Types of Business Ownerships Flashcards
It plays an important role in the economic development of a nation.
Entrepreneurs
Factors to consider
- Monetary resources
- Business management preferences
- The primary purpose of the business venture
It covers the financial position of the person.
Monetary resources
It includes the person’s strengths and capabilities to manage the business.
Business management preferences
To embrace the reason for establishing the business.
The primary purpose of the business venture
Different types of business ownership
- Sole proprietorship
- Partnership
- Corporation
- Cooperative
- Franchising
The simplest, easiest, and least expensive type of business to start
Sole proprietorship
It is owned, run, and managed by a single person.
Sole proprietor
It involves two or more person.
Partnership
People who are engaged in partnership.
Partners
A legal entity created to conduct business distinct from its owners.
Corporation
A form of business organization.
Cooperative
A form of business the allows and individual to practice the existing business concept.
Franchising
A person who is granted by the franchisor.
Franchisee
They are owners who enjoy most the rights and responsibilities.
Shareholders
