Forms of Business Organization
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These flashcards cover the key definitions and concepts related to the main forms of business organization as outlined in Chapter 26.
Last updated 2:19 AM on 4/23/26
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4 Terms
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Sole Proprietorship
A form of business in which one person owns all its assets and has full personal liability for all its debts.
2
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Partnership
An association of two or more persons, as co-owners, to carry on a business for profit.
3
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Corporation
A legal entity or artificial person that is created by or under the authority of the laws of a state.
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Basic Forms of Business Organization
The three main types being sole proprietorship, partnership, and corporation.