Business Organizations

Types of Business

  • Sole Proprietorship: Owner has unlimited liability, or full responsibility over the business.


  • Partnership: Where responsibility is split between two or more people.


  • Corporation: Has limited liability, which is having little to no responsibility.

Definitions

Organization Structure

Stock- Shares of ownership in a corporation


Dividend- A shareholder's share of a corporation's profits


Board of Directors- Body of elected members who oversee the activities of a company/organization