It is important that the business owner seriously considers the different forms of business organization — types such as sole proprietorship, partnership, and corporation; which organizational form is most appropriate can be influenced by tax issues, legal issues, financial concerns, and personal concerns. There are three main types of business organizations: sole proprietorship, partnership and corporation. A partnership is a business owned by two or more people. The advantages are: shared costs, knowledge and expenses. The disadvantages are: profit sharing and personal liability. Business organization, an entity formed for the purpose of carrying on commercial enterprise. Business enterprises customarily take one of three forms: individual proprietorships, partnerships, or limited-liability companies (or corporations).

Asha Antony

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