What are the types of business organizations and define the terms?

 

 


Answer

 

Sole Proprietorship: usually a single owner with small retail businesses or individual professional businesses such as attorneys and accountants. 

 

Partnership: More than one business owner. Each owner is a partner with personal unlimited liability for partnership debts. 

 

Corporations: Owned by stockholders with limited liability. The dominant form of business in the United States. 

 

  • Last Updated Apr 09, 2024
  • Views 2
  • Answered By Veanna Burner

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