Three type of business organiztion

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sole proprietorship

1.The sole trader or simply a 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.

2.I start a business by myself.

partnership

An association of two or more people as partners.


I have a roommate in college.

corporation

a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law


it like staying with your parents.

Vocabulary

limited liability-it means that he or she is not personally responsible for business debts and obligations of the corporation.

unlimited liability- 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.

stock dividend-is an increase in the amount of shares of a company with the new shares being given to shareholders.

board of directors-is a body of elected or appointed members who jointly oversee the activities of a company or organization

corporation

It is the most common type of bussiness