TYPES OF BUSINESSES IGCSE BUSINESS STUDIES

Sole Proprietorship: A business owned and operated by a single individual, who is personally liable for all debts and obligations of the business.

Partnership: A business owned by two or more individuals who share profits, losses, and management responsibilities, with varying degrees of personal liability.

Corporation: A legal entity separate from its owners, providing limited liability protection and the ability to raise capital through stock issuance.