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