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Three Types Of Business Organizations
Sole Proprietorship-is a type of business entity that is owned and run by one natural person and in which there is no legal distinction between the owner and the business.
Partnership-a business or firm owned and run by two or more partners
Corporation-a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law
Real Life Examples
Limited Liability-it means that he or she is not personally responsible for business debts and obligations of the corporation.
Unlimited Liability-refers to the legal obligations general partners and sole proprietors because they are liable for all business debts if the business can't pay its liabilities.
the capital raised by a business or corporation through the issue and subscription of shares.
a sum of money paid regularly typically quarterly by a company to its shareholders out of its profits or reserves.
Board of Director- is a body of elected or appointed members who jointly oversee the activities of a company or organization.