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.