Business Organizations

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7 Terms

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Sole Proprietorship

An unincorporated business organized by one individual who owns and manages their business

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Partnership

A formal arrangement between two or more parties to manage and operate a business

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Corporation

A business owned by the shareholders but guided by the board of directors elected by the share holders

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Types of Business Organizations

1.Small scale business
2.Medium scale business
3.Large scale business

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Small Scale Business

Owner-managed, with a simple organizational structure and a limited number of employees, with a lower annual revenue and assets

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Medium Scale Business

Owned by a group of people and it uses more capital and employees than a small scale business

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Large Scale Business

Owned by many people/share holders and requires a large amount of capital with may employees and uses advanced machines