As part of the GDC’s efforts to create community-driven ventures, we aim to educate community members on various aspects of business. The following key terms can help readers gain a better understanding of what a business is, what it does, and who it’s for.
An asset is something that has value for a business, and there are two types. Tangible assets are physical things such as products, tools, equipment or raw materials. Intangible assets are non-physical things and include things like a brand, reputation, skills, or experience.
Joint Venture Partnership
A joint venture partnership is an agreement between two groups who want to work together to help each other grow. Often, the two groups are complementary to one another and combine their money, skills, labour, or equipment to reach their goals. For GDC, the goal of these types of arrangements is to benefit the community as a whole.
Revenue is the money that a business makes from selling goods or services during a given time period, but before tax and other expenses. It can also include money made from investments such as interest or dividends, or increases in how much the business is worth.
Shareholders are the individuals or groups who have an ownership stake in a business. These people can include individuals or community organizations, such as GDC. GDC’s sole shareholder is Gitga’at First Nation. In the case of a joint venture partnership, the sole shareholders are GDC and the partner company with GDC as the majority shareholder.
Resource management is how we take care of natural resources, so they are there for our children and grandchildren in the future. Resources can include timber, minerals, water, fish, plant life, animals, and many others. The Gitga’at Oceans and Lands Department is responsible for ensuring that any resource development in Gitga’at’s traditional territory only occurs if it meets the tests of long-term sustainability and the health of the Nation’s people, fisheries, wildlife, forests, air, and water.
Gross profit is the amount of money you make minus your costs including raw materials, labour, administrative expenses, wear and tear on your tools, and others. It is an indicator that can help you manage selling activity, how much raw material you need, inventory, and how much you need to charge.
A corporation is a business and legal entity that is distinct from the people or communities who own it. Corporations enable an individual or group to own a business without being responsible for its debts should the business go under.
Dividends are the money that shareholders may take out of a business every year once all expenses are paid. Dividends are paid out of profits that the business generates.
We hope these definitions give you a clearer picture of what a business is and who it serves – the people and territory of the Gitga’at. Going forward, we are excited to share more information and ideas with the community about how we can grow together.
Questions? Just ask.