Forms of business Ownership Sindia Vidal
Sole proprietorship • One owner • This is a type of ownership where an individual wants to work and make his decisions independently.
Buddy • Buddy is an example he has his own bakery and he is an independent owner and makes his own decisions and can come up with his own ideas.
Partnership Partnership • This is a type of business controlled by two or more people who share the same ideas.
Partnership (Example) Dash store • The Kardashians are threesisters who decided to open a store together. • They all have an equal amount of ownership and the store is equally controlled by all 3. • They share ideas.
Stock Shares of ownership in a corporation. It includes any ownership interest in start-up company.
Corporation Separate legal entity owned by one or more share holders and managed by a board of directors. It is difficult to form
Corporation (example) Megacorp office is a really big corporation with a great number of owners or shareholders. Corporate boards place day-to-day management decisions in the hands of a chief executive officer who may also be a boards chairman or president.
LIMITED LIABILITY Financial responsibility of business owners only for what they invested in the in business.
Limited liability This is not taxed. Steven invested in a small part of a company Steven has finalcial responsibility only for what he invested in.
Franchise A contractual agreement to use the name and sell the goods or services of an existing company.
Franchise (example) Anna has a franchise form she signed a contract that stated that she will be selling dash products.
Non-profit organization A business whose main purpose is to provide a service rather than make a profit.
Non-profit (example) Global Youth Partnership For Africa is a good eample because they care more about giving a service than making a profit they like helping.
Unlimited Liability Full legal an financial responsibility for a business.
Been in charge of whole the business. Unlimited liability
Retailer A business that sells goods and services directly to the public.