CE 12c Business Organization

Discover business ownership types: proprietorship, partnership, and corporation. Learn about entrepreneurs!

Click on the blank to see the choices to fill in the space. Basic Types of Business OwnershipProprietorship: A form of business organization with one owner who takes all the risks and all the profits.Partnership: A form of business organization with two or more owners who share the risks and the profits.Corporation: A form of business organization that is authorized by law to act as a legal entity regardless of the number of owners. Owners share the profits. Owner liability is limited to the amount of their investment.Entrepreneur: person who takes a risk to produce and sell goods and services in search of profitMay establish a business according to any of the three types of organizational structures.Entrepreneurs increase competition by bringing new goods and services to market or by delivering products in innovative ways.They often foster technological progress and economic growth.