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Types of Business Ownership

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What are the four types of business ownership? Describe each of them.

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This solution discusses the four types of business ownership.

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The four types of business ownership are (1) sole proprietorship, (2) corporation, (3) limited liability company, and (4) partnership. A sole proprietorship is the most flexible form but also has the greatest number of disadvantages. The sole proprietor is free to run the business as he/she chooses. There is no separable line between the sole proprietor and the business . Any person or any entity that sues the business can potentially lay claims on the ...

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