Types of Business Ownership

An individual who solely owns and operates a business.

A group or association with 2-20 people who run a business together with the aim of making a profit.

A business structure that has at least one shareholder and no more than 50 non-employee shareholders, where the liability of shareholders is limited to the value of shares.

A tax-exempt organisation formed for religious, charitable, literary, artistic, scientific, or education purposes.

A factor to consider is to minimise the ____ burden.

A factor to consider is sharing the business ____.

A factor to consider is who is responsible for business debts, i.e. business ____

A factor to consider is the future prospects of the business, i.e. business ____

A factor to consider is the capital needed to start the business, i.e. ____ ____ ____

Factors to consider can be remembered as TOLSS. What do these letters stand for?

T___

O___

L___

S___

S___