Discover what happens in a business organization
The terms below are words that you will have to be familiar with in order to understand the three types of businesses
Board Of Directors
The Three Types of Businesses
This is the most common type of business.
A real life example of sole proprietorship is Kim Kimble, who owns and operates her own business.
Kim Kimble has unlimited liability. She is totally responsible for her business' debts.
A real life example of a partnership is the founders of "GOOGLE" ,Larry Page and Sergey Brin.
- Legal entity with authority to have liability separate from owners.
- Anyone could be apart of a corporation just by simply purchasing a stock or dividend. When you are apart of a corporation you have limited liability; which means if a corporation goes into debt you will not be responsible.
- An example of a Corporation is the Bank of America.