A sole proprietorship is a
business which is done by individual person for profit. The owner of the
business may run the business alone or may have a employees. The liability of
sole proprietorship for the debts incurred by the business.
A partnership is a business which
is done by two or more people. In partnerships each partner has unlimited
liability for the debts which is taken by the business from bank or other party.
The three typical classifications of partnerships are partnerships, partnerships
with limited liability and partnership with unlimited liability.
A corporation is a limited
liability business that has a separate legal personality from its members.
Corporations is an organization that can be either control by government or
privately control, and corporations can be operate either for profit or not for
profit. A corporation that is privately owned and control that are for profit
purposes are owned by shareholders who elect a board of directors to direct the
corporation and hire its managerial staff of the corporation.
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