The Business World
Types of businesses.
Free Enterprise System
- Characteristics of the free enterprise system include:
- The right to competition
- The right to own private property
- Free Trade
- No government intervention
The Promise of Free Enterprise
- A business in which one individual is solely responsible for all of liability in the company.
- Makes up 70% of all businesses in the U.S
- Very easy to get started and is less complicated to file during tax season
- This type of business is commonly found in miscellaneous jobs such as plumbing, yard workers, etc.
Episode 81: Introduction to Company Formation: How a Sole Proprietorship Works
What is a Partnership?
Corporations and Limited Liability