Business Organizations

By: Destiny Perkins, Tiara Robinson

sole proprietorship

  • 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

Partnership

  • 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.
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coporations

  • 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

  • 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

  • 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