Types of Business Ownership - Nantyr Shores
Types of Business Ownership
Sole Proprietorship
✓ A business owned and operated by one person
✓ The owner is responsible for all operations of the business and assumes all risks
✓ It is the most common form of ownership in the country
✓ More than 1 million exist in Canada
Partnership
✓ A form of business ownership where two or more people own and operate the business together
✓ The partnership must be created by either verbal or written agreement
✓ They have joint responsibility for debt
Corporation
✓ A legal entity that exists independently of its owners
✓ Owners are classified as shareholders
✓ According to Industry Canada “a corporation has the same rights and obligations under Canadian Law as a natural person”
✓ Can acquire money/assets, go into debt, be found guilty of committing a crime
✓ Limited liability – when any financial risk is limited to the company
Co-Operatives
✓ Also called co-ops
✓ Are businesses owned and operated by a group of people with a strong common interest
✓ The start up costs are shared among its members
✓ Members own and control the business and make all business decisions
Franchise
✓ One of the fastest growing forms of ownership
✓ A franchisor (owner) sells the rights to use the business name and products to a franchisee
✓ Franchisee pays royalty fees to the franchisor
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related searches
- types of business models pdf
- types of business products
- types of business models
- four types of business models
- different types of business models
- types of business models examples
- forms of business ownership powerpoint
- form of business ownership examples
- types of business ownership chart
- forms of business ownership chart
- type of business ownership definitions
- proof of business ownership document