Thursday, March 20 Update Freshman Seminar

AIM: Students will assess the advantages and disadvantages of a partnership and limited partnership, and contrast them with those of sole proprietorships, with the risk in mind.

DO NOW: Interpret this quote as it applies to what you are learning about entrepreneurship. Make sure to include at least one real-life example to make your point....

"The man who does not work for the love of work but only for money is not likely to make money or to find much fun in life." -- Charles M. Schwab

LP: Today we will examine Partnerships and the Advantages and Disadvantages, using another "T" Chart. Yesterday we prepared a T Chart for the Sole Proprietorship and students placed the information in their notebook copies of the T Chart. Today we will do the same but this time for Partnerships. We will place the Advantages and disadvantages on the board, after examing the different types of partnerhips (Partnership and Limited Partnership),and placing the types and the definitions on the board and in notebooks.
We will discuss the Risk again, as sole proprietorship owner of a business vs. being a partner or limited partner.

Ask students:
" What is a D.B.A. form? Is it a certificate, a permit, or a license? Students must explain. Direct students to page 169 in their workbooks, and to complete question 5, which that question is, and then to go to key concepts and complete 1, 2, and 3, using the textbook in paired work. Not groups. Students must also complete the matching Vocabulary words assignment on page 170 in their notebooks.

HOMEWORK: Write complete sentences of your own (not from the workbook or book) correctly using the vocabulary words:
limited partnership, sole proprietorship, partnership, and permit.
...Also,
Continue to prepare the legal structure and business agreement you have been working on this week, with your business partners on the phone and by email, or in person. Make sure to document the "minutes" (typing up the discussion notes and decisions made, with the date, time met, how met, and who was involved and what was decided.)

Tell students we will be viewing another entrepreneurs success story next week. But first we will complete this chapter.