Concept Introduction:
Proprietorship: A proprietorship refers to a business model in which an individual and the business entity are one and the same. The individual who runs the business is solely responsible for all the income and losses that the business encounters. The business has no separate legal existence for tax purposes.
Partnership: A partnership is a type of business model in which two or more individuals with a set of common goals unite to setup a business entity by mutually stating and agreeing on the terms and conditions of running the business entity such as investments, sharing of risk and rewards etc. usually through a partnership deed or an agreement
Corporation: Corporations are business organizations that are setup by a group of individuals having common goals in adherence with the legal requirements which deem it to be a separate legal entity. The stake holders or share holders are deemed to be the real owners of the company who share the profit or loss. Corporations have a separate legal existence with a name, seal etc for legal and
To write: The attributes of proprietorship, partnership and corporation.
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