Proprietorships, Partnerships, and Corporate Forms of Business Ownership
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Sole Proprietorship
A business owned and managed by one person.
Corporation
A business owned by a group of people and authorized by the state in which it is located to act as though it were a single person.
Partnership
A business owned by two or more persons.
Business Plan
A written description of the business and its operations with an analysis of the opportunities and risks it faces.
Charter
An official document granted by a state giving power to run a corporation.
Shares
Equal parts of the division of ownership of a corporation.
Stockholder
Owners of a corporation.
Dividends
Profits distributed to stockholders on a per-share basis.
Creditors
Those to whom money is owed.