Compare types of company ownership.

Comparison should include

• sole proprietorship—a business owned by one individual
• partnership—an association of two or more persons or entities that conduct a business for profit as co-owners with shared liability
• corporation—an organization that is a legal entity bearing rights similar to those afforded individuals; a public corporation is owned by stockholders/investors who have the advantage of limited-owner liability allowing the company to exist perpetually.

Process/Skill Questions:

• What are the differences between a corporation and a limited-liability corporation (LLC)?
• What is the significance of franchise ownership?
• How does a company determine its monetary needs?