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A Business is an entity that has been established for the sale of goods and services. It is also a registered and legalized form of business that has the authority of conduct these sales.
There are many forms of business organizations depending on the ownership and liability. These are:
- Sole proprietorship: A form of business that is owned by a single person. There is unlimited personal liability of the owner involved in this business.
- Partnership: A form of business owned jointly by two or more people. Unlimited liability shared by each partner. It can take on various forms such as limited Liability partnership, limited partnership and general partnership.
- Corporation: A form of business that is characterized by limited liability and is owned by a number of shareholders. No personal liability of owners.
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