The form of business ownership to be chosen for various businesses. Introduction: When the right to use the name of a specific business is given to somebody to sell the goods and services under the name in a particular territory, it is known as franchise. Chartered legal entity that has separate liabilities from the owner and authority to act is known as corporations. When several people pool their resources to work together and have mutual interest and gains and such business is owned and operated by the user of the business, it is known as cooperative. When the business is managed and owned by a person single handedly, it is known as sole proprietorship.

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Chapter 5, Problem 3DCS

Summary Introduction

To discuss: The form of business ownership to be chosen for various businesses.

Introduction: When the right to use the name of a specific business is given to somebody to sell the goods and services under the name in a particular territory, it is known as franchise.

Chartered legal entity that has separate liabilities from the owner and authority to act is known as corporations.

When several people pool their resources to work together and have mutual interest and gains and such business is owned and operated by the user of the business, it is known as cooperative.

When the business is managed and owned by a person single handedly, it is known as sole proprietorship.

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