Types of Business Ownership
Sole Proprietorship
100
sole proprietorship
What is a business that is owned and usually operated by one individual?
100
Ease of startup and closure
What is a business that requires no contracts, agreements or other legal documents?
200
Partnership
What is a voluntary association of two or more persons to act as co-owners of a business for profit.
200
pride of ownership
What is the fact that a business owner can be proud of their accomplishments, conversely if the business fails they shoulder the sole responsibility?
300
limited partnership
What is a business co-owned by one or more general partners who manage the business and limited partners who invest money in it.
400
Corporations
What is an artificial person created by law with most of the legal rights of a real person, including the rights to start and operate a business, to buy or sell property, to borrow money, to sue or be sued, and to enter into binding contracts.
500
Government owned Corporations
What is a corporation owned and operated by local, state, or federal government?
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