what is the 3 forms of business organization? explain it briefly?

Question

plss answer this i need it now

Answer 1

I would say they're sole-proprietorship, partnership and a corporation.

A sole proprietorship is an unincorporated business owned by one person (hence, the term sole). The owner of a sole proprietorship is known as a sole proprietor. If you conduct your business through a corporation, your business will not be a sole proprietorship. If you share ownership of your business with someone else, including your spouse, your business will not be a sole proprietorship.

The most important feature of a sole proprietorship is that the law makes no distinction between you, the sole proprietor, and your business. Virtually all the legal and tax consequences associated with sole proprietorships flow from this essential element. (Pls refer to the 1st link)

A partnership is the relationship between two or more who join together to carry on a trade or business. Each partner contributes money, property, labor, or skills, and each expects to share in the profits and losses. A partner can be an individual person, corporation, trust, estate, or another partnership. All general partners are personally liable for partnership liabilities. There can be no limited partners in a general partnership. (Pls refer to the 2nd link)

Corporation -
In a corporation, a legal entity (as opposed to individuals) owns the business assets and is liable for the business debts. A corporation offers the greatest flexibility in raising money from venture investors and is the structure that investors find most comfortable. (Pls refer to the 3rd link)

In case you're interested to know what an LLC is, it's a hybrid between a corporation and a partnership. A Limited Liability Company (LLC) has characteristics of a corporation and a partnership. An LLC allows its owners not to be personally liable for debts or liabilities of the business like a corporation, but have the tax benefits of partnerships. The owners of an LLC are called members which are somewhat analogous to shareholders. A member can be a natural person, a corporation, a partnership, or another legal association or entity. Unlike corporations or sole proprietorships, which may be formed by only one person, in most states, LLC's must be formed and managed by two or more members. The members may run the LLC themselves or through appointment of managers, who have similar levels of fiduciary duty to the LLC as do Directors of a corporation. (Pls refer to the 4th link)

For a Comparison of Sole Proprietorships, Corporations, Partnerships, and Limited Liability Companies pls refer to the 5th link.

Answer 2

3 Forms Of Business Organization

Answer 3

nicely in certainty in the time of the British rule in India and Sri lanka that they had a great form of Tamilians - an ethnic group belonging to the southern portion of India artwork for the tea estates interior the northern ring of Sri lanka. The brits left with Sinhalese forming a central authority of their own and with ability comes lots pf politics and with the tamil inhabitants undermined by utilising the then government, it gave upward push to protagonists like Prabhakaran to start the ltte circulate which first concentrated on giving the tamils their identity interior the land belonging to the lankans. Then the reason took a violent turn and with the killings of harmless civilians they grew to become a terrorist business enterprise. Its no longer basically like the Pakistanis wanting Kashmir from India because of the fact this is a muslim state, it grew to become into combat for their identity as Sri lankan born electorate and their rights to stay an equivalent existence. The reason grew to become into magnificent however the circulate grew to become into incorrect.

Answer 4

Sole Proprietorship - one person forms their own business , unlimited liability - you can be sued for your business assets and personal assets

Partnership - 2 or more people form a business - also with unlimited liability

Corporation - separate legal entity, limited liability - only business can be sued and not your personal assets. Subject to double taxation - company income is taxed, when income is passed to shareholders - its taxed again

Answer 5

sole proprietorship, That is where you the individual own the business

partnership, That is where you and another individual or individuals own the business

LLC, and Corporation, these are a creation by state law that creates a business entity that is run by individuals that may not own the business.

Answer 6

I'm not sure if I understand the question but my guess would be that you're asking about sole propriatorship, partnership, LLC, and Corporation?

Answer 7

When you find out let me know!!!