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Forms of business organisation!
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[QUOTE="Caramelle, post: 209181, member: 150"] [JUSTIFY]There are at least 4 forms of business organizations, namely, sole proprietorships, partnerships, corporations, and cooperatives. The simplest is sole proprietorships. Sole proprietorships don't always mean that only one person is running or managing the business. A family can own a single proprietorship business but this may be registered under the name of one person. There are different kinds of partnerships. Besides the usual general or general-limited partnerships, people can also put up professional partnerships to practice the same profession as partners. Professional partnerships are treated differently in terms of taxation. Corporations can be public or private and they are also called limited companies. It usually consists of several stockholders. There is another form of a corporation and it is called a one-person corporation. It denotes that the owner is one person who opted to register himself/herself as an incorporator instead of a sole proprietor. As we know, one of the biggest advantages of putting up a corporation is the limited liability which just means that in the event of bankruptcy, creditors can only run after the stockholdings and not the personal property of the stockholders. Cooperatives are usually set up to serve the common goals or needs of their members. The owners are called members and they, too, have limited liability like those of stockholders. [/JUSTIFY] [/QUOTE]
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