Business organizations

Limited liability

If a business owner has (limited liability) it means that he or she is not personally responsible for business debts and obligations of the corporation.

Example: A manager that works aat Mcdonalds ,but is not the owner of that business.

unlimited liability

refers to the legal obligations general partners and sole proprietors because they are liable for all business debts if the business can't pay its liabilities.

Example:The owner of that business like a family business.


the goods or merchandise kept on the premises of a business or warehouse and available for sale or distribution.

Example:when peolple buy things on the market then profit from the company they infested in.


a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves).

Example: Burger king paying its fryers and cashiers.

Board of directors

is a body of elected or appointed members who jointly oversee the activities of a company or organization.

Example: Board of education deside on whether what to do with all schools.

Business: Ford company

Sole propietorship

also known as the sole trader or simply a proprietorship, is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business.

example: Apple eletronics


A business or firm owned and run by two or more partners.



A corporation (sometimes referred to as a corporation) is an independent legal entity owned by shareholders. This means that the corporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs.


Most common business

The most common busniness is a Sole propietorship since more businesses are owned by a single person.