Question & Answer: List the three main forms of business organizations (in terns of ownership) State the types of activities that are undertaken…..

Solution:

d)

Three forms of business organisation in terms of ownership:

1) Sole Proprietorship

– It is a business owned by one person. Sole word means one and only.

– All the decisions are taken by the owner in this organization.

– Owner is the recipient of all the profits or loss.

2) Partnership

– Partnership is a business owned by two or more people.

– The person is called Partner.

3) Corporation

– Corporation is a legal entity owned by shareholders.

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