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
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.
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.
A real life example Walmart . walmart is a corporation with many people coming together for a business
Extra To Know ✔⤵
- Limited liability- combines the pass-through taxation of a partnership or sole proprietorship
- unlimited liability- unlimited use of partnership
- stock- shares of ownership in a corporation
- dividend- a shareholder shares of a corporation profits
- board of decisions- people who are elected by shareholders to run a business