Define the three main forms of legal ownership of a business. Which one appeals most to you and why?

Answer:

The three forms of ownership are sole proprietorship, partnership, and corporation. Sole proprietorship – a business is completely owned by one person Partnership – a legal arrangement where two or more people share ownership of a business Corporation – business chartered by a state that legally operates apart from the owner(s) Students’ preferences should reflect an understanding of how the three forms of ownership offer different levels of responsibility, decision-making power, and financial risk.