Business Organizations!
Sole Proprietorship is the most common type of business.
- Limited liability- is where a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership.
- 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.
- Stock-the goods or merchandise kept on the premises of a business or warehouse and available for sale or distribution.
- Dividend-a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves).
- Boards of directors- a body of elected or appointed members who jointly oversee the activities of a company or organization.
Sole Proprietorship
the simplest business form under which one can operate a business.
Partnership
is the relationship existing between two or more persons who join to carry on a trade or business.
Corporation
a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.