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  • There are three different types of Business Organizations. Sole Proprietorship, Partnership, and Corporations. 
  • Sole Proprietorship is one owner, Partnership is two or more, and Corporations are owned by stockholders.
  • Unlimited Liability is when the owner is personally and fully responsible for all losses and debt of a business.
  • A stock is a share of ownership in a corporation that entitles the buyer to a certain part of future profits and assets of the corporation
  • A franchise is where Contract where one business sells to another business, the right to use the franchisor’s name and sell its product. 
  • Limited partnership split into two sections- General partner and limited partnership
  • A merger is the legal combination of two or more companies that become one corporation. One company typically buys another company
  • Improving an existing product or process, creating a new product, providing an alternative good or service taking advantage of a trend or the current market, DO what you DO best. 
  • How entrepreneurs go about their BIZ.....
  • Now you've learned about Business Organizations and Entrepreneurs!
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