The three types of businesses

By: Timothy Hobbs

Sole Proprietorship

The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.

Ex.Owning a barbershop.

Corporations

a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

Ex. Mcdonalds

Big image

Partnership

A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.