&legalcosts12NumberofOwners&EaseofStartup(continued)企业所有者数量及是否容易组建Corporation(C)oneormore,withnolimit;hightime&legalcostsS(SubchapterS)Corporationlessthan75owners;hightime&legalcostsLimitedLiabilityCompany(LLC)oneormore,withnolimit;hightime&legalcosts13InvestorLiability投资者的偿债责任ProprietorshipunlimitedPartnership(general)unlimited(joint&severalliability)LimitedPartnershiplimitedpartners’liabilitylimitedtotheirinvestments14InvestorLiability(continued)投资者的偿债责任Corporation(C)limitedtoshareholders’investmentsS(SubchapterS)Corporationlimitedtoshareholders’investmentsLimitedLiabilityCompany(LLC)limitedtoowners’investments15EquityCapitalSources股权资本来源ProprietorshipownerPartnership(general)partners,families,&friendsLimitedPartnershipgeneralandlimitedpartners16EquityCapitalSources(continued)股权资本来源Corporation(C)ventureinvestors&commonshareholdersS(SubchapterS)Corporationventureinvestors&SubchapterSinvestorsLimitedLiabilityCompany(LLC)ventureinvestors&equityofferingstoowners17FirmLife&LiquidityofOwnership企业的生命周期与所有权的流动性Partnershiplifedeterminedbyowner;oftendifficulttotransferownershipPartnership(general)lifedeterminedbypartners;oftendifficulttotransferownershipLimitedPartnershiplifedeterminedbygeneralpartner;oftendifficulttotransferownership18FirmLife&LiquidityofOwnership(continued)Corporation(C)unlimitedlife;usuallyeasytotransferownershipS(SubchapterS)Corporationunlimitedlife;oftendifficulttotransferownershipLimitedLiabilityCompany(LLC)lifesetbyowners;oftendifficulttotransferownership19Taxation公司所得税ProprietorshippersonaltaxratePartnership(general)personaltaxratesLimitedPartnershippersonaltaxrates20Taxation(continued)公司所得税Corporation(C)corporatetaxation;dividendssubjecttopersonaltaxratesS(SubchapterS)Corporationincomeflowstoshareholders;taxedatpersonaltaxratesLimitedLiabilityCompany(LLC)incomeflowstoowners;taxedatpersonaltaxrates21WhatisIntellectualProperty?什么是知识产权？IntellectualProperty:知识产权定义aventure’sintangibleassetsandhumancapitalandincludesinventionsandinnovationsthatcanbeprotectedfrombeingfreelyusedorcopiedbyothers22ProtectingValuableIntangibleAssets无形资产的保护措施ThereareFourFormsofProtection:Patents专利TradeSecrets商业秘密Trademarks商标Copyrights版权23IntellectualPropertyProtectionMethods:BasicDefinitionsPatents:(专利）intellectualpropertyrightsgrantedforinventionsthatareuseful,novel,andnon-obviousTradeSecrets:（商业秘密）intellectualpropertyrightsintheformofinventionsandin