By: Destiny Perkins, Tiara Robinson
- 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
- I know a friend name Sebrica Leftenant owns tabernacle beauty salon
- partnership- is a business or firm owned and run by two or more partners.
- it is also an association of two or more people as partners
- the state of being a partner or partners
- Hewlett-Packard, Ben & Jerry’s are real life examples.
- corporations - a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
- A real life example is burger king, the Walt Disney company, Wendy.
limited liability and unlimited liability
- limited liability- it means that he or she is not personally responsible for business debts and obligation
- 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.
- stock is the capital raised by a business or corporation through the issue and subscription of the shares.
- dividend - an individual's share of a dividend.
- dividend is a benefit from an action or policy
board of directors
- board of directors- is a body of elected or appointed members who jointly oversee the activities of a company or organization.
- the most common business organzation is sole proprietor