Basic forms of ownership
Although forms of business ownership vary are several common forms:
Sole proprietorship: A a business owned by one person. The owner may operate on his or her own or may employ others. The owner of the business has total and unlimited personal of the debts incurred by the business.
Partnership: A is a form of business in which two or more people operate for the common goal of making profit. Each partner has total and unlimited personal liability of the debts incurred by the partnership. There are three typical classifications of partnerships: Corporation: A business a for-profit, that has a separate from its members. A corporation is owned by is overseen by a which hires the business's managerial staff. Cooperative: Often referred to as a "co-op business" or "co-op", a a for-profit, limited liability entity that differs from a corporation in that it has members, as opposed to shareholders, who share decision-making authority. Cooperatives are typically classified as