All About Business

intro to business organizations

Three Types Of Business Organizations

  • SOLE PROPRIETORSHIP - is being on your own, making your own decisions and having full responsibility
  • PARTNERSHIP - working with some to achieve a common goal of responsibility
  • CORPORATION - not having your own responsibility, having to abide by rules under someone else leadership

Sole Proprietorship

A real life example is landscaping . A landscaper may work alone or hire a small team of employees. Landscapers maintain lawns, plants and trees of homeowners and businesses. Most landscaping companies working with commercial customers hire employees to work on projects.
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Partnership

A real life example is google . When google was first founded in 1995 Larry Page and Sergey Brin were going to Standford Univ. , but now they only own 16% of the company.
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Corporation

A real life example Walmart . walmart is a corporation with many people coming together for a business
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Extra To Know ✔⤵

  1. Limited liability- combines the pass-through taxation of a partnership or sole proprietorship
  2. unlimited liability- unlimited use of partnership
  3. stock- shares of ownership in a corporation
  4. dividend- a shareholder shares of a corporation profits
  5. board of decisions- people who are elected by shareholders to run a business

Sole proprietorship is the most common type of business