Basic forms of ownership
Tuesday, February 5, 2008 | | |Although the forms of business ownership vary by jurisdiction, there are several forms:
* Sole proprietor: A sole proprietorship is a company belonging to a person. The owner May run on his own job or May. The business owner is total and unlimited personal liability for debts incurred by the company.
* Partnership: A partnership is a form of activity in which two or more people operate for the common goal to make profits. Each partner has total and unlimited personal liability for the debts incurred by the partnership. There are three types of classifications of partnerships: collective, limited partnerships and limited liability companies.
* Company: A company is a for-profit corporation, limited liability entity that has a legal personality separate from its members. A company is owned by several shareholders and is supervised by the Board of Directors, which commits the company management staff.
* Cooperative: Often referred to as a "co-op business" or "co-op, a cooperative is a for-profit, limited liability entity that differs from one society to the extent that it has members, as opposed to shareholders, who share decision-making power. Cooperatives are generally classified as either consumer cooperatives or worker cooperatives. Cooperatives are essential to the ideology of economic democracy.
For a country-by-country list of legally recognized forms, see the types of entities.
* Sole proprietor: A sole proprietorship is a company belonging to a person. The owner May run on his own job or May. The business owner is total and unlimited personal liability for debts incurred by the company.
* Partnership: A partnership is a form of activity in which two or more people operate for the common goal to make profits. Each partner has total and unlimited personal liability for the debts incurred by the partnership. There are three types of classifications of partnerships: collective, limited partnerships and limited liability companies.
* Company: A company is a for-profit corporation, limited liability entity that has a legal personality separate from its members. A company is owned by several shareholders and is supervised by the Board of Directors, which commits the company management staff.
* Cooperative: Often referred to as a "co-op business" or "co-op, a cooperative is a for-profit, limited liability entity that differs from one society to the extent that it has members, as opposed to shareholders, who share decision-making power. Cooperatives are generally classified as either consumer cooperatives or worker cooperatives. Cooperatives are essential to the ideology of economic democracy.
For a country-by-country list of legally recognized forms, see the types of entities.
