Business Organizations
Sole Proprietorship, Partnership, and Corporation
Sole Proprietorship
- MOST COMMON FORM OF BUSINESS
- It is a business run by only one person.
- An example could be starting a lemonade stand in your front yard!
Partnership
- A business owned but two or more people.
- and example may be a bakery owned by grandma and grandpa.
More to know...
Limited Liability: Where a person's financial liability is limited to a fixed sum.
Unlimited Liability: Where a person's financial liability is unlimited.
Stock: The goods or services kept at a business or what that business offers.
Dividend: A sum of money paid regularly by a company to its shareholders.
Board of Directors: A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization.