Business Structures Sole Proprietorship The simplest form of business organization a firm that is owned and operated by 1 person

may hire others as workers

75% of Business and most on human resources (jobs)

Examples: plumber, hair stylist, lawn maintenance, tattoo artist

Business Structures Partnership

Two or more people agree to contribute resources to business and share profits

General Partnership Partners share both in

responsibility of running the business and in any liability for debts

Limited partnership One partner runs the business

and bears unlimited liability; other partners provide financial capital, but have limited liability

Examples: physicians, lawyers

Business Structures Corporation

A legal entity with an existence that is distinct from the people who organize, own and run it

Private Corporation Stock ownerships limited to

just a few people sometimes family members; shares of stock are not publicly traded

Publicly traded Corporation Shares of stock owned by many

(shareholders); stock can be bought or sold by the public in stock exchange markets

90% goods/services bought Examples: Ford, Nike,

Starbucks, Google