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[audioFiles]2017m5s/audio_ezfj_163_201705[/audioFiles] Forms of Business Org
[audioFiles]2017m5s/audio_ezfj_163_201705[/audioFiles] Forms of Business Org
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2024-09-14
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Forms of Business Organizations
Businesses are structured to meet different needs. / One basic difference involves who is responsible for the business. / Another involves how long the organization can stay in business. / The simplest form of business is called an individual proprietorship. / The proprietor owns all the property of the business and is responsible for it. / This means the proprietor receives all the profits, / but must also pay all the debts of the business. / Also, any legal action against an individual proprietorship is taken against the owner. / The law recognizes no difference between the owner and the business. /
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