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.


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