Business Hornbook Series (5th Edition) Chapter 1

Question 1

Other than the corporation, what are the forms of business association generally available in this country?

Answer 1

(1) the partnership, including the joint venture,
(2) the limited partnership,
(3) the limited liability company,
(4) the joint stock company (sometimes referred to as a “joint stock association”),
(5) the business trust (which originated with the Massachusetts business trust), and
(6) in a few states, the partnership association.

These six forms of doing business are distinct from the sole proprietorship in which a single individual owns and operates the business.