Three types of businesses

Today i will discuss three types of business

Sole Proprietorship

  • The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts
  • .Examples:Landscaping, Computer repair servicing, and Home healthcare
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  • A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business.
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  • A corporation (sometimes referred to as a Ccorporation) is an independent legal entity owned by shareholders. This means that thecorporation itself, not the shareholders that own it, is held legally liable for the actions and debts the business incurs.

Examples;Adidas, Allstate, American Airlines,etc.

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