Forms of Business Organization
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12th Grade
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Easy
Quence Camara
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4 Slides • 3 Questions
1
Forms of Business Organization
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Open Ended
What do you remember when you see or hear the word SOLE PROPRIETORSHIP?
3
It is a firm owned and operated by a single individual who is completely responsible for its commitments.
4
Open Ended
Define PARTNERSHIP.
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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.
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Open Ended
Explain what CORPORATION is.
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It is a separate and distinct legal entity from its owners. Corporations have many of the same legal rights and obligations as people.
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