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Questions and Answers
What are the three main types of ownership in an organization?
What are the three main types of ownership in an organization?
The three main types of ownership in an organization are sole proprietorship, partnership, and corporation.
What are the characteristics of sole proprietorship as a form of ownership in an organization?
What are the characteristics of sole proprietorship as a form of ownership in an organization?
Sole proprietorship is characterized by single ownership, unlimited liability, and full control over decision-making.
How does the concept of limited liability apply to corporations as a form of ownership in an organization?
How does the concept of limited liability apply to corporations as a form of ownership in an organization?
In corporations, the concept of limited liability means that the owners' liability is limited to the amount of their investment, and their personal assets are protected from business debts and obligations.
