Forms Of Business Organization
By: Brittany Wilson & Denovia Hubert
Sole Proprietorship
1) Unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of a firm.
2)Owned by one
3) Kelly's Ice Cream Stand
4) Jackson & Fillmore Law Firm
Partnership
1) A business jointly owned by two or more people
2) Two or more people working together
3)Ronald McDonald House Charity and McDonald's Corporation
4) Jake's Lemonade Stand
Corporation
1) A from of business organization recognized by law as a separate legal entity having all the rights of an individual
2) Head owner of the business
3) McDonalds
4) Fruit Stand
Definitions
1) Limited Liability: Working for someone else
2) Unlimited Liability: the owner is personally and fully responsible for losses and debts of the business
3) Stock: Certificate of ownership in a corporation
4) Dividend: Check paid to stockholders, usually quarterly, representing portion of corporate profits
5) Board of Directors: Is a body of elected or appointed members who jointly oversees the activities of a company or organization