A business owned and managed by a single individual.
•Most popular in the United States.
•Advantages of sole proprietorship:
•Ease of Start-Up
•Most states have minimum requirements that include authorization, site permit, and name.
A business organization
Is an establishment formed to carry on commercial enterprise.
•Sole proprietorships are the most common forms of business organizations.
authorization to start a business issued by the local government.
Sole proprietorships may also be subject to local
Is the legally bound obligation to pay debts.
•Even if the business fails, the owner is still responsible for the debt the business acquired.
are payments to employees other than wages or salaries.
is a business organization owned by two or more persons who agree on a specific division of responsibilities and profits.
partners share equally in both responsibility and liability.
only one partner has unlimited personal liability for the firm’s actions.
Limited Liability Partnership (LLP)
all partners are limited partners.
work to improve the image, working conditions, and skill levels of people in particular occupations.
are nonprofits that promote the interests of a particular industries.
promote the collective business interests of a city, state, or other geographical area, or of a group of similar businesses.
agricultural marketing cooperative that helps members sell their products.
they provide a service rather than a good.
retail outlet owned and operated by consumers.
is a business organization owned and operated by a group of individuals for their shared benefit.
is a semi-independent business that pays fees to a parent company.
are the world’s largest corporations that produce and sell their goods and services throughout the world.
are firms that have more than three businesses that make unrelated products.
join two or more firms involved in different stages of producing the same good or service.