Forms of Business

By:Corey Dixon and Allon Ingram

Sole Proprietorship

  • has a single owner , who takes all the risks and receives all the profits.
  • Ex. Deciding to mow lawns
  • Has unlimited liability : the owner personally and fully responsible for all loses and debts of the business.

Partnership

Corporation

  • A form of business organization recognized by law as a separate legal entity having all the rights of an individual .
  • Most common form of business
  • Has stocks that people can buy:Stocks are ownership certificates in the firm
  • when it's profitable it has a dividend which is a check representing a portion of the corporate earnings to each stock holder.
  • Board of Directors are a group of selected members to make decisions to keep the corporation running.
  • an example would be Walmart