Concept Introduction:
Business Organization - A business organization is an individual or a group of people who collaborate to achieve certain commercial goals. Some business organizations are formed to earn income for the owners. Other business organizations, called non-profits, are formed for public purposes. The different types of business organization include Sole Proprietorship (SP),
Sole Proprietorship: It is a form of business organization, which is owned by one person, usually the individual who has the day-to-day responsibility of running the business.
Partnership: In a partnership, two or more people share the ownership of a single business.
Corporation: A corporation, chartered by the state in which it is headquartered, is considered by the law to be a unique entity, separate and apart from those who own it.
To determine: The form of business organization that best describes the instances provided.
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