Business Organizations

By Ameitra Snell

sole proprietorship

A sole proprietorship is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business.

partnership

A partnership is referred to as the state of being a partner or partners.

corporation

A corporation is a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

limited liability

A limited liability is when someone is not personally responsible for business debts and obligations of the corporation.

unlimited liability

A 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

A stock are the goods or merchandise kept on the premises of a business or warehouse and available for sale or distribution.

dividend in economics

A dividend is a distribution of a portion of a company's earnings, decided by the board of directors, to a class of 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.