TLE - Types of Business Ownership

monetary resources

it cover the financial position of the person

sole proprietorship

it is considered to be the simplest, easiest, and least expensive type of business to start with

sole proprietor

it is owned, run, and managed by a single person with the highest level of authority called

partnership

it involves two or more persons who own and manage a single business

partners

people who are engaged in partnership business

corporation or company

is a legal entity created to conduct business distinct from its owners

shareholders

owner of the company

corporation

has the right to enter into contracts, loan, and borrow money, sue and be sued, hire employees, own assets, and pay taxes

cooperative

it is a form of business organization

cooperative

it is not formed for the goal of making profit but to primarily provide its members goods and services at reasonable rate

franchising

it is a form of business that allows an individual or franchisee to practice the existing business concept

franchisor

grants the franchisee the right to market the products or services operated under a system that utilizes the business trademark, name, logo, and advertisement