Forms of Business Ownership Business & Marketing Essay (Essay Sample)

Forms of Business Ownership
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Forms of Business Ownership
Sole Proprietorship
Sole proprietorship is a form of business that is owned by one person, giving them complete control over the venture. Responsible for all decision-making, a sole proprietor defines the strategic direction of their business without the involvement of third-parties. In exchange for individual responsibility, the owner is entitled to all the income.
General Partnership
In a general partnership, two or more people come together to start a business where they claim liability. As co-owners, entities in a partnership are often bound by a memorandized arrangement, preferable through the indulgence of an attorney.
Limited Liability Partnership