Question

business may be owned by an individual or a group of persons'' in the light of the above statement enlist different form of business organization and explain how they are diifferent from each other

Answer 1

Sole Proprietorship - These businesses are possessed by one person. Sole proprietorships possess all the assets and incomes. Partnerships - two or more people share possession of a single business there is a legal agreement that profits will be shared and capital must be shared by each partner. Corporations – these are chartered by the state, taxed, and the possessors of a corporation are its stockholders.