“Business may be owned by an individual or a group of persons.” In the light of the above statement enlist different forms of business organizations and explain how they are different from each other.
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Sole Proprietorship
These firms are owned by one person.
Sole proprietorships own all the assets and profits
Partnerships
two or more people share ownership of a single business
a legal agreement
profits will be shared
capital from each will contribute
Corporations
chartered by the state
taxed
owners of a corporation are its shareholders
These firms are owned by one person.
Sole proprietorships own all the assets and profits
Partnerships
two or more people share ownership of a single business
a legal agreement
profits will be shared
capital from each will contribute
Corporations
chartered by the state
taxed
owners of a corporation are its shareholders
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