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Types Of Ownership

Sole Proprietorship

A business owned and operated by

one person

Partnership

A legal agreement between two

or more people to be jointly responsible

for the success or failure of a business

Limited Liability Company

A company that is a

cross between a partnership and a corporation. Its owners are called members, they only have limited liability. The company has tax benefits.

Corportation

A legal entity created by either a state or a federal satute authorizing individuals to operate an enterprise.

Price Competition

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