MAJOR FORMS OF BUSINESS ORGANIZATIONS

• SOLE PROPRIETORSHIP - These firms are owned by one person, usually the individual who has day-to-day responsibility for running

  the business.
• • PARTNERSHIP Two or more people share ownership of a single business. The Partners should have a legal agreement that sets forth how decisions will be made, profits will be shared, disputes will be resolved, etc.
• CORPORATION - The owners of a corporation are its shareholders. The shareholders elect a board of directors to oversee the major policies and decisions. The corporation has a life of its own and does not dissolve when ownership changes.