3 TYPES OF BUSINESS ORGANIZATIONS

SHARDAJAH GAINES KEIADJA NIX

definitions

sole proprietorship-A business owned and run by one person .

partnership-Is a business jointly owned by two or more persons.

corporations-is a form of business organization recognized by law as a separate entity having all rights of an individual.

real life examples

sole proprietorship-barber shop

partnership-doctors

corporations- Zaxby's

limited liability-situation in which a shareholder is not responsible for a corporation's debate

unlimited liability-situation in which a business owner is responsible for all the business debts stock-to investors board of directors-to run the business dividends-their share of the profits .

The most common is corporation. McDonald's.