This is a collective of notes from last BTT clash on businesses and the like:

*For the sumative, we have to create a lgeal and viable business in the province of Ontario
*Viability is if something can really happen and if it is realistic
*Jobs like car dealerships or petshops are not viable because a teenager would not be able to aquire such jobs
*Try to make as much money as possible with your business
*A level 4 project would be perfect: you can submit the paperwork and start a business the next day
*A wholesaler is someone who buys retail
*Wholesale is cheaper than retail
*You can buy wholesale from other countries but you have to pay for the Duty Tax and shipping fees
*Avoid retail and importing
*If you buy in bulk it is cheaper
*You also need to have stock and places to put the stock (you have to invest money into buying the stock first though)
*In the 1980s, companies just imprinted their logo on normal clothing from another company
*When you buy a shirt with a lgog, you pay four times as much to ADVERTISE for that company for free (that's the power of branding)
*The problems in creating a store include the rent money for the store, the insurance, the contract, any licenses, and the stock for your store products
*The problem of doing a business in your house is that no one would really know where you are
*Areas also have zoning laws that tell you what you can and can not do in any given area
*The problems with food businesses is that there are a ton of laws, licenses, and permits needed
*Even if you sell lemonade, you would still technically need a license
*It's good to have business cards for you business and advertise
*Run your idea through 3 people before you approve an idea
*Try to think of all the problems that you might run into
*There are 3 types of businesses: a sole-propriership, a partnership, and a corporation
* A sole-propriership is when a sole (only one) personn owns the business or store
*You can still have people work for you as employees in sole-proprierships
*A partnership is a business that has more than 2 owners in the business (usually equal share bu there may be exceptions)
*You buy people out to turn a partnership into a sole pro-priership
*Partnerships often end up badly (money brings out the worst in people)
*The third kind of business is a corporation: a corporation is a lgeal entity that is set up to exist by itself seperate from the owner
*You can tax a corporation differently that the owner
*There are a lot of tax benefits to having a corporation
*One of the problems of a corporation is that money made gets taxed for the corporation, the owner is given his salary, and then the owner's salary is taxed again
*Corporations are based on shares which people put in
*The company is split into shares and the value of each increases when the company generates more money (or profit)
*As people become intersetd in buying shares, the value of the company increases
*People try to sell their shares when something bad happens or they think something bad is about to happen (the value of the company decreases)
*If there is more supply then things are worth less, and if there is more demand then things are worth more
*Each share is woth a part of the comapny (a fraction)
*Splitting shares is when you divide the existing shares into more smaller pieces (but you don't increase the total value at all)
*A take-over is when half or more of the shares get bought by someone and that person gets to make all of the decisions for that company by way of voting
*Each share in a company is worth one vote