Business Organizations

Sole Proprietorship, Partnership, and Corporation

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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.

Corporation

  • A group of businesses
  • An example may be Pepsico

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.