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

Most Commonly Used

Sole Proprietorship is most commonly used in business in the United States.