Types and forms of Business Organizations

A type of partnership where all partners have limited liability.

A limited partnership, where at least one general partner must have unlimited liability and limited partners cannot be part of management.

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Service companies includes:

Merchandising companies purchase goods that are ready for sale and sell them to customers.

They include such companies as auto dealerships, clothing stores, and supermarkets.

Manufacturing companies purchase goods that are ready for sale and sell them to customers.

A ............. is a business owned by two or more persons associated as partners.

A .............. is a big business owned by a few persons or by thousands of persons.

The owners of the corporation are called shareholders or stockholders.

The stockholders do not directly manage the corporation; they elect a board of directors to represent their interests. The board of directors select the president and vice president, who manage the corporation for the stockholders.

In a single proprietorship, the owner isn't responsible for all debts of the business.

Advantages of partnership :

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