Forms of Business Organization

Forms of Business Organization

Open Ended

What do you remember when you see or hear the word SOLE PROPRIETORSHIP?

It is a firm owned and operated by a single individual who is completely responsible for its commitments.

Open Ended

Define PARTNERSHIP.

It is a type of business in which two or more people share ownership as well as responsibility for operating the firm and the profits or losses generated by the business.

Open Ended

Explain what CORPORATION is.

It is a separate and distinct legal entity from its owners. Corporations have many of the same legal rights and obligations as people.